Browning West Files Proxy Circular and Sends Letter to Gildan Activewear Shareholders Regarding the Opportunity to Upgrade Leadership and Supercharge Returns

Rhea-AI Summary

Browning West, a shareholder of Gildan Activewear, filed a proxy circular urging shareholders to vote for its highly qualified director candidates to upgrade leadership and supercharge returns. The circular highlights the opportunity to elect legendary value creators Glenn Chamandy as CEO and Michael Kneeland as Chairman. Browning West emphasizes the importance of voting for its slate to implement a superior value creation plan and reinstate Mr. Chamandy. Shareholders are encouraged to visit SuperchargeGildan.com for more information on voting and campaign updates.

Positive

• Browning West offers shareholders the opportunity to vote for highly qualified director candidates with a strong track record of value creation and expertise in successful succession planning, relevant industry experience, and proven management pedigrees.

• The company's plan to elect legendary value creators Glenn Chamandy as CEO and Michael Kneeland as Chairman aims to supercharge shareholder returns and enhance leadership within Gildan Activewear.

Negative

• The proxy circular highlights the risk of a share price collapse with the current leadership of Gildan Activewear, led by repeated value destroyer Vince Tyra, urging shareholders to withhold support for incumbent directors.

• Shareholders are faced with a clear leadership choice at the Annual Meeting, with the potential for negative consequences if the entire Browning West slate is not elected to Gildan's Board of Directors.

Urges Shareholders to Vote the GOLD Proxy Card “FOR” ALL EIGHT of Browning West’s Highly Qualified Director Candidates and “WITHHOLD” on ALL of the Incumbent Directors

Reminds Shareholders That Supporting the Entire Browning West Slate is the Only Way to Appoint Legendary Value Creators Glenn Chamandy as CEO and Michael Kneeland as Chairman

Visit www.SuperchargeGildan.com to Read Our Letter to Shareholders, Review Our Slate’s Five-Pillar Plan, Learn How to Vote the GOLD Proxy Card, and Obtain a Copy of the Circular and Other Important Voting Materials

LOS ANGELES--(BUSINESS WIRE)-- Browning West, LP (together with its affiliates, “Browning West” or “we”), which is a long-term shareholder of Gildan Activewear Inc. (NYSE: GIL) (TSX: GIL) (“Gildan” or the “Company”) and beneficially owns approximately 5.0% of the Company’s outstanding shares, today announced that it has filed an amended and restated information circular (the “Circular”) in connection with the upcoming Annual and Special Meeting of Shareholders (the “Annual Meeting”) to be held on May 28, 2024. In addition, Browning West sent a letter to its fellow shareholders regarding the opportunity to elect superior leaders and supercharge returns, which is available for download here.

At this year’s Annual Meeting, shareholders are faced with a clear leadership choice: risk a share price collapse with repeated value destroyer Vince Tyra, or supercharge shareholder returns with legendary value creator Glenn Chamandy. Browning West reminds shareholders that the only way to reinstate Mr. Chamandy and implement our superior value creation plan is by voting FOR all eight of our highly qualified and independent director candidates – Michael Kneeland, Glenn J. Chamandy, Michener Chandlee, Ghislain Houle, Mélanie Kau, Peter Lee, Karen Stuckey, and J.P. Towner – to Gildan’s Board of Directors. Browning West’s director candidates possess strong track records of value creation, expertise in successful succession planning, relevant industry and governance experience, as well as proven management and board service pedigrees in Canada and the U.S. We also recommend shareholders WITHHOLD support for all of the Company’s incumbent directors.

For more information on how to vote for the entire Browning West slate on the GOLD Proxy Card, download a copy of the slate’s Five-Pillar Plan, and sign up for important campaign updates, visit www.SuperchargeGildan.com. Visit SEDAR+ (www.sedarplus.ca) to review a copy of Browning West’s Circular and related proxy materials, including a GOLD Proxy Card or voting instruction form.

Disclaimer for Forward-Looking Information

Certain information in this news release may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking statements and information generally can be identified by the use of forward-looking terminology such as “outlook,” “objective,” “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “plans,” “continue,” or similar expressions suggesting future outcomes or events. Forward-looking information in this news release may include, but is not limited to, statements of Browning West regarding (i) how Browning West intends to exercise its legal rights as a shareholder of the Company, and (ii) its plans to make changes at the Board and management of the Company.

Although Browning West believes that the expectations reflected in any such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that (i) the Company may use tactics to thwart the rights of Browning West as a shareholder and (ii) the actions being proposed and the changes being demanded by Browning West, may not take place for any reason whatsoever. Except as required by law, Browning West does not intend to update these forward-looking statements.

Advisors

Olshan Frome Wolosky LLP is serving as legal counsel, Goodmans LLP is serving as Canadian legal counsel, and IMK is serving as Quebec legal counsel. Longacre Square Partners is serving as strategic advisor and Pelican PR is serving as public relations advisor. Carson Proxy is serving as proxy advisor.

About Browning West, LP

Browning West is an independent investment partnership based in Los Angeles, California. The partnership employs a concentrated, long-term, and fundamental approach to investing and focuses primarily on investments in North America and Western Europe.

Browning West seeks to identify and invest in a limited number of high-quality businesses and to hold these investments for multiple years. Backed by a select group of leading foundations, family offices, and university endowments, Browning West’s unique capital base allows it to focus on long-term value creation at its portfolio companies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240501519395/en/

Browning West

info@browningwest.com

310-984-7600



Longacre Square Partners

Charlotte Kiaie / Scott Deveau, 646-386-0091

browningwest@longacresquare.com



Pelican PR

Lyla Radmanovich / Mélanie Tardif, 514-845-8763

media@rppelican.ca



Carson Proxy

Christine Carson, 416-804-0825

christine@carsonproxy.com

Source: Browning West, LP

FAQ

What is Browning West urging Gildan Activewear shareholders to do?

Browning West is urging shareholders to vote for its highly qualified director candidates to upgrade leadership and supercharge returns.

Who are the legendary value creators highlighted in the proxy circular?

The legendary value creators mentioned in the circular are Glenn Chamandy and Michael Kneeland, who Browning West aims to elect as CEO and Chairman, respectively.

Where can shareholders find more information on voting and campaign updates?

Shareholders can visit SuperchargeGildan.com for more information on voting and campaign updates regarding the upcoming Annual Meeting.

When is the Annual and Special Meeting of Shareholders scheduled to be held?

The Annual and Special Meeting of Shareholders is set to be held on May 28, 2024, as per the press release.

What percentage of Gildan Activewear's outstanding shares does Browning West beneficially own?

Browning West beneficially owns approximately 5.0% of Gildan Activewear's outstanding shares, as stated in the press release.