Trustee Appointed for the Arbitration Proceedings Concerning the Redemption of Minority Shares in Basware Corporation
Basware Corporation, stock exchange release, August 22, 2022 at 12:00 a.m. EEST
Sapphire BidCo Ltd ("Sapphire BidCo") has on 27 July 2022 commenced redemption proceedings in respect of Basware Corporation's ("Basware") minority shares by initiating arbitration proceedings in accordance with Chapter 18, Section 3 of the Finnish Companies Act in order to obtain ownership of all the issued and outstanding shares in Basware.
Due to Sapphire BidCo's application for the above-mentioned arbitration proceedings, the Redemption Board of the Finland Chamber of Commerce has petitioned the District Court of Länsi-Uusimaa for the appointment of a trustee to supervise the interests of Basware's minority shareholders during the redemption process. With its decision given on 19.8.2022, the District Court of Länsi-Uusimaa has appointed Attorney-at-Law Matti Manner to act as such trustee.
Sapphire BidCo's notice, as referred to in Chapter 18, Section 5, Subsection 2 of the Finnish Companies Act, is attached to this release and has been published on the website of Basware. It will also be published in the National Official Journal of Finland (Virallinen lehti in the Finnish language) without delay.
For more information, please contact:
Teemu Ruikka, General Counsel, Basware Corporation
Tel. +358 40 548 9848, teemu.ruikka@basware.com
Distribution:
Nasdaq Helsinki
Main media
investors.basware.com/en
About Basware:
Basware is a leading provider of Networked Procure-to-Pay solutions with the largest open e-invoicing network in over 180 countries. Our cloud-based technology enables enterprises to fully manage their spend, mitigate financial risk and reduce operating costs through automation of finance, procurement, accounts payable and accounts receivable processes. Our open technology ecosystem and extensive partner network have helped over 6,500 businesses in 60 countries move towards 100% spend visibility which enables better business decisions – a concept we call Visible Commerce. Basware’s solutions support the transition to a lower-carbon economy by digitization and automation. Basware is traded on the Helsinki exchange (BAS1V: HE). Find out more at https://investors.basware.com/en.
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