The Toronto Stock Exchange reports that Dye & Durham Ltd. has made an offer to purchase up to $15-million of its common shares pursuant to a modified Dutch auction, consisting of: (i) auction tenders, in which the tendering shareholders specify a price of not less than $17 per share and not more than $20 per share (in increments of 10 cents per share); or (ii) purchase price tenders, in which the tendering shareholders do not specify a price per share.

According to the TSX, the shares tendered will be deemed to have been tendered at the minimum price of $17 per share. If required, validly tendered shares will be purchased on a pro rata basis according to the number of shares deposited by each shareholder (with adjustments to avoid the purchase of fractional shares). Shareholders who own odd lots will not be subject to proration. An odd lot is a deposit by a shareholder owning in total fewer than 100 shares at the close of business at the expiry time.

The TSX reports that the offer will expire at 5 p.m. Eastern Time on June 16, 2023, unless extended or withdrawn. Trades on June 16, 2023, will settle on June 19, 2023. To tender to the offer, shareholders must return the letter of transmittal together with share certificates to TSX Trust Company (the depositary) at its principal office in Toronto or follow the procedures for book entry transfer set out in the offering document. The notice of guaranteed delivery must be completed and received by the depositary on or prior to the expiry time. The letter of transmittal along with the shares pertaining to the notice of guaranteed delivery must be received in Toronto on or prior to 5 p.m. Eastern Time on the second TSX trading day after the Expiry Time.