Navamedic ASA shares: Last day of trading inclusive of rights to consideration shares in Observe Medical ASA
Navamedic ASA, 31 October 2019: The shares in Navamedic ASA ("NAVA") will today on Thursday 31 October 2019 for the last day trade inclusive of rights to consideration shares in Observe Medical ASA ("Observe Medical") to be distributed in connection with the demerger of NAVA.
The demerger, whereby inter alia NAVA's Medtech division is demerged from NAVA and merged into Observe Medical against distribution of the shares in Observe Medical to the existing shareholders of NAVA, was approved by the general meetings of NAVA and Observe Medical on 5 August 2019. The creditor notice period for the demerger expired at 24:00 hours CET on 30 September 2019 and the completion of the demerger will be registered with the Norwegian Register of Business Enterprises following close of trading on Oslo Børs on 31 October 2019.
The consideration shares in Observe Medical will be distributed on a pro rata basis to shareholders of NAVA as of the expiry of 31 October 2019 (the cut-off date), as registered in NAVA's shareholders' register in the Norwegian Central Securities Depositary (VPS) as of 4 November 2019 (the record date). Eligible shareholders will receive one consideration share for each share they own in NAVA as of the cut-off date as registered in the VPS as of the record date. It is expected that the consideration shares will be delivered and made available to eligible shareholders of NAVA on 5 November 2019. The consideration shares will, upon completion of the demerger, constitute approximately 79% of the shares in Observe Medical while the remaining approximately 21% of the shares will be held by NAVA following the completion of a debt conversion. All shares in Observe Medical are registered in the VPS in book-entry form and the shares rank in parity with one another and carry one vote per share.
From and including 1 November 2019, the shares in NAVA will trade exclusive of rights to the consideration shares in Observe Medical.
Observe Medical will from Monday 4 November 2019 trade under the ticker "OBSERV" on Oslo Axess. Trading in the Observe Medical shares will commence prior to delivery of such shares to eligible shareholders' VPS Accounts. Trades during this period until delivery of the shares to eligible shareholders' VPS accounts will be settled on a T+2 basis. No account-to-account transactions and no transactions with settlement prior to 5 November 2019 will be allowed in this period.
For further information, please contact:
Ole Henrik Eriksen, interim CEO
Mobile: +47 400 62 000
About Observe Medical ASA:
Observe Medical develops and markets innovative hospital products that contribute to increased patient safety and a more efficient care system. The Company's headquarter is in Oslo and its operations are based out of Sweden. Observe Medical's initial product was Sippi®, the only digital urine meter with wireless data transfer to patient data management systems, which also prevents bacterial migration that can lead to urinary infections (Sippcoat®). Sippi® is CE marked and is currently being launched at selected hospitals in the Nordics and Germany.