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FMC boardroom split widens

09 December 2004  |  4274 views  |  0 another graph - negative

William Waters, a co-founder and former chairman of Canadian investment technology outfit Financial Models Company, has offered his 23% stake in the firm to fellow director and CEO Stamos Katotakis. BNY Capital, which owns 11% of FMC common stock and has options on a further nine per cent, is also seeking to sell its stake.

Both BNY and Waters have set a cash price of $12.2 per share on their holdings, at a substantial premium to FMC's current year-high valuation of $9 per share on the Toronto Stock Exchange.

News of the offer follows boardroom divisions over the future strategy and direction of the company. Earlier this week, Katotakis, who owns 43% of the shares in FMC, called a meeting in an effort to remove Waters from the company's board.

Waters, a co-founder of FMC in 1976 and the first chairman of its board of directors, was ejected from the chairmanship in June this year and replaced by John Vivash.

Under an existing shareholder's agreement, Katotakis has three weeks to take up Waters' and BNY's offer. Katotakis had no immediate comment but stated that he will consider his options.

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