OTTAWA (dpa-AFX) - Gildan Activewear Inc. (GIL, GIL.TO) said that Browning
West LP accumulated shares in violation of the United States Hart-Scott-Rodino
Antitrust Improvements Act of 1976 as part of its misguided campaign to
reinstall Glenn Chamandy as chief executive officer of Gildan.

Under the Canada Business Corporations Act, shareholders are entitled to
requisition a special meeting of shareholders only if they hold over 5% of a
company's shares. Browning West's illegal share acquisitions barely put it over
this threshold, and on January 9, 2024, Browning West sought to requisition a
special meeting to take control of the Company and its Board by removing eight
sitting directors and appointing eight new directors hand-picked by Browning
West, including one of its co-founders and Chamandy, Gildan said in a statement.

Gildan noted that it intends to explore all avenues to ensure that shareholders
are protected from Browning West's illegal activity, potentially including
notifications to applicable regulators and legal proceedings in the United
States and Canada.

Responding to Gildan Activewear's attempt to invalidate Browning West's
requisition for a Special Meeting of Shareholders, Browning West issued an open
letter to fellow shareholders.

In the letter, Browning West alleged that Gildan's most recent gambit coincides
with other troubling actions, including the initiation of a campaign to
intimidate and silence vocal shareholders.



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