Major shareholder attacks Proactis management

PRIVATE equity investor ISIS has launched a stinging attack on spend management software firm Proactis in which it is a major shareholder.

In a statement to fellow shareholders ahead of Proactis’s annual general meeting, ISIS revealed it had written to the board expressing “concern at the performance of the company since admission in 2006”.

The Wetherby-based firm was floated on the stockmarket with a share price of 43p which has now fallen to 25.75p.

In the letter ISIS, which owns more than a quarter of Proactis’s shares, called on the board to “clearly articulate to all shareholders its strategy
for creating shareholder value”.

It has also set out demands for advisers to be appointed to review whether shareholders might secure better value for their investment through a sale or merger of Proactis.

In addition, ISIS said it was talking to the company about directors at Proactis seeking annual re-election.