08:33 AM EDT, 04/07/2025 (MT Newswires) -- Dynacor Group ( DNGDF ) on Monday that Institutional Shareholder Services (ISS) and Glass Lewis, two proxy advisory firms, recommended that Dynacor ( DNGDF ) shareholders vote against a plan to set the company's board size to nine and that they reject the election of Robert Leitz to the board.

Dynacor ( DNGDF ) said it welcomed ISS' and Glass Lewis's independent validations, adding that "their analyses recognize our need for the capital raise and its market-typical terms."

According to Dynacor ( DNGDF ), Glass Lewis took issue with the decision of iolite Capital Management, a dissident shareholder, to ignore Dynacor's ( DNGDF ) strong long-term performance. Glass Lewis also noted iolite's dismissal of Dynacor's ( DNGDF ) capital requirement disclosure on its expansion plans, short-term perspectives, and Robert Leitz's inexperience. Meanwhile, Dynacor ( DNGDF ) said ISS highlighted that iolite neither substantiated its need for a seat on the board nor to call a special meeting.

"We are confident that our shareholders will follow their informed recommendation to vote the GOLD Proxy to protect the future of Dynacor ( DNGDF ) against iolite's self-serving agenda," said Jean Martineau, CEO and president of Dynacor ( DNGDF ).

Dynacor's ( DNGDF ) shareholders meeting is scheduled April 16.