Arbitral tribunal has confirmed European 24 Bidco Oy's redemption right over minority shares in Efecte Plc
Efecte Plc – Company announcement – 6 August 2024 at 3:45 p.m. EEST
Arbitral tribunal has confirmed European 24 Bidco Oy's redemption right over minority shares in Efecte Plc
The arbitral tribunal appointed by the Redemption Committee of the Finland Chamber of Commerce in connection with the redemption proceedings concerning the minority shares in Efecte Plc (“Efecte”) has in its interim award today confirmed that European 24 Bidco Oy (“European 24 Bidco”) has the right to redeem the minority shares in Efecte and that European 24 Bidco has the right to obtain title to the minority shares by placing a security approved by the arbitral tribunal for the payment of the redemption price and the interest accruing thereon.
Efecte announced on 25 June 2024 that the Board of Directors of Efecte has resolved to apply for the termination of public trading in the shares of Efecte and for the delisting of its shares from First North Growth Market Finland maintained by Nasdaq Helsinki Ltd (“First North”) so that the termination of public trading in Efecte shares and the delisting of the shares from First North would become effective as soon as possible after European 24 Bidco has obtained title to all the issued and outstanding shares in Efecte in the redemption proceedings under Chapter 18 of the Finnish Companies Act.
The title to the minority shares in Efecte is transferred to European 24 Bidco once a security approved by the arbitral tribunal has been placed, which is expected to take place on or about 9 August 2024. Following the placing of the security and the transfer of ownership, the minority shareholders of Efecte are entitled to receive only the redemption price when due and the interest payable thereon. Nasdaq Helsinki Ltd will issue a separate release regarding the delisting of Efecte’s shares from First North. After the delisting from First North has taken place, Efecte is no longer subject to the periodic reporting obligation set out in applicable laws and regulations, and will thereby not publish a half-year report or other periodic financial reporting from the ongoing or future reporting periods.
Further inquiries:
Tatu Paavilainen, Head of Legal, tel. +358 400 383 064, tatu.paavilainen@efecte.com
Certified Adviser: Evli Plc, tel. +358 40 579 6210
Efecte Plc
Efecte helps people digitalize and automate their work. Customers across Europe leverage our cloud service to operate with greater agility, to improve the experience of end-users, and to save costs. The use cases for our solutions range from IT service management and ticketing to improving employee experiences, business workflows, and customer service. We are the European Alternative to the global goliaths in our space. Our headquarters is located in Finland and we have regional hubs in Germany, Poland, Spain and Sweden. Efecte is listed on the Nasdaq First North Growth Market Finland marketplace.