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Business dealEszter Szepessy/Getty Images/iStockphoto

The gloves will stay on at former contaminated soil processor Benev Capital Inc. and specialty finance company Difference Capital Financial Inc. The two combatants have resolved their issues before their proxy fight really got started.

Vancouver-based Benev, previously known as Bennett Environmental Inc., will expand its board of directors from four to seven members, supporting the addition of three Difference nominees. Difference will put forward its executive vice-chairman Paul Sparkes, as well as Difference board members Art Mesher (the former CEO of Descartes Systems Group) and John Albright (who focuses on venture capital investing) for appointment. Difference plans to support Benev's existing members.

Difference, which is run by Bay Street veteran Michael Wekerle, recently took issue with Benev's management after the company unveiled its new strategy, to use existing capital to buy royalties from Canadian businesses and franchisers. Difference wanted investors to have a say in that new strategic direction.

In Wednesday's agreement, Benev also said it planned to raise the level that would trigger the company's poison pill to 28.4 per cent – the size of Difference's stake in the company – up from 25 per cent.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 4:00pm EDT.

SymbolName% changeLast
DSG-T
Descartes Sys
-0.84%123.9
DSGX-Q
Descartes Sys Group
-0.6%91.53

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