UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO SECTION 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
August 2, 2017
001-36686
(Commission file number)
Forward Pharma A/S
(Translation of registrant’s name into English)
Østergade 24A, 1st Floor
1100 Copenhagen K, Denmark
(Address of principal executive office)
________________________________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes [ ] No [ X ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes [ ] No [ X ]
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [ ] No [ X ]
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
| Item 1. | Results of Extraordinary General Meeting |
On August 2, 2017, the Company announced on its website (http://www.forward-pharma.com) the results of the extraordinary general meeting of its shareholders held on August 2, 2017 at the Company’s offices, Østergade 24A, 1st floor, 1100 Copenhagen K, Denmark (the “Extraordinary General Meeting”). DKK 3,521,856 of the Company’s share capital and 35,218,560 votes, respectively, were present or represented at the Extraordinary General Meeting. Results of the Extraordinary General Meeting were as follows:
| (a) | Adoption of the proposal to make a share split in the ratio 1/10 and decrease the share capital at a premium rate and payment of the proceeds to the shareholders at a rate of EUR 19.45 per share of nominally DKK 0.10 (corresponding to EUR 2.43125 per share of nominally DKK 0.01 being annulled) by 35,218,560 votes in favor, and with 0 votes against and 0 abstentions. The proposal was adopted in the form proposed by the Board of Directors. |
Additional information with respect to the Extraordinary General Meeting is available on the Company’s website, including:
1. The notice to convene the Extraordinary General Meeting;
2. Information concerning share capital and voting rights.
The Company has filed as an exhibit to this Form 6-K a press release dated August 2, 2017, announcing the results of the Extraordinary General Meeting and details of the capital reduction plan.
Item 2. Changes in Securities or in the Security for Registered Securities
On August 2, 2017, following the approval of the proposal to decrease the share capital by the shareholders, the Company effected a forward share split, such that every 1 ordinary share of the Company’s common stock (nominal value 0.10 DKK) held by a shareholder immediately prior to the forward share split will be split into ten ordinary shares of the Company’s common stock (nominal value 0.01 DKK) (the “Forward Share Split”).
In connection with the Forward Share Split, the ratio of the Company’s ordinary shares to American Depositary Shares (“ADS”) will be changed from one ordinary share (nominal value 0.10 DKK) to one ADS, to ten ordinary shares (nominal value 0.01 DKK) to one ADS. A separate prospectus supplement will be filed under Rule 424(b) in connection with this change.
The Company’s Amended and Restated Articles of Association dated as of August 2, 2017, attached hereto as Exhibit 3.1, show the change to the share capital of the Company reflecting the Forward Share Split.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: August 2, 2017 | Forward Pharma A/S | ||
| By: | /s/ Claus Bo Svendsen | ||
| Name: Claus Bo Svendsen | |||
| Title: Chief Executive Officer | |||
EXHIBIT INDEX
3.1 Amended and Restated Articles of Association of Forward Pharma A/S
99.1 Press Release dated August 2, 2017, announcing the results of the Extraordinary General Meeting and details of the capital reduction plan.
Exhibit 3.1
The English part of this parallel document in Danish and English is an unofficial translation of the original Danish text. In the event of disputes or misunderstandings arising from the interpretation of the translation, the Danish language shall prevail.
