| Biohit Oyj confirms shares conversion | Posted on 29/08/2008 in Scientific Biohit Oyj has announced that following a request from Professor Pentti Sipponen and in accordance with relevant rules, its board of directors has decided to convert 900,000 of his Series A shares into the equivalent amount of Series B shares.
In a statement, the Finnish manufacturer of liquid handling products and diagnostic test systems said the new shares would be ready for public trading on September 5th, one day after they have been logged with the Trade Register.
Series A shares give their holders 20 votes, while Series B shares confer one vote each.
Following the board's approval of the conversion on August 28th, the combined voting rights conferred by shares owned by Professor Sipponen and a company he controls, Patolab Oy, had fallen to under one twentieth of the total.
Meanwhile, the share of combined voting rights conferred by stock ovwned by Professor Osmo Suovaniemi - president and chief executive officer of Biohit's liquid handling and diagnostics divisions - plus two companies under his control rose to over two-thirds of the total.
Biohit, which has subsidiaries in France, Germany, Russia, China, Japan, the United Kingdom and the United States, sells its products in around 70 countries.
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