OneMove Identifies World-Class CEO Candidate Prepared to Join Sylogist Immediately and Implement Needed Change for Benefit of All Shareholders
Increases Ownership to Approximately 15%, Reflecting Deep Conviction in Company Under the Right Leadership
BRIDGETOWN, Barbados, March 27, 2026 /CNW/ -- OneMove Capital Ltd. ("OneMove"), the largest independent shareholder of Sylogist Ltd. (TSX: SYZ) ("Sylogist" or the "Company") owning approximately 15% of the Company's outstanding shares, today responded to the Sylogist Board of Directors' (the "Board") clear intention to maintain its failed status quo strategy and execution following dismal Q4 earnings. OneMove also announced that, in response to the Company's broken CEO search process, it has independently identified a world-class CEO candidate who is ready to join Sylogist immediately.
Another Quarter of Failed Strategy and Execution
The dismal results speak for themselves. Worse, the earnings call clearly exposed that the Company has no intention to change course. Despite years of declining profitability, five consecutive earnings misses, and a stock near multi-decade lows, the Board's plan is to pursue the same failed strategy, using the same failed approach, under the same failed leadership structure.
Shareholders have suffered through more than three years of value destruction under the guise of a PenderFund transformation. Despite that reality, the earnings call confirmed that the Board expects shareholders to accept a continuation of that same strategy with no end in sight. The Company provided no guidance, no timeline for when the "transformation" ends, no path to accelerate growth, no willingness to cut costs, rethink strategy, or change direction in any meaningful way. The Board's message to shareholders is clear: stay the course and hope for the best.
The Board Confirms It Does Not Understand the Business
Shareholders cannot afford any more status quo oversight at Sylogist. A real plan, executed by a world-class CEO and overseen by a Board that knows the business and can ensure effective execution must be put in place on May 12. The current Board, however, has indicated it will take "inside of two quarters" to find a permanent CEO. That is potentially six months of drift for a company in crisis, trading near multi-decade lows and generating sub-10% EBITDA margins.
The interim CEO, Craig O'Neill, on the earnings call confirmed the Board and management team's lack of both understanding of Sylogist's business and refusal to change course:
- "I know just enough to be dangerous." O'Neill served on the Board for four years, yet admits he still doesn't fully understand the business he now leads.
- "I haven't fully got the mandate to start making changes yet." Six weeks in and the Board still has not empowered him to act. Who is running this Company?
- "My mandate was to assess and tee up priorities for the new person." He was not brought in to execute - he is simply a caretaker running an assessment exercise while shareholder value continues to erode.
- "We can't generate demand." The Company openly admits that it does not understand how to accelerate growth and capitalize on its attractive assets and market position.
Further, when pressed on AI, the answer was "starting a project next week, if not the week after." While every serious software company has been executing on AI for two years, this Board has sat idly by to the detriment of shareholders. This Board is not acting in the best interests of shareholders, and is not planning a turnaround. It is planning to continue doing exactly what has failed for more than six years.
OneMove Has the Right Plan and the Right Team
Shareholders need a clear timeline, an actionable plan and trustworthy directors. OneMove has presented a clear plan and has been working urgently to put the right pieces in place to lead an effective turnaround at the Company starting on Day 1. Specifically:
- A world-Class CEO candidate has been identified and is ready to serve shareholders. OneMove has worked diligently to identify a highly-qualified operator with deep expertise in enterprise software, business restructuring, and strategic M&A who is prepared to start on May 12 when OneMove's slate is elected.
- Immediate action plan in place. OneMove has developed a clear and actionable plan, comprising initiatives to right-size the cost structure, refocus the business on its highest-value assets, and initiate a comprehensive strategic review, including evaluating a potential sale of the Company. With the right Board and CEO, the plan is designed in the best interests of shareholders and to unlock the significant value that has been trapped under this Board.
Overwhelming Shareholder Support for Change
With the right leadership, OneMove is confident that Sylogist can command a valuation that reflects the true worth of its mission-critical software assets, and has backed its deep conviction with capital, increasing its ownership to approximately 15% of outstanding shares.
Outside of PenderFund, the message from Sylogist shareholders has been overwhelming - this Board has lost the confidence of the market, and change is needed NOW. Trading near $3.65 per share and at a deep discount to public sector software peers, the market has rendered its verdict. Trust must be rebuilt from the ground up, and that starts with the election on May 12th of the right directors to appoint the right new CEO and oversee the right strategic plan.
For More Information
For more information about OneMove's nominees and its plan for Sylogist, please visit www.abettersylogist.com.
About OneMove Capital
OneMove Capital Ltd. is a private investment firm focused on small and mid-cap public companies where active engagement and governance improvements can unlock shareholder value. OneMove is an approximately 15% shareholder of Sylogist Ltd.
