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Pannonplast, Lazarus, Benji stop voting together in Synergon

Analysis

Pannonplast Nyrt, Lazarus Zrt and Benji Kft, three shareholders of IT company Synergon Informatina Nyrt which hold a combined 18.9% of votes, announced on Wednesday they ceased voting together. The step will make the brokerage Cashline Zrt the largest single Synergon shareholder with 24.07% of the votes. Plastics company Pannonplast announced on August 15, 2006 that it would vote together with two other Synergon shareholders, Benji (3.1%) and Lazarus (1.88%). The announcement came just after Pannonplast raised its stake in IT company from 4.19% to 13.91%. Benji and Lazarus are Pannonplast' two largest shareholders, with Benji holding 12.26% of Pannonplast voting rights and Lazarus holding 9.96% of voting rights. Four representatives of Pannonplast or Benji were elected to Synergon's new board at a reconvened EGM, one which did not require quorum, held on September 12. The nine-member board's mandate is for three years. At an earlier EGM on June 16, Pannonplast's owners failed to achieve the requisite 75% of votes to appoint board members and voted to give the supervisory board a mandate to oversee the company until September 30. Pannonplast and Cashline made big purchases of shares in Synergon after the meeting. (Mti-Eco)

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