Psion faces opposition over Symbian

So much for a smooth transition for Nokia…

Psion’s biggest shareholder on Thursday announced its opposition to the mobile computing company’s £135.7m sale of its stake in the Symbian joint venture and urged other shareholders to vote down the proposal next week.

Phoenix Asset Management Partners, which holds 56m shares representing a 13.1 per cent stake, said the conditions for an IPO of Symbian had been met and the management of Psion should instead pursue this option aggressively.

Phoenix is the first big investor to come out against the stake sale to handset-maker Nokia, although a number of private investors have suggested a shareholder revolt on online messageboards.

[FT.com]

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