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VEDTÆGTER FOR FORWARD PHARMA A/S CVR-NR. 28865880 |
ARTICLES OF ASSOCIATION OF FORWARD PHARMA A/S CBR-NO. 28865880 |
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| 1 | NAVN OG FORMÅL | NAME AND OBJECTS | ||
| 1.1 | Selskabets navn er Forward Pharma A/S. | The name of the company is Forward Pharma A/S. | ||
| 1.2 | Selskabets formål er direkte eller indirekte via datterselskaber at drive aktiviteter med udvikling, fremstilling, distribution og salg af lægemidler, og enhver anden relateret virksomhed efter bestyrelsens skøn. Herudover kan selskabet deltage i samarbejder eller indgå i partnerskaber med andre virksomheder inden for sit forretningsområde, herunder udlicensiere rettigheder inden for sit forretningsområde. | The object of the company is, directly or indirectly through subsidiaries, to conduct business within development, manufacturing, distribution and sale of drugs and medicaments, as well as any other related activities at the discretion of the board of directors. Furthermore, the company may, within its line of business, participate in partnerships or co-operate with other businesses, including by licensing out rights within its line of business. | ||
| 2 | AKTIEKAPITAL OG AKTIER | SHARE CAPITAL AND SHARES | ||
| 2.1 | Selskabets aktiekapital udgør nominelt kr. 4.718.399,90, fordelt i aktier à nominelt kr. 0,01 eller multipla heraf. | The company's nominal share capital is DKK 4,718,399.90, divided into shares of DKK 0.01 each or multiples thereof. | ||
| 2.2 | Aktiekapitalen er fuldt indbetalt. | The share capital has been fully paid up. | ||
| 2.3 | Aktierne skal lyde på navn og skal noteres på navn i selskabets ejerbog. | The shares shall be issued in the name of the holder and shall be recorded in the name of the holder in the company's register of shareholders. | ||
| 2.4 | Ejerbogen føres af Computershare A/S (CVR-nr. 27088899). | The register of shareholders is kept by Computershare A/S (Company Registration (CVR) no. 27088899). | ||
| 2.5 | Aktierne er ikke-omsætningspapirer. Der gælder ingen indskrænkninger i aktiernes omsættelighed. | The shares are non-negotiable instruments. No restrictions shall apply to the transferability of the shares. | ||
| 2.6 | Ingen aktier har særlige rettigheder. | No shares shall carry special rights. | ||
| 2.7 | Ingen aktionær skal være forpligtet til at lade sine aktier indløse helt eller delvist af selskabet eller andre. | No shareholder shall be under an obligation to have his shares redeemed in whole or in part by the company or by any third party. | ||
| 2.8 | Der udstedes ikke ejerbeviser for aktier i selskabet. | No share certificates are issued for the shares in the company. | ||
| 3 | UDSTEDELSE AF WARRANTS OG FORHØJELSE AF AKTIEKAPITALEN | ISSUE OF WARRANTS AND INCREASE OF THE SHARE CAPITAL | ||
| Warrants til medarbejdere m.v. | Warrants to employees etc. | |||
| 3.1 | Selskabet har frem til 30. juni 2014 udstedt warrants til selskabets medarbejdere og konsulenter og medarbejdere og konsulenter i dets datterselskab, Forward Pharma GmbH, i et sådant omfang og på sådanne vilkår, som fremgår af bilag 1, der udgør en integreret del af disse vedtægter. Endvidere har bestyrelsen i henhold til bemyndigelsen i vedtægternes punkt 3.2 og 3.3 den 1. juni 2016 udstedt yderligere 89.080 warrants, der er omfattet af bilag 1, til en af selskabets konsulenter uden fortegningsret for selskabets aktionærer. | “The company has up until 30 June 2014 issued warrants to the company’s employees and consultants and employees and consultants of its subsidiary, Forward Pharma GmbH, to the extent and on such terms and conditions as set forth in appendix 1 which forms an integral part of these articles of association. In addition, pursuant to the authorization included in articles 3.2 and 3.3 of the articles of association, the board of directors has on 1 June 2016 issued additional 89,080 warrants covered by appendix 1 to one of the company's consultants without any pre-emption rights for the company's shareholders. | ||
