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The activist investment firm, led by former Dye & Durham executive Tyler Proud, is pushing for Proud to be added to Sylogist’s board, along with Edward Smith, Rhonda Bassett-Spiers and Mary Filippelli. OneMove said in a press release that Sylogist’s strategy is moving too slowly to benefit shareholders, in part because the board and management team don’t understand the software industry. (The Logic)
Talking point: Calgary-based Sylogist, which makes software for government, non-profit and education clients, said in October it would replace its board chair, adopt a shareholder rights plan and install an interim CEO with more software experience. But OneMove said Monday that Sylogist’s “incremental” changes have failed to improve its share price, which rose about one per cent on Monday afternoon but is down about 35 per cent year to date amid a sector-wide downturn in software stocks. A special meeting is scheduled for April 7, at which OneMove hopes to get its new board nominees elected. As of last month, Sylogist’s largest shareholder opposed OneMove’s requisition request.
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