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RDI to nominate directors to DavidsTea's board

The principal shareholder of DavidsTea Inc., Rainy Day Investments Ltd. said March 12 that it plans to submit a slate of nominees for election to the Canadian specialty retailer's board of directors for the 2018 annual meeting of shareholders.

Upon election, Herschel Segal, co-founder of DavidsTea and president of Rainy Day Investments, or RDI, is expected to become the board's chairman.

RDI, which holds about 46% of DavidsTea's issued and outstanding shares, does not intend to proceed with previously announced plans to propose an offer to buy out DavidsTea's minority shareholders, the shareholder said.

RDI says it believes that DavidsTea should focus on the Canadian market and on continuing its efforts to stabilize U.S. operations.