Browning West Amends Gildan Activewear Filing

TL;DR

Browning West just updated their Gildan filing - something's brewing.

AI Summary

Browning West LP, a significant shareholder, has filed an amendment (Amendment No. 5) to its Schedule 13D for Gildan Activewear Inc. on April 25, 2024. This filing indicates ongoing activity and potential strategic considerations by Browning West regarding their investment in Gildan Activewear Inc.

Why It Matters

This amendment signals continued engagement from a major shareholder, potentially influencing Gildan's strategic direction or board composition.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings often indicate a shift in a significant shareholder's strategy or intentions, which can introduce uncertainty.

Key Players & Entities

• Browning West LP (company) — Filing entity and significant shareholder
• Gildan Activewear Inc. (company) — Subject company
• Usman Nabi (person) — Associated with Browning West LP

FAQ

Key Financial Figures

• $60 — signed to deliver a stock price of over $60 USD by the end of 2025 and $100 USD wit
• $100 — of over $60 USD by the end of 2025 and $100 USD within five years. Contrary to the

Filing Documents

• sc13da512418013_04252024.htm (SC 13D/A) — 70KB
• ex991to13da512418013_042524.htm (EX-99.1) — 12KB
• 0000921895-24-000947.txt ( ) — 83KB

Purpose of Transaction

Item 4. Purpose of Transaction .

is hereby amended

Item 4 is hereby amended to add the following: On April 22, 2024, the Issuer announced a reactive refreshment of the Board, whereby (i) five new directors will be appointed to the Board and five incumbent directors, Donald C. Berg, Maryse Bertrand, Shirley Cunningham, Charles Herington and Craig Leavitt, simultaneously will depart from the Board, effective May 1, 2024, and (ii) Luc Jobin and Chris Shackelton, members of the Board and its Special Committee supervising the sale process, will not stand for re-election at the Issuer’s 2024 Annual Meeting of Shareholders (the “Annual Meeting”). Additionally, the Issuer disclosed in a below-the-fold manner that the Board does not expect to make any further announcements on the potential sale process before the Annual Meeting. In response to the Issuer’s announcement, the Reporting Persons issued a press release (the “April 22 Press Release”) stating that although Browning West is gratified that the members of the Board have seemingly acknowledged their many failures at the Issuer, the en masse resignations combined with the handpicked refreshment is yet another defensive maneuver designed to avoid accountability and entrench Vince Tyra as CEO despite his troubling track record. In the April 22 Press Release, the Reporting Persons questioned why the Board has gone to such lengths to allow Mr. Tyra to remain in office despite his track record of value destruction and amid unprecedented shareholder calls to reinstate the Issuer’s Co-Founder and former Chief Executive Officer, Glenn Chamandy. Usman S. Nabi and Peter M. Lee commented as follows on behalf of Browning West in the April 22 Press Release: “The Board’s list of failures grows by the week: beginning with its botched succession process, followed by numerous diligence failures, a reactive and misguided sale process, and now a desperate and defensive Board refreshment. The most glaring omission in the Board&rsquo

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 exhibit: 99.1 April 22 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: April 25, 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