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| 3.2 | Bestyrelsen er i perioden indtil 1. juni 2019 bemyndiget til, ad én eller flere gange, uden fortegningsret for selskabets eksisterende aktionærer, at udstede op til 5.340.000 warrants, der hver giver ret til at tegne en aktie á nominelt DKK 0,10, til dets medarbejdere, direktionsmedlemmer, bestyrelsesmedlemmer og konsulenter og/eller medarbejdere, direktionsmedlemmer, bestyrelsesmedlemmer og konsulenter i dets datterselskaber. Bestyrelsen kan også benytte denne bemyndigelse til at udstede nye warrants som erstatning for eksisterende og ikke udnyttede warrants, der ejes af tidligere medarbejdere, direktionsmedlemmer, bestyrelsesmedlemmer og konsulenter i selskabet og dets datterselskaber. Bestyrelsen bemyndiges samtidig til at foretage de dertilhørende kapitalforhøjelser med op til nominelt DKK 534.000 aktier, det vil sige op til 5.340.000 aktier á nominelt DKK 0,10. De nye aktier, som kan tegnes ved udnyttelse af warrants, udstedes til en tegningskurs, der fastsættes af bestyrelsen, og som kan være lavere end markedskursen på tidspunktet for udstedelsen af de pågældende warrants. Øvrige vilkår for warrants fastsættes af bestyrelsen i forbindelse med bestyrelsens udnyttelse af bemyndigelsen. |
In the period until 1 June 2019, the board of directors is authorized, in one or more rounds, without pre-emption rights for the company’s existing shareholders, to issue up to 5,340,000 warrants, which each entitles the holder to subscribe for one share of nominally DKK 0.10, to the company’s employees, members of the management, members of the board of directors, and consultants and/or employees, members of the management, members of the board of directors and consultants of its subsidiaries. The board of directors may also use this authorization to issue new warrants in replacement of existing, unexercised warrants held by former employees, members of the management, members of the board of directors and consultants of the company and its subsidiaries. The board of directors is further authorized to implement the capital increases required for this purpose by up to nominally DKK 534,000 shares, i.e. up to 5,340,000 shares of nominally DKK 0.10 each. The subscription price for the new shares that may be subscribed for by exercise of the warrants in question shall be fixed by the board of directors and may be lower than the market price at the time of issue of the warrants. Other terms and conditions for the warrants, which can be issued by the board of directors according to the authorization, shall be fixed by the board of directors.
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| 3.3 |
For aktier udstedt på baggrund af bemyndigelsen i punkt 3.2 skal i øvrigt gælde:
at der ikke kan ske delvis indbetaling,
at tegningen af aktier foretages uden fortegningsret for de eksisterende aktionærer,
at aktierne skal tegnes ved kontant indbetaling,
at aktierne skal være ikke-omsætningspapirer,
at aktierne skal lyde på navn og noteres i selskabets ejerbog, og
at aktierne i øvrigt i enhver henseende har samme rettigheder som de eksisterende aktier.
Bestyrelsen kan foretage de ændringer i selskabets vedtægter, der måtte være en følge af kapitalforhøjelsen. |
For shares issued pursuant to the authorization in article 3.2 the following shall apply:
that no partial payment may take place;
that the subscription shall be effected without pre-emption rights of the existing shareholders;
that the shares shall be subscribed for against payment of cash;
that the shares shall be non-negotiable instruments
that the shares shall be made out in the name of the holder and registered in the name of the holder in the company's register of shareholders; and
that the shares in every respect shall carry the same rights as the existing shares.
