Activist Petrus Takes Temenos Stake Saying Stock in ‘Free-Fall’

Activist fund Petrus Advisers told senior executives of Temenos AG that it has taken a small stake in the Swiss banking software specialist and questioned their ability to regain investor confidence and boost the share price.

An ambitious mid-term plan Temenos presented in February has failed to convince investors and despite “your stock entering a dangerous free-fall, research analysts are still not convinced that bottom has been reached,” Petrus said in an Oct. 6 letter to Executive Chairman Andreas Andreades and Chief Executive Officer Max Chuard. Petrus owns a stake of less than 3% in the company, according to the letter, which was reviewed by Bloomberg News.