Patsystems shares rise as chief is demoted

Shares in Patsystems, which provides electronic trading systems, soared 37.5 per cent yesterday after it demoted Jacques de Cock from the chief executive role, parted company with Scott Shellady, its chief operating officer, and said it planned a full strategic review.

It is understood the company considered it was following "too many avenues" and "spreading itself too thinly". It said it is reviewing "every part of the business and every part of its strategy". While Patsystems noted current trading was "in line" with market expectations, it said it would "closely monitor" the potential impact on its business of Tuesday's terrorist attacks in the US. Around 50 per cent of Patsystem's sales come from the US with the balance from the UK. Shares in the company closed at 22p, having recently sunk as low as 16p. A year ago, the shares had traded as high as 178.5p.

David Jones, a non-executive director and the founder of broking business Sharelink, has been made chief executive until a successor is found. Thomas Theys, Patsystems' founder and executive chairman, will become non-excutive president.

Mr de Cock, whose remuneration package remains intact, will stay on in an advisory capacity. Last year he earned £161,000.