The board of directors is entitled to make such changes amendments to the articles of association as may be required as a result of the capital increase. |
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| 3.3A | [Flyttet til punkt 1.1 i bilag 2 til vedtægterne] | [Moved to clause 1.1 of appendix 2 to the articles of association] | ||
| 3.3B | [Flyttet til punkt 1.2 i bilag 2 til vedtægterne] | [Moved to clause 1.2 of appendix 2 to the articles of association] | ||
| 3.3C | [Flyttet til punkt 1.3 i bilag 2 til vedtægterne] | [Moved to clause 1.3 of appendix 2 to the articles of association] | ||
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| 3.3D | [Flyttet til punkt 1.4 i bilag 2 til vedtægterne] | [Moved to clause 1.4 of appendix 2 to the articles of association] | ||
| Aktier til medarbejdere m.v. | Shares to employees etc. | |||
| 3.4 | Bestyrelsen er i perioden indtil 1. juni 2019 bemyndiget til uden fortegningsret for selskabets eksisterende aktionærer at forhøje selskabets aktiekapital, ad en eller flere omgange, med op til nominelt DKK 214.000 aktier ved udstedelse af aktier til dets medarbejdere, direktionsmedlemmer, bestyrelsesmedlemmer og konsulenter og/eller medarbejdere, direktionsmedlemmer, bestyrelsesmedlemmer og konsulenter i dets datterselskaber. De nye aktier udstedes til en kurs, der fastsættes af bestyrelsen og som kan være lavere end markedskursen. Øvrige vilkår for en sådan udstedelse af aktier fastsættes af bestyrelsen i forbindelse med bestyrelsens udnyttelse af bemyndigelsen. | In the period until 1 June 2019, the board of directors is authorized to increase the share capital of the company, in one or more rounds and without pre-emptive subscription rights for the existing shareholders, by up to nominally DKK 214,000 shares by issuance of shares to the company’s employees, members of the management, members of the board of directors, and consultants and/or employees, members of the management, members of the board of directors and consultants of its subsidiaries. The new shares are issued at a price determined by the board of directors, which may be lower than the market price. Other terms and conditions for such issue of shares, which can be issued by the board of directors according to the authorization, shall be fixed by the board of directors. | ||
| 3.5 |
For aktier udstedt på baggrund af bemyndigelsen i punkt 3.4 skal i øvrigt gælde:
at der ikke kan ske delvis indbetaling,
at tegningen af aktier foretages uden fortegningsret for de eksisterende aktionærer,
at aktierne skal tegnes ved kontant indbetaling,
at aktierne skal være ikke-omsætningspapirer,
at aktierne skal lyde på navn og noteres i selskabets ejerbog, og
at aktierne i øvrigt i enhver henseende har samme rettigheder som de eksisterende aktier.
Bestyrelsen kan foretage de ændringer i selskabets vedtægter, der måtte være en følge af kapitalforhøjelsen. |
For shares issued pursuant to the authorization in article 3.4 the following shall apply:
that no partial payment may take place;
that the subscription shall be effected without pre-emption rights of the existing shareholders;
that the shares shall be subscribed for against payment of cash;
that the shares shall be non-negotiable instruments;
that the shares shall be made out in the name of the holder and registered in the name of the holder in the company's register of shareholders; and
that the shares in every respect shall carry the same rights as the existing shares.
The board of directors is entitled to make such changes amendments to the articles of association as may be required as a result of the capital increase. |
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| 3.5A | Bestyrelsen har den 13. april 2015 udnyttet den i punkt 3.4 og 3.5 indeholdte bemyndigelse til at forhøje selskabets aktiekapital ved at udstede 142.150 aktier a nominelt DKK 0,10, i alt nominelt DKK 14.215. | The board of directors has on April 13, 2015 exercised the authorization included in articles 3.4 and 3.5 to increase the share capital of the company by issue of 142,150 shares of nominally DKK 0.10 each, in total nominally DKK 14,215. | ||
| 3.5B | Bestyrelsen har den 29. juli 2016 udnyttet den i punkt 3.4 og 3.5 indeholdte bemyndigelse til at forhøje selskabets aktiekapital ved at udstede 142,155 aktier a nominelt DKK 0,10, i alt nominelt DKK 14.215,50. Den resterende del af bemyndigelsen udgør herefter nominelt DKK 185.569,50 aktier. | The board of directors has on July 29, 2016 exercised the authorization included in articles 3.4 and 3.5 to increase the share capital of the company by issue of 142,155 shares of nominally DKK 0.10 each, in total nominally DKK 14,215.50. Following this, the remaining part of the authorization amounts to nominally DKK 185,569.50 shares. | ||
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| Øvrige kapitalforhøjelser | Other capital increases | |||
| 3.6 | Bestyrelsen er indtil 1. oktober 2019 bemyndiget til at beslutte at forhøje selskabets aktiekapital, ad én eller flere gange, med et nominelt beløb på i alt op til DKK 1.000.000 ved udstedelse af aktier til en kurs fastsat af bestyrelsen, der kan være lavere end markedskursen. | The board of directors is authorised in the period until 1 October 2019 to resolve to increase the Company's share capital in one or more issues by up to a total nominal amount of DKK 1,000,000 at a price determined by the board of directors, which may be lower than the market price. | ||
| 3.7 |
For aktier udstedt på baggrund af bemyndigelsen i punkt 3.6 skal i øvrigt gælde:
at der ikke kan ske delvis indbetaling,
at tegningen af aktier foretages uden fortegningsret for de eksisterende aktionærer,
at aktierne skal tegnes ved kontant indbetaling, indbetaling i andre værdier end kontanter eller gældskonvertering,
at aktierne skal være ikke-omsætningspapirer, og
at aktierne skal lyde på navn og noteres i selskabets ejerbog.
