Navamedic ASA completes the acquisition of Vitaflo Scandinavia AB
On 4 October, Navamedic ASA completed the acquisition of 100% of the shares in the Swedish pharmaceutical company Vitaflo Scandinavia AB, and takes the first step towards the creation of an international speciality pharmaceutical company.
To Navamedic, the acquisition of Vitaflo Scandinavia (Vitaflo) is the start of a new strategic phase with the aim to become an international speciality pharmaceutical company. Vitaflo, with its increasing product portfolio in selected growth areas gives us a strong platform to build upon, says CEO Øyvind W. Brekke in Navamedic ASA.
On 4 October 2007, with a contribution in kind of 40% of the shares in Vitaflo, the Board of Directors in Navamedic resolved to issue 672.213 new shares in Navamedic to the seller of Vitaflo, POA Consulting Scandinavia AB, to a price of NOK 44,90 per share. The private placement was resolved according to the letter of attorney given by the general assembly 6 September 2007. The new shares were issued by the completion of the acquisition.
With the completion of the acquisition, the conditions related to the share issue and private placement in Navamedic ASA on a total of 890,868 new shares to a subscription price of NOK 44.90 per share are lifted. With the addition of the private placement of 672,213 shares resolved 4 October 2007, the new share capital of 7,537,051 distributed on 7,537,051 shares with a nominal value of NOK 1 per share is expected to be registered in Foretaksregisteret 8 October 2007. Trading of the new shares is expected on Oslo Stock Exchange from 8 October 2007.
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