Wealth Management Software resolves PPML contract dispute
01 April 2004 | 3029 views | 0
Shares in Wealth Management Software have moved up 16.3% on news that the vendor has resolved a damaging contract termination dispute with PPML, part of the Winterthur Group.
WMS' share price crashed by a third in October last year after the vendor announced that it had unexpectedly received a notice to terminate both its licence and support agreements with PPML, putting outstanding fees in jeopardy.
The basis for the termination was strongly disputed by WMS at the time.
WMS says the dispute has been "satisfactorily resolved", but will not disclose settlement details.
Shares in the vendor firmed up on the news to stand at 17.75 pence, still some way off a previous year high of 33.75 pence.