Distressed WANdisco prepares for crucial shareholder meeting that could determine the future of the publicly traded company
The troubled WANdisco is gearing up for a crucial shareholder meeting that could determine the future of the listed company.
Investors in the technology business will vote on a £24.3 million emergency fundraising on June 6, just weeks before cash reserves run out.
WANdisco is trying to rebuild its credibility after it discovered “significant, sophisticated and potentially fraudulent irregularities” in March that led to the suspension of its shares.
It was forced to tear up its 2022 results due to £93 million in false sales entries.
This led to an investigation by the Financial Conduct Authority, which is still in its early stages.
Distressed: Investors in WANdisco vote on June 6 on a £24.3m emergency fundraising
Consultants from business consulting firm FRP Advisory also conducted a study that supported WANdisco’s view that a single employee was responsible for the fraud.
Ken Lever, who was appointed chairman following the scandal, told the Mail on Sunday last night that the upcoming vote is “critical to the future of the company”.
WANdisco — which partners with companies including banks and automakers that create large amounts of data — has been in talks with shareholders since announcing the bailout fundraiser earlier this month.
It has said the money would “provide sufficient capital to continue” and help the company “deliver on its strategy for profitable growth.”
It is clear that investors were eager to learn more about the fraud, while also seeking certainty about customer demand for WANdisco’s technology.