On June 14, 2018, at the annual meeting of DAVIDsTEA Inc. held in Montreal, seven persons nominated by Rainy Day Investments Ltd. were elected to the Board of Directors of DAVIDsTEA in a contested Board election. DAVIDsTEA is a Canadian corporation listed on Nasdaq (Nasdaq: DTEA).
Rainy Day Investments Ltd. is an investment company owned and controlled by Mr. Herschel Segal, a founder of DAVIDsTEA. Rainy Day Investments holds approximately 46.4% of the outstanding shares of DAVIDsTEA.
DAVIDsTEA is a retailer of specialty tea, offering a differentiated selection of proprietary loose-leaf teas, pre-packaged teas, tea sachets and tea-related gifts, accessories and food and beverages, primarily through 240 company-operated DAVIDsTEA stores throughout Canada and the United States, and its website, davidstea.com. DAVIDsTEA is headquartered in Montreal.
Fasken, with a team led by Neil Wiener and comprising Sébastien Bellefleur, Janie Harbec and Dana Abrams, acted as legal counsel to Rainy Day Investments Ltd. in connection with the DAVIDsTEA proxy fight.