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  5. SYZ: Greetings 5i, I know that Sylogist is not high on your list right now although in the past 5i has been favourable toward the company. [Sylogist Ltd.]
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Investment Q&A

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Q: Greetings 5i, I know that Sylogist is not high on your list right now although in the past 5i has been favourable toward the company. However, can you please provide your analysis of and opinion on the ongoing shareholder activism. Is PenderFund a credible entity? Is OneMove a credible entity? Neither one? If you were a shareholder what side of this battle would you land on and why? Thank you.
Asked by Barbara on March 12, 2026
5i Research Answer:

Penderfund is legit and has been involved in several Canadian company activism events, and has seen some success with getting companies sold. OneMove is similar, though we know Pender much better from past events. Pender certainly has put its money where its mouth is, with a 17% position in SYZ. OneMove has 9.2%. Certainly the company needs a shake up. It has been a weak performer, and strategy has drifted. It did change CEOs recently, but its small size and weak performance make it hard to attract new interest. To us, OneMove is interested in a quick sale, whereas Pender may look for a long term growth solution. We would thus side with OneMove. A real turnaround could take years, and markets for software companies may not co-operate even then. 

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