Psion's Symbian sale vote goes to wire

A SHAREHOLDER vote to decide the fate of Psion's stake in mobile-phone software maker Symbian was going to the wire today.

At a stormy meeting, Psion founder and chairman David Potter came under fire from institutional and small shareholders critical of his plans to sell a stake of almost a third of Symbian for what they consider a knockdown £135.7m.

Psion needs a simple majority to approve the sale. Potter opened proceedings by announcing that there would be a poll of votes from the packed meeting, suggesting the result could be close.

Gary Shannon of Phoenix Asset Management, which holds 13.5% and opposes the sale, told the meeting Potter wanted to 'tidy up the company' to allow him to step down from the board.

He insisted Psion should remain a Symbian shareholder until the time was right for a float - or if not sell Symbian for at least £270m. Potter, who personally owns 11.9% of Psion, dismissed the allegation and insisted this was a commercial decision backed by the board in the interests of all shareholders.