Troubled WANdisco set for crucial investor vote

TROUBLED WANdisco is gearing up for a crunch shareholder meeting that could determine the listed firm’s future.

Investors in the technology business will vote on an emergency £24.3million fundraise on June 6, just weeks before its cash reserves run out.

WANdisco is trying to restore its credibility after it uncovered ‘significant, sophisticated and potentially fraudulent irregularities’ in March, which led to the suspension of its shares.

It was forced to tear up its 2022 results due to £93million worth of false sales bookings.

This sparked an investigation from the Financial Conduct Authority, which is still in its early stages.

Consultants at business advisory firm FRP Advisory also carried out a probe which supported WANdisco’s view that a single employee was responsible for the fraud.

Ken Lever, who was made chairman after the scandal, told the Mail on Sunday last night that the upcoming vote ‘is of critical importance to the future of the company’.

WANdisco – which works with businesses including banks and car makers that create swathes of data – has held discussions with shareholders since announcing the rescue fundraise earlier this month.

It has said the cash would provide ‘sufficient capital to continue as a going concern’ and help the firm ‘deliver on its strategy towards profitable growth’.

It is understood that investors have been keen to understand more about the fraud, while also seeking assurances over customer demand for WANdisco’s tech.