Trustee Appointed for the Arbitration Proceedings Concerning the Redemption of Minority Shares in Basware Corporation

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.

Alexander focuses on breaking news stories and ensuring we offer timely reporting on some of the latest stories released through market wires. He has previously spent over 5 years as a trader in us stock market and is now semi-retired. Now he works for investingbizz.com specializing in quicker moving active shares with a short term view on investment opportunities and trends. He covers financial sector news.

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