Synergon shares surge 8.8% after shareholders elect bew boards

Shares in Synergon Nyrt, a Hungarian computer services company, surged to a five-and-a-half-year high after shareholders elected new management and supervisory boards, ending an almost four-month deadlock. The stock, which has doubled this year as the company is the best performer in the benchmark BUX index, traded 7.2% higher at Ft 1,010 at 4:02 p.m. in Budapest. Synergon is valued at Ft 9.7 million ($45 million). Shareholders voted in new management and supervisory boards at their Budapest meeting yesterday, which was rescheduled from May 30 and again from Sept. 8 because of a lack of quorum. The company's board will elect its new chairman and CEO. The company's largest shareholders, Cashline Befektetési Holding, a Hungarian investment company, with 24.1%, and Pannonplast Nyrt, a local plastics maker, with 13.5%, have been vying in the past to get some control of Synergon. Both owners had representatives voted on the boards. Pannonplast Chairman Balázs Bokorovics and CFO Dénes Gyimóthy were elected to Synergon's board of directors, as well as Synergon's former Chairman Ferenc Czakó. (Bloomberg)