Nasty shareholder squabbleThis looks like something that is going to fester for a while. Mostly a energy sapping squabble that the company really doesn't need.
Here's a portion of yesterday's news:
22NW PROVIDES UPDATE ON DIRTT SHAREHOLDER MEETING REQUISITION
22NW Fund LP today provided an update on its requisition for a meeting of shareholders of DIRTT Environmental Solutions Ltd. under the Business Corporations Act (Alberta) (ABCA). On Dec. 9, 2021, 22NW announced that it had submitted to DIRTT a term sheet for a settlement proposal under which Todd Lillibridge, Denise Karkkainen and Steve Parry would retire from DIRTT's board of directors to be replaced by Aron English, Ken Sanders and Scott Robinson.
Under the proposal, 22NW would agree to support the director nominees of the board at DIRTT's 2022 annual general meeting, which would remain at eight. It was a condition of the proposal that it be accepted no later than Dec. 15, 2021. If DIRTT accepted the proposal, the requisition would be withdrawn.
22NW is the largest shareholder of DIRTT, holding almost 19 per cent of DIRTT's outstanding shares. The board, in aggregate, holds approximately 1 per cent of DIRTT's outstanding shares.
The proposal was not accepted by the board. Since 22NW made the proposal: