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.

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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