Information in Support of Public Broadcast Exemption under Canadian Law
The information contained in this press release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable corporate and securities laws. Shareholders of the Company are not being asked at this time to execute a proxy in favour of OneMove's director nominees or in respect of any other matter to be acted upon at the annual and special meeting of shareholders of the Company to be held on May 12, 2026 (the "Meeting"). In connection with the Meeting, OneMove intends to file a dissident information circular in due course in compliance with applicable corporate and securities laws. Notwithstanding the foregoing, OneMove has voluntarily provided in, or incorporated by reference into, this press release the disclosure required under section 9.2(4) of NI 51-102 – Continuous Disclosure Obligations ("NI 51-102") and has filed a document (the "Document") containing disclosure prescribed by applicable corporate law and disclosure required under section 9.2(6) of NI 51-102 in respect of OneMove's director nominees, in accordance with corporate and securities laws applicable to public broadcast solicitations. The Document is hereby incorporated by reference into this press release and is available under the Company's profile on SEDAR+ at www.sedarplus.ca. The registered office of the Company is 5290 1A Street S.W., Calgary, Alberta, T2S 1R8.
The costs incurred in the preparation and mailing of any circular or proxy solicitation by OneMove and any other participants named herein will be borne directly and indirectly by OneMove. However, to the extent permitted under applicable law, OneMove intends to seek reimbursement from the Company of all expenses incurred in connection with the solicitation of proxies for the election of OneMove's nominees at the Meeting.
Once formal solicitation of proxies in connection with the Meeting has commenced, proxies may be revoked in accordance with subsection 148(3) of the Business Corporations Act (Alberta) by a registered holder of common shares of Sylogist ("Common Shares"): (a) by completing and signing a valid proxy bearing a later date and returning it in accordance with the instructions contained in the accompanying form of proxy; (b) by depositing an instrument in writing that is signed by the shareholder or an attorney who is authorized by a document that is signed in writing: (i) at the registered office of the Company at any time up to and including the last business day preceding the day the Meeting or any adjournment or postponement of the Meeting is to be held, or (ii) with the chair of the Meeting on the day of the Meeting or any adjournment or postponement of the Meeting; or (c) in any other manner permitted by law. In addition, proxies may be revoked by a non-registered holder of Common Shares at any time by written notice to the intermediary in accordance with the instructions given to the non-registered holder by its intermediary.
This press release and any solicitation made by OneMove is, or will be, as applicable, made by OneMove, and not by or on behalf of the management of the Company. Proxies may be solicited by proxy circular, mail, telephone, email or other electronic means, as well as by newspaper or other media advertising and in person by managers, directors, officers and employees of OneMove who will not be specifically remunerated therefor. In addition, OneMove may solicit proxies by way of public broadcast, including press release, speech or publication and any other manner permitted under applicable Canadian laws, and may engage the services of one or more agents and authorize other persons to assist it in soliciting proxies on their behalf.
Forward-Looking Statements
Statements contained herein that are not historical facts constitute "forward-looking statements" and "forward-looking information" (together, "forward-looking statements") within the meaning of applicable securities laws that reflect OneMove's current expectations, assumptions, and estimates of future events, performance and economic conditions. Such forward-looking statements rely on the safe harbor provisions of applicable securities laws. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements and there can be no assurance that the Company's securities will trade at the prices that may be implied herein, and there can be no assurance that any opinion or assumption herein is, or will be proven, correct. Words and phrases such as "anticipate," "believe," "create," "drive," "expect," "forecast," "future," "growth," "intend," "hope," "opportunity," "plan," "confident," "restore," "reduce," "potential," "proposal," "unlock," "upside," "will," "would," and similar words and phrases are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements concerning: the anticipated financial and operating performance of the Company; the Company's growth, cash flow, and operating margins; the conduct and outcome of any strategic review; the outcome of the CEO search; the filing of a dissident circular and the timing thereof; the outcome of the Meeting; and the Company's go-forward strategy. Such forward-looking statements are not guarantees of future performance or actual results, and readers should not place undue reliance on any forward-looking statement as actual results may differ materially and adversely from forward-looking statements. All forward-looking statements contained herein are made only as of the date hereof, and OneMove disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which OneMove hereafter becomes aware, except as required by applicable law.
Investor Contact:
OneMove Capital Ltd.
Email: info@onemovecapital.com
Website: www.abettersylogist.com
Media Contact
ASC Advisors
Taylor Ingraham / Steve Bruce
tingraham@ascadvisors.com / sbruce@ascadvisors.com
203 992 1230
SOURCE OneMove Capital Ltd.
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