Investor outcry at Psion sell-off

THE biggest shareholder in Psion has launched a revolt against the technology group's plans to sell off its prize asset.

Phoenix Asset Management, which holds 13.5%, says it will oppose the disposal of the 31% stake in software venture Symbian.

Other shareholders are likely to follow - and no wonder. Psion shares collapsed from 99p to around 62p after the disposal was announced a month ago.

Symbian software runs many of the new multimedia 'smartphones' now being launched. The market is just taking off. Psion shareholders - after years of pain - want the action.

Psion wants to sell the stake for £136m to Finnish mobiles giant Nokia, Symbian's biggest customer. Phoenix wants a Symbian float to realise more value.

Psion says Symbian's other shareholders might oppose a float. It argues that the disposal would 'realise substantial value' and cut risk.

Founding chairman David Potter has committed his 12% in favour of the deal.