Patsystems boss Jones survives EGM vote
27 March 2002 | 1192 views | 0
Patsystems CEO David Jones and non-executive director Stewart Douglas-Mann have held on to their jobs after a series of resolutions calling for their dismissal and replacement failed to attract sufficient votes at an extraordinary general meeting.
The rebellion, led by disgruntled former president and 14% shareholder Thomas Theys, was rejected by a majority of the shares voted, with 33.5 million shares cast in favour of the motions, and 51.9 million against.
David Jones, patsystems CEO, welcomed the end of a distracting saga. He comments: "Now that the EGM is completed we must draw a line under past issues and continue to build a strong and viable, market leading business."
The UK-based derivatives software house yesterday unveiled a fourth quarter loss of £6.5 million, more than double the Q4 2000 loss of £2.92 million, after renegotiating and writing off unprofitable contracts.