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)
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.