At the General Assembly, critics of the Temenos leadership refused to support the board of directors and its chairman, Thibault de Tersant, in two votes, sending a clear message. The advisory vote on the 2023 compensation report and the planned increase in the threshold for agenda items were both rejected.

Last week, Petrus Advisers followed up with another letter to the Temenos management, demanding that the company invest in its own shares within the current year. They are calling for a buyback program of at least 250 million Swiss francs.

Demands reinforced by increased stake

Petrus has evidently backed up its demands with action. After increasing its stake in Temenos shortly after the General Assembly to 3.423 percent, it has now risen again. According to notifications from the SIX, a shareholder group around Petrus held a 5.123 percent stake in the company as of May 21. Members of the group include two of the firm's funds as well as Petrus managers Till Hufnagel, Klaus Umek, and Oliver Skutil.

In the May 20 letter, it was emphasized that Temenos shares are currently undervalued and have potential. Having already succeeded in its previous demands for personnel changes in the CEO and board chairman positions, it remains to be seen if Petrus will achieve its goal with the share buyback. If the shares are canceled, the influence of major shareholders, including Martin and his wife Rosmarie Ebner, who hold 15.6 percent, would further increase.

Stock price slightly up

Temenos shares gained 1.2 percent on Monday morning, reaching 58.00 Swiss francs. They had hit a low of 53.05 francs in early May but have since recovered somewhat.

In early February, Temenos shares were still above 89 francs. Mid-February saw a sharp decline following allegations by the short-seller Hindenburg Research, from which the shares have not yet recovered despite a relieving investigation.

The SIX participation notification was first reported by the news agency «AWP.»