Psion Chairman Launches Scathing Attack on Major Shareholder Over Symbian Stake Sale

Strategic Insights -

Psion chairman David Potter has criticized major shareholder Phoenix Asset Management Partners for its opposition to the sale of the company's 31 per cent stake in Symbian, a mobile phone software developer, to Nokia. Potter claims Psion has better information about Symbian's future performance and is in a better position to assess its ability to achieve an initial public offering (IPO). Phoenix owns 13.1 per cent of Psion and wants an IPO for Symbian, but Psion believes this could be blocked by other shareholders, including Nokia, which already owns 31 per cent of the company.

Key Takeaways:

  • Psion chairman David Potter has launched a stinging attack on Phoenix Asset Management Partners, the company's biggest shareholder, over its opposition to the sale of Symbian.
  • Potter claims Psion has better information about Symbian's future performance and is in a better position to assess its ability to achieve an initial public offering (IPO).
  • Phoenix owns 13.1 per cent of Psion and wants an IPO for Symbian, but Psion believes this could be blocked by other shareholders, including Nokia, which already owns 31 per cent of the company.
  • About 40 per cent of Symbian is owned by small shareholders, who are largely in favor of the sale.
  • The majority of private shareholders, with proxy votes accounting for almost 5 per cent, are supporting the board's decision to sell Symbian to Nokia.
  • Psion claims to have strong support from institutions, despite opposition from Phoenix and a group of private Psion shareholders.

Statistics:

  • Psion owns 31 per cent of Symbian.
  • Nokia owns 31 per cent of Symbian.
  • Phoenix owns 13.1 per cent of Psion.
  • Small Psion shareholders own about 40 per cent of Symbian.
  • 6.7m phones were shipped with the Symbian operating system in 2003.
  • 2m phones were shipped with the Symbian operating system in 2002.
  • Almost 5 per cent of Psion shareholders represent by proxy votes are opposing the sale to Nokia.

Sources:

  • "Psion chairman attacks major shareholder over Symbian sale" (Times of London)
  • "Psion to Sell 31% Stake in Symbian for £136m" (Financial Times)