Agilysys shareholders want to raise ownership stake to more than 20%

By Lisa Kerner

Charlotte, N.C., Nov. 20 - Agilysys, Inc. said shareholders MAK Capital Fund, LP and Paloma International LP notified the company of their intent to increase their direct and indirect ownership of Agilysys' common shares to above 20% but not more than one-third.

MAK, the company's largest shareholder, and Paloma made the acquiring person statement under section 1701.831 of the Ohio Revised Code, according to a company news release.

Under Ohio law, Agilysys said it must hold a special meeting of shareholders to approve ownership above 20%.

A special meeting has been scheduled for 8:30 a.m. ET on Jan. 5. The record date for the meeting is Nov. 24.

The statement indicates that the shareholders do not intend to act to exercise control of the Solon, Ohio-based IT solutions provider, the release said.

MAK, the investment manager of both MAK Capital Fund and Paloma, currently has a 19.18% stake in Agilysys, and its managing director, R. Andrew Cueva, has been a member of the company's board of directors since June 2008.

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