AIM RULE 26
The following information is disclosed in accordance with Rule 26 of the AIM Rules for Companies.
Faron Pharmaceuticals is a clinical stage drug discovery and development company based in Turku, Finland. Faron has a pipeline of clinical stage products focusing on acute organ traumas, cancer immunotherapy and vascular damage. Implementing the strategy of creating novel treatments for significant unmet medical needs, Faron has now entered into a pan-European pivotal Phase III study with its lead candidate Traumakine®, which targets the treatment of Acute Respiratory Distress Syndrome (ARDS).
Description of Business can be found here.
Faron Pharmaceuticals Oy
Country of incorporation
Main country of operation
Board of Directors
Dr Frank Armstrong, Non-Executive Chairman
Dr Markku Jalkanen, Chief Executive Officer & Founder
Yrjö Wichmann, Chief Financial Officer
Matti Manner, Non-Executive Vice Chairman
Leopoldo Zambeletti, Non-Executive Director
Dr Huaizheng Peng, Non-Executive Director
Dr Jonathan Knowles, Non-Executive Director
Dr Gregory Brown, Non-Executive Director
John Poulos, Non-Executive Director
Brief biographical details for the Directors can be found here.
Information on shares
The Company’s ordinary shares of no par value are admitted to trading on the AIM market of the London Stock Exchange.
Date of Admission to AIM
17 November 2015
Number of AIM Securities in issue
27,787,034 ordinary shares
The Company does not hold any shares in treasury.
The percentage of AIM securities not in public hands (as defined by the AIM rules)
Restrictions on Transferability of Ordinary Shares
There are no restrictions on the transfer of the Company´s AIM Securities.
Computershare Investor Services PLC
The Company has been notified of the following holdings of 3% or more of the issued share capital of the Company:
Number of shares
A&B (HK) Company Limited
Legal & General Investment Management
City Financial Investment Company Limited
*Held by Markku Jalkanen and related party.
**Held by Juho Jalkanen and related parties.
***of which, 520,830 are held directly by Timo Syrjälä and 443,472 are held by Acme Investments SPF S.à.r.l., an entity which is wholly owned by Timo Syrjälä.
The information presented in the above table is consistent with the Company's best knowledge as at 1 March 2017 and does not purport to be all-inclusive or to contain all of the information that the Recipient may require.
Regulation of Takeover
The registered office of the Company is in a member state of the European Economic Area other than the United Kingdom and its shares are traded on AIM, which is not a regulated market for the purpose of the City Code on Takeovers and Mergers (the “Takeover Code”).
Accordingly, the Company is not subject to the Takeover Code and there is no equivalent applicable legislation in the Company’s country of incorporation. The Company has voluntarily adopted certain provisions of the Takeover Code and these have been incorporated into its Articles of Association.
Articles of Association
Notifications as to changes in voting rights pursuant to the Company's Articles of Association may be made using the form TR1, which can be found here.
Rights of shareholders
Shareholders should note that the rights of shareholders in a company incorporated in Finland may be different from the rights of shareholders in a UK incorporated company.
Board of Directors Responsibilities and Corporate Governance
The Company will hold regular board meetings and the Directors are responsible for formulating, reviewing and approving the Company’s strategy, budget and major items of capital expenditure. The Directors have established an audit committee, a remuneration committee and a nomination committee with formally delegated roles and responsibilities. Each of these committees will meet as and when appropriate save in the case of the remuneration and audit committees which will meet at least twice a year.
It is the Board’s intention to comply with the QCA Corporate Governance Code for Small and Medium Size Quoted Companies 2013 (the “QCA Code”) as far as is reasonably practicable for a company of its size.
The Directors of the Company are responsible for preparing the financial information in accordance with International Financial Reporting Standards as adopted by the European Union.
The Audit Committee, which will comprise Leopoldo Zambeletti as Chairman together with Frank Armstrong and Huaizheng Peng, will meet not less than twice a year. The committee will be responsible for making recommendations to the New Board on the appointment of auditors and the audit fee and for ensuring that the financial performance of the Company is properly monitored and reported. In addition, the Audit Committee will receive and review reports from management and the auditors relating to the interim report, the annual report and accounts and the internal control systems of the Company.
The Remuneration Committee, which will comprise Frank Armstrong as Chairman together with Huaizheng Peng and Leopoldo Zambeletti, will meet not less than twice each year. The committee will be responsible for the review and recommendation of the scale and structure of remuneration for senior management, including any bonus arrangements or the award of share options with due regard to the interests of the Shareholders and the performance of the Company.
The Nomination Committee will comprise of Matti Manner as Chairman together with Frank Armstrong and Jonathan Knowles. The Nomination Committee will monitor the size and composition of the Board and the other Board committees and be responsible for identifying suitable candidates for Board membership
|Rx Securities||Samir Devani|
|Panmure Gordon||Julie Simmonds|
This section of the website was last updated to comply with AIM Rule 26 on: 19 May 2017