TORONTO — Shares of Dye & Durham Ltd. were up more than 10 per cent in early trading after the company announced Monday that it has launched a strategic review of its non-core assets in an effort to reduce its debt.
The company said the review will examine a variety of options, including the potential sale of all or part of its non-core assets, including its financial services business.
Dye & Durham CEO Matthew Proud said the company is working closely with its financial and legal advisers to ensure the review is "comprehensive, diligent and maximizes value."
"Despite our strong business performance and liquidity position, we understand our shareholders would like us to reduce our leverage ratio," Proud said in a statement.
"We strongly believe this strategic review will accelerate this process."
The company cautioned that there's no assurance the review will result in a transaction.
Dye & Durham shares were up $1.39 at $12.19 in early trading on the Toronto Stock Exchange.
Dye & Durham is a provider of cloud-based legal practice management software.
It has operations in Canada, the United Kingdom, Ireland, Australia and South Africa.
This report by The Canadian Press was first published Nov. 13, 2023.
Companies in this story: (TSX:DND)
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