Activist Investor OneMove Says Sylogist Board Blocked Settlement Talks

Investment firm OneMove Capital Ltd. said Sylogist Ltd.’s board rebuffed attempts to settle a proxy fight, even after the activist investor offered to accept fewer independent director seats.

Tyler Proud, whose firm OneMove owns about 15% of the Calgary-based software company, said Sylogist’s board told him that any settlement would require the approval of PenderFund Capital Management Ltd., another shareholder with board representation. That dynamic has prevented a compromise ahead of the company’s May 12 shareholder meeting, he said.