Shareholders owning more than 10% of Stockholm-based XCounter AB have asked for a general meeting where a share consolidation and a move from Aim to Nasdaq OMX are two of the motions proposed.
Others motions include ones relating to board members and their pay.
The developer of technology for the capture of digital x-ray images using low dosages of radiation tried to leave Aim and go to Nasdaq OMX in April but the votes at the AGM did not receive the backing of two-thirds of the shares voted.
At that time a group of minority shareholders requested a special investigation pursuant to chapter 10, section 21 of the Swedish Companies Act to look into certain defined aspects of the XCounter’s operations. The shareholders can request the appointment of a person by the Swedish authorities (Lansstyrelsen) to investigate. No mention has been made of this since.
Earlier this month the Swedish National Pension Fund sold 3.75m shares an cut its stake to 2.4%. These shares appear to have been acquired by XR Invest, which took its stake to 16.5%.
XCounter signed an agreement with a leading healthcare imaging company in the summer, where it will supply high speed digital 3D X-ray imaging detectors to the unnamed company. The agreement has an aggregate value of €50m over nine years according to XCounter. Shareholder approval is required before the end of 2012 for the granting of a warrant representing 12.5% of Xcounter’s shares, exercisable at a price that is three times the average closing price of XCounter’s shares between 30 May 2011 and 28 June 2011.
At 3.75p a share, XCounter is valued at £7.33m. The share price has risen by 25% over the past month.
XCounter says that it will announce the details of the general meeting by 8 September.
Download the August 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFAugust2011_23.pdf
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