Daily Research News Online no. 4934 - 'Disagreements' Mean New Board for FIRM

'Disagreements' Mean New Board for FIRM

December 9 2005

Online MR software provider FIRM is holding an Extraordinary General Meeting (EGM) to elect a new board, due to disagreements between existing members. Earlier this week, the company listed on the Oslo Stock Exchange - but without first issuing the promised 5.5m new shares.

A statement from the company explains that there have been disagreements between Hans Eirik Olav -technology company Xcelera's representative on the board - and other board members. As a result, the company says, 'an efficient working climate has become difficult to maintain'. Xcelera owns 16% of FIRM.

The company also announced that Chairman of the Board Bengt Thuresson is stepping down due to 'a particularly large and heavy workload under the aforementioned circumstances, and an increasing commitment in other areas'.

The EGM will be held on Thursday 22 December 2005, with the express purpose of electing a new board of Directors. KS Norsk Vekst II, Segmentor ASA and KLP Forsikring, who together hold 55.4% of the shares in FIRM, have suggested the following composition for a new board:

�yvind Aasb� (Chairman)
Berit Svendsen
�ystein Moan
Henning Vold
Jarle Holt.

Just over two weeks ago, FIRM announced that it would issue 5.5m new shares through an initial public offering, running between November 21st and December 2nd, prior to its listing on the Oslo Stock Exchange (www.mrweb.com/drno/news4868.htm ). A subsequent announcement from the company stated that it had decided not to issue any new shares in connection with the listing.

Other news suggests the company continues to thrive despite the disagreements: it announced last week that ACNielsen had signed a new licence agreement to extend and expand its existing use of FIRM`s software products.

The company's web site is www.confirmit.com.

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.