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Latest patsystems ceo faces non-confidence vote

Shareholders of London-based electronic trading connectivity and front-end vendor, patsystems, have called for an extraordinary general meeting (EGM) to seek the removal of David Jones as chief executive.

    • Victor Anderson
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Rumours that investors were seeking to remove Jones emerged several weeks ago, but a patsystems spokesperson denied an EGM was imminent at that time.

However, the listed company issued a statement today saying its board received requisitions to convene an EGM under section 368 of the Companies Act 1985. The requisition came from a group of shareholders representing about 20% of the company’s existing issued share capital on February 11.

The shareholders are seeking the removal of non-executive director Stewart Douglas-Mann, as well as Jones, and want to appoint Gary Brecka and Joe Solari to the board as replacements.

Patsystems, which added Chicago-based Cargill Investor Services to its client list in January, recently undertook a strategic review to renegotiate a substantial number of existing contracts in a drive towards profitability.

Jones, who was unavailable for comment, took over as chief executive in October from Jacques de Cock.

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