Bestyrelsen kan foretage de ændringer i selskabets vedtægter, der måtte være en følge af kapitalforhøjelsen. |
For shares issued pursuant to the authorization in article 3.6 the following shall apply:
that no partial payment may take place;
that the subscription shall be effected without pre-emption rights of the existing shareholders;
that the shares shall be subscribed for against payment of cash, contribution in kind or conversion of debt;
that the shares shall be non-negotiable instruments; and
that the shares shall be made out in the name of the holder and registered in the name of the holder in the company's register of shareholders.
The board of directors is entitled to make such changes amendments to the articles of association as may be required as a result of the capital increase. |
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| IPO aktier | IPO shares | ||
| 3.8 | [Slettet] | [Deleted] | |
| 3.9 | [Slettet] | [Deleted] | |
| Overallokeringsaktier | Over-Allotment Shares | ||
| 3.10 | [Slettet] | [Deleted] | |
| 3.11 | [Slettet] | [Deleted] | |
| 3.12 | [Slettet] | [Deleted] | |
| 4 | BEMYNDIGELSE TIL AT UDLODDE EKSTRAORDINÆRT UDBYTTE OG KØBE EGNE AKTIER | AUTHORIZATION TO DISTRIBUTE EXTRAORDINARY DIVIDENDS AND ACQUIRE OWN SHARES | |
| 4.1 | Bestyrelsen er af generalforsamlingen bemyndiget til at træffe beslutning om uddeling af ekstraordinært udbytte, såfremt Selskabets økonomiske situation giver grundlag for dette. | The board of directors is authorized to resolve to distribute extraordinary dividends if the company's financial situation warrants such distribution. | |
| 4.2 | Bestyrelsen er i perioden indtil 1. oktober 2019 bemyndiget til at lade Selskabet erhverve egne aktier i et omfang således, at den pålydende værdi af Selskabets samlede beholdning af egne aktier ikke på noget tidspunkt overstiger 10 procent af aktiekapitalen. Vederlaget for de pågældende aktier må ikke afvige mere end 20 procent fra følgende kurs: Den ved erhvervelsen noterede kurs for de på NASDAQ Global Select Market, New York, under fondskode US34986J1051 handlede American Depositary Shares relateret til selskabets aktier divideret med 10 (svarende til antallet af underliggende aktier i selskabet per American Depositary Share). Autorisationen kan benyttes til at (i) erhverve egne aktier direkte, og/eller (ii) erhverve American Depositary Shares som derefter kan overleveres til depotbanken mod levering af de underliggende aktier repræsenteret af American Depositary Shares. | In the period until 1 October 2019, the board of directors is authorized to have the company acquire own shares to such extent that the nominal value of the company's aggregate holding of own shares at no time may exceed 10 percent of the share capital. The price payable for the shares in question may not deviate by more than 20 percent from the following price: The prevailing quoted price at the time of the acquisition applicable to the American Depositary Shares related to the company's shares traded under ISIN code US34986J1051 at NASDAQ Global Select Market, New York, divided by 10 (equaling the number of underlying shares in the company per American Depositary Share). The authorization can be utilized to (i) acquire own shares directly, and/or (ii) acquire American Depositary Shares which can then be surrendered to the depository bank enabling the company to take delivery of the underlying shares represented by such American Depository Shares. |
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| 5 | GENERALFORSAMLINGEN, AFHOLDELSESSTED OG INDKALDELSