October 15, 2010 / 6:54 PM / in 8 years

UPDATE 1-20-20 Technologies shareholders demand board shake-up

* Request meeting to remove 3 directors

* Shares up 10 pct

Oct 15 (Reuters) - Private equity firm Crescendo Partners and a group of other shareholders in 20-20 Technologies Inc TWT.TO requested for a special meeting to remove three directors of the Canadian software maker.

Crescendo said it along with Placements Montrusco Bolton Inc, Constellation Software Inc and other registered shareholders owning about 16 percent in the company requested the meeting.

They have asked to remove Pierre Lambert, Yves Archambault and Philippe Freniere, and to elect Eric Rosenfeld, a managing member at Crescendo, Andre Nadeau and Mark Burton, instead.

Crescendo, a New York-based hedge fund, has a history of being an activist investor, having built stakes in many emerging Canadian technology companies.

In 2009, the fund called for a special meeting of Bridgewater Systems BWC.TO to replace certain members of the company’s director board with its nominees.

Shares of the company were up 10 percent at C$3.40 during mid-day trade Friday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian)

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