Gildan Welcomes Chris Shackelton to its Board of Administrators, together with Assist from Coliseum Capital Administration

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• Chris Shackelton invited to hitch Board of Administrators
• Coliseum dedicated to assist full slate of Board nominees at 2024 and 2025 AGMs
• Coliseum intends to develop its place, with hope of turning into largest shareholder

MONTREAL, Dec. 17, 2023 (GLOBE NEWSWIRE) — Gildan Activewear Inc. (GIL: TSX and NYSE) (“Gildan” or “the Firm”) at present introduced a assist settlement with Coliseum Capital Administration, LLC (“Coliseum”), pursuant to which Coliseum will assist Gildan’s full slate of Board nominees at every of the 2024 and 2025 Annual Conferences of Shareholders. In reference to the settlement, and after assembly with members of Gildan’s Board of Administrators, Coliseum at the moment intends to make an extra funding in Gildan by market purchases throughout insider open window durations. Moreover, Chris Shackelton, a Co-Founder and Managing Associate of Coliseum has been invited to hitch Gildan’s Board of Administrators and has been appointed efficient at present.

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Chris Shackelton mentioned, “It’s a privilege to serve on this Board and signify shareholders at this crucial juncture. The Coliseum group has lengthy been impressed by Gildan’s enterprise. This settlement is a transparent reflection of our conviction within the Firm’s technique, management, board and vivid future. Gildan is remarkably well-positioned, and I look ahead to serving to the Firm execute on its development technique and drive meaningfully shareholder worth creation.”

Donald C. Berg, Chair of Gildan’s Board of Administrators mentioned, “We admire Coliseum’s long-standing partnership, engagement, and alignment to assist our mutual objective of enhancing long-term shareholder worth. Coliseum’s intent to additional spend money on Gildan is a testomony to its perception within the Firm’s management, board, strategic plan and functionality to ship worth.” 

“We’re delighted to welcome Chris Shackelton to Gildan’s Board of Administrators. He’s a extremely skilled director and profitable investor whom we consider will additional strengthen the Board for the advantage of all shareholders,” mentioned Mr. Berg. 

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Mr. Berg took the chance to appropriate misinformation in regards to the Board’s succession plans that had been publicly disseminated, “Our succession plan has been a multi-year, cautious, and deliberate course of which included the previous CEO at applicable occasions all through the method. It resulted in a effectively thought out rationale for the Board’s unanimous determination to nominate Vince Tyra as the brand new CEO. With the assist of certainly one of our largest shareholders, we are going to proceed our outreach to different shareholders to make sure the details and conclusions surrounding the succession course of are clear, in addition to the Board’s confidence in Gildan’s trajectory,” concluded Mr. Berg. 

Coliseum has agreed to abide by sure customary standstill and voting commitments in reference to the settlement. A replica of the settlement shall be filed on SEDAR+ at www.sedarplus.ca.

About Christopher S. Shackelton

Christopher S. Shackelton is a Managing Associate of Coliseum Capital Administration, LLC, which he Co-Based in 2005. He has served on the boards of eight public corporations. He at the moment serves as Chairman of each ModivCare Inc. and Lazydays Holdings Inc., in addition to a director on the board of Common Technical Institute Inc. Beforehand he was a director on the boards of LHC Group Inc., BioScrip, Inc., Superior Emissions Options, Inc., Rural/Metro Corp., and Interstate Inns & Resorts, Inc. Moreover, he at the moment serves as a Trustee for a number of charitable not-for-profit organizations. Earlier in his profession, he held positions at Morgan Stanley & Co. and Watershed Asset Administration LLC. He’s a graduate of Yale Faculty.

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Warning Regarding Ahead-Wanting Statements

Sure statements included on this press launch represent “forward-looking statements” inside the that means of the U.S. Personal Securities Litigation Reform Act of 1995 and Canadian securities laws and laws and are topic to essential dangers, uncertainties, and assumptions. This forward-looking data consists of, amongst others, data with respect to the assist settlement entered into with Coliseum and the anticipated advantages to the Firm and its shareholders. Ahead-looking statements usually will be recognized by way of conditional or forward-looking terminology reminiscent of “might”, “will”, “anticipate”, “intend”, “estimate”, “venture”, “assume”, “anticipate”, “plan”, “foresee”, “consider”, or “proceed”, or the negatives of those phrases or variations of them or comparable terminology. All forward-looking data is predicated on our beliefs in addition to assumptions based mostly on data accessible on the time the idea was made and on our expertise and notion of historic traits, present circumstances, outcomes and anticipated future developments, in addition to different elements deemed applicable within the circumstances.

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Ahead-looking data is inherently unsure and the outcomes or occasions predicted in such forward-looking data might differ materially from precise outcomes or occasions. Materials elements, which may trigger precise outcomes or occasions to vary materially from a conclusion or projection in such forward-looking data, embody, however aren’t restricted to adjustments basically financial and monetary circumstances globally or in a number of of the markets we serve and our capability to implement our development methods and plans.

There will be no assurance that the expectations represented by our forward-looking statements will show to be appropriate. The aim of the forward-looking statements is to offer the reader with an outline of administration’s expectations concerning the Firm’s future monetary efficiency and is probably not applicable for different functions. Moreover, until in any other case acknowledged, the forward-looking statements contained on this press launch are made as of the date hereof, and we don’t undertake any obligation to replace publicly or to revise any of the included forward-looking statements, whether or not on account of new data, future occasions, or in any other case until required by relevant laws or regulation. The forward-looking statements contained on this press launch are expressly certified by this cautionary assertion.

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About Gildan

Gildan is a number one producer of on a regular basis primary attire. The Firm’s product providing consists of activewear, underwear and socks, bought to a broad vary of shoppers, together with wholesale distributors, screenprinters or embellishers, in addition to to retailers that promote to shoppers by their bodily shops and/or e-commerce platforms and to international way of life model corporations. The Firm markets its merchandise in North America, Europe, Asia Pacific, and Latin America, beneath a diversified portfolio of Firm-owned manufacturers together with Gildan®, American Attire®, Consolation Colours®, GOLDTOE®, Peds®, along with the Beneath Armour® model by a sock licensing settlement offering unique distribution rights in the USA and Canada.

Gildan owns and operates vertically built-in, large-scale manufacturing amenities that are primarily situated in Central America, the Caribbean, North America, and Bangladesh. Gildan operates with a robust dedication to industry-leading labour, environmental and governance practices all through its provide chain in accordance with its complete ESG program embedded within the Firm’s long-term enterprise technique. Extra details about the Firm and its ESG practices and initiatives will be discovered at www.gildancorp.com.

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