Thomas Theys, former executive president of Patsystems, the independent software vendor (ISV), is leading a shareholders' campaign to remove David Jones, chief executive, and Stewart Douglas-Mann, a director of the company.

Calls for the directors to resign were first made in January after Patsystems issued a profit warning and reported losses of £9.6m (€15.7m) on sales of £2.4m in 2000. The company also said that it did not know when it would become profitable. The company, like many of its competitors, has been hit hard by a plethora of ISVs in the market. The companies sell software to enable brokers to trade on the world's derivatives exchanges.