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Bid to calm investors after rollercoaster ride for Misys

Misys chairman Sir Dominic Cadbury has moved to reassure investors after a turbulent week that saw chief executive Kevin Lomax resign and over 200m wiped off the value of the stock.

Cadbury, who is acting as interim chief executive while a replacement is found, told the firm’s AGM last week that it was business as usual for the divisions, including network Sesame.

Misys’ share price fell from 226p to 187p over the week after a management buyout led by Lomax failed, prompting him to quit.

Sesame sales and marketing director Steve Young says: “These latest developments have no effect on the support we provide to advisers. We have a clear and ambitious vision for Sesame that is fully supported by Misys. We are committed to offering advisers an unrivalled choice of services and it is very much business as usual.”

Cavendish Asset Management senior fund manager and Misys shareholder Paul Mumford says: “The level of speculative interest and a kneejerk reaction to the bid termin- ation dramatically hit the share price but notably it has since edged higher.

“The hasty trading update actually revealed modest growth from the banking and Sesame divisions and there were no major surprises. The company is now in a position to deliver organic growth on a two to three-year horizon.”

Sesame member and Master Adviser principal Doug Brodie says: “I would assume that a new owner could only be beneficial. It would be a strategic acquisition and therefore would have to like and understand UK financial advice.”

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