Browning West Files 13D/A on Gildan, Signaling Continued Activism

TL;DR

**Browning West is still on Gildan's case, expect more activist pressure.**

AI Summary

Browning West LP, an activist investor, filed Amendment No. 3 to its Schedule 13D on February 2, 2024, regarding its stake in Gildan Activewear Inc. This filing updates previous disclosures and indicates Browning West's continued engagement with Gildan, with the date of the event requiring this filing being January 31, 2024. This matters to investors because Browning West is known for advocating for changes in company management and strategy, which could significantly impact Gildan's stock performance and future direction.

Why It Matters

This filing signals that activist investor Browning West LP is still actively involved with Gildan Activewear, potentially pushing for strategic changes that could affect the company's valuation and leadership.

Risk Assessment

Risk Level: medium — Activist investor involvement can lead to significant changes, which may introduce both opportunities and risks for the company and its shareholders.

Analyst Insight

Investors should monitor future filings and news from both Gildan Activewear and Browning West LP for potential strategic shifts or proxy battles, as these could significantly impact share value.

Key Numbers

• 375916103 — CUSIP Number (identifies Gildan Activewear Inc.'s Common Shares)
• 005-56253 — SEC File Number (identifies Gildan Activewear Inc.'s SEC registration)

Key Players & Entities

• Gildan Activewear Inc. (company) — the subject company of the filing
• Browning West LP (company) — the filing person and activist investor
• Usman Nabi (person) — contact person for Browning West LP
• Andrew M. Freedman (person) — attorney for Browning West LP from Olshan Frome Wolosky LLP
• January 31, 2024 (date) — date of event requiring the filing

Forward-Looking Statements

• Browning West LP will continue to advocate for changes in Gildan Activewear Inc.'s management or strategic direction. (Gildan Activewear Inc.) — high confidence, target: Q2 2024
• Gildan Activewear Inc. may announce new strategic initiatives or leadership changes in response to activist pressure. (Gildan Activewear Inc.) — medium confidence, target: Q3 2024

FAQ

Filing Documents

• sc13da312418013_02012024.htm (SC 13D/A) — 73KB
• ex991to13da312418013_020124.htm (EX-99.1) — 15KB
• ex992to13da312418013_020124.htm (EX-99.2) — 16KB
• 0000921895-24-000194.txt ( ) — 106KB

Purpose of Transaction

Item 4. Purpose of Transaction .

is hereby amended

Item 4 is hereby amended to add the following: On January 29, 2024, the Issuer announced that the Board has called an Annual and Special Meeting of Shareholders (the “Meeting”) to be held on May 28, 2024, in response to the Reporting Persons’ requisition for a Special Meeting, delivered on January 9, 2024, seeking the removal and replacement of eight incumbent directors and requesting the Board set a date in March 2024. Despite having called the Special Meeting as part of a combined Meeting, the Issuer simultaneously announced that it would be seeking a court judgment to invalidate and cancel the Special Meeting. In response to the Issuer’s announcement, the Reporting Persons issued a press release (the “January 29 Press Release”) voicing their severe disappointment with, among other things, the Board’s decision to set a meeting date for nearly five months after receiving the Reporting Persons’ valid requisition. Usman S. Nabi, of the Reporting Persons, and Peter M. Lee commented as follows in the January 29 Press Release: “Through its actions, including refusing to set a timely date for the Meeting, the Board is once again demonstrating a complete disregard for sound corporate governance and a total lack of respect for the will of shareholders. It appears the Board has learned nothing from its recent string of ill-conceived decisions and publicity stunts, which seem to have only succeeded in alienating shareholders. Indeed, it is as if the Board is oblivious to the fact that holders of approximately 35% of Gildan’s outstanding shares publicly support our campaign and efforts to expeditiously reinstate Glenn Chamandy as Chief Executive Officer. It is clear to us – and presumably to all other Gildan shareholders – that setting a Meeting date nearly five months after receiving a valid requisition for a Special Meeting is a transparent attempt to buy time for a seemingly unqualified Chief Execu

Material to be Filed as Exhibits

Item 7. Material to be Filed as Exhibits .

is hereby amended

Item 7 is hereby amended to add the following exhibits: 99.1 January 29 Press Release. 99.2 January 31 Press Release. 5 CUSIP No. 375916103

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: February 2, 2024 Browning West, LP By: /s/ Samuel Green Name: Samuel Green Title: Chief Compliance Officer and Chief Financial Officer /s/ Usman Nabi Usman Nabi 6

View Full Filing

View this SC 13D/A filing on SEC EDGAR