Board members representing the majority of common shareholders in TradingScreen feel compelled, in light of other parties communicating erroneous information about the company's internal affairs, to express their opinion regarding recent events.
"The recent developments are unfortunately just one more step in a very conflict-laden process between investors with a far shorter-term view of the future of the company than the majority of common shareholders," says Patrick Buhannic, co-founder and board member of TradingScreen. "This dispute has been endemic over the past six years. The three board members involved in the latest attempt to wrest control of the company from majority shareholders have made multiple unsuccessful control attempts in the past that have distracted time and resources from the core goal of the company. The methods used have become worse over time, culminating in this latest and attempt which is particularly shameless in its character, execution and purpose."
Patrick Buhannic continues: "Shareholders have a right to vote on their representation, the future development strategy and the management they want to steer this company. The current temporary situation is not representative of the desire of the majority of shareholders and we expect the courts to decide as quickly as possible on this matter.
"It is also worthy of note that the parties involved chose to leak the false accusations about Philippe to a news organisation tied to a company competing in the same space as TradingScreen," concludes Patrick Buhannic.
"I have been involved in Buy-Side investment management for a long time and I have learned to appreciate, as a client, TradingScreen's products as some of the most advanced in the market," says Christophe Roupie, proposed Board member and former long-time head of trading at Axa Investment Management. "When I was asked to become a board member a few weeks ago, I indicated my interest as I could work towards my goal of promoting a better, more efficient market structure and electronic market infrastructure as capital markets are going through one of the most drastic evolution that we have seen. I hold in high regards the character and capabilities of Philippe and his team, having had the opportunity to see them in action over the years. It is difficult to find people more committed to improving the Buy-Side trading environment and people with a greater level of integrity."
"I created TradingScreen to develop a long-term strategy to promote more efficiency and a better environment for the Buy-Side investment community," says Philippe Buhannic, co-founder, chief executive and board member of TradingScreen. "Over the years, we faced many issues but we always managed to solve them in an orderly manner and move forward. This challenge is the toughest we have faced so far by its unfairness. Not only are the rights of shareholders being challenged and a cabal of board members spreading erroneous facts, but the temporary management is also not adequately prepared to lead the company.
I believe, however, that the strength of our product offering and the franchise we have created over the years will help us to get through this and I am confident the Court will recognize the right for shareholders to protect their long-term interests and to be represented fairly in the future."