The Board of Directors of BBS-Bioactive Bone Substitutes Plc (“BBS” or the “Company”) has learned that in the subscription rights issue decided by the Company's Board of Directors on 26 May 2020, the subscription of 65,500 shares made and paid by one of the Company’s owners, Ahti Paananen, has not been registered, due to an error by Paananen's account manager, in the share allocation approved by the Board of Directors on 24 June 2020.
For the above reason, and based on the authorisation received from the Annual General Meeting on 5 April 2019, BBS's Board of Directors decided today, 26 June 2020, to issue to Ahti Paananen a directed share issue in which 65,500 new shares of the Company were offered for subscription by Paananen at a subscription price of EUR 4.20 per share, which corresponds to the subscription price used in the rights issue decided by the Board of Directors of the Company on 26 May 2020.
In the opinion of the Company's Board of Directors, placing Ahti Paananen on an equal footing with other shareholders constitutes a compelling financial reason for the Company to deviate from the shareholders' pre-emptive subscription right referred to in Chapter 9, Section 4 of the Companies Act.
As a result of the directed share issue, the number of the Company's shares will increase to a total of 6,571,525 shares.
BBS-BIOACTIVE BONE SUBSTITUTES PLC
For more information:
CEO Ilkka Kangasniemi
Phone: +358 40 7080307
This is information that BBS-Bioactive Bone Substitutes Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above on 26 June 2020 at 5:30 pm (UTC +3.00).
BBS-Bioactive Bone Substitutes Plc is a Finnish orthobiologic biotech company. We have developed a new product for healing of difficult bone fractures and for solving the problems in bone healing. Our mission is to offer new generation medicinal products for the orthopedic surgery. The research and development in the field of medicine requires perseverance and courage to develop new things. We have over 20 years of expertise in this. Our operations are characterised by top expertise, innovativeness and dedicated and committed employees. The first product, ARTEBONE® paste, is ready and the application process for the CE-marking enabling commercialization is in progress.
More information: www.bbs-artebone.fi.
BBS-Bioactive Bone Substitutes Plc shares are listed on the Nasdaq First North Growth Market Finland and Nasdaq First North Growth Market Sweden. The company’s Certified Adviser is Stockholm Certified Advisers AB, p. +46 70 5516 729, firstname.lastname@example.org