2/8/2012 6:02 AM ET
(RTTNews) - Shares of Misys Plc (MSY.L: News ,MUSJF.PK: News ) are currently trading around 7 percent lower on London Stock Exchange after the U.K.-based financial software provider announced the resignation of Chief Executive Officer Mike Lawrie, effective March 31. The company added that the process of appointing Misys's next CEO is underway.
Lawrie, who joined Misys in late 2006, has agreed with the Board that he will leave the company as he has received an offer of employment from a third party.
On Tuesday, Misys had said that Lawrie has informed the Board that he would be pursuing a new opportunity after the company agreed certain terms with Geneva, Switzerland-based financial software firm Temenos Group AG regarding an all-share merger.
Misys confirmed then that the merger discussions are ongoing, and as per the agreed terms, Guy Dubois, currently CEO of Temenos, will act as CEO of the combined group and Stephen Wilson, currently CFO of Misys, will act as the new CFO. The Board of Directors will be chaired by Andreas Andreades, currently chairman of Temenos.
Following completion of such merger, it is intended that Misys shareholders will own about 53.9 percent of the combined group and Temenos shareholders will own approximately 46.1 percent. The exchange ratio will be 4.1 Misys shares to 1 Temenos share.
Misys today noted that Lawrie has provided exceptional leadership during his time as the CEO. "He has assembled a strong management team and has transformed Misys into a leading provider of financial services software with market leading products in banking, treasury and capital markets," the company said in its statement.
Last month, Misys reported a first-half loss attributable to equity holders of 2.7 million pounds, as against a profit a year ago, despite a 22% increase in revenues to 196.9 million pounds.
Misys shares are currently trading at 302.90 pence, down 23.20 pence or 7.11 percent.
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by RTT Staff Writer
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