Geneva (awp) – Petrus Advisers, shareholder of Temenos, is asking the banking software developer to launch this year a share buyback program of at least 250 million Swiss francs. Last week, the British investment company crossed the threshold of 3% of the capital of the Geneva group.
“We believe that investing in its own stock is a relevant and imperative act for Temenos,” write the heads of Petrus Advisers, Klaus Umek and Till Hufnagel, in a letter to the board of directors.
The British company believes the timing is right, as Temenos stock has fallen significantly recently following an analysis by Hindenburg Research, a firm specializing in financial crime and short selling. In mid-February, the latter made allegations of poor commercial and accounting practices, judging the stock “too expensive” on the stock market.
Petrus Advisers had argued that Hindenburg Research’s accusations were probably unfounded and considers that the independent investigation carried out by Temenos helped to prove this.
The investment fund had nevertheless requested the departure of boss Andreas Andreades the day after the publication of the Hindenburg report. He now welcomes his replacement on May 1 by Jean-Pierre Brulard, who put an end to a long period of latency, while Mr. Andreades had held the position on an interim basis since January 2023.
A SIX shareholding announcement dated May 13 showed a share of 3.423% for Petrus Advisers.
Investors seemed to regain some confidence following this announcement. Around 10:07 a.m., Temenos shares rose 1.8% to 57.70 Swiss francs.
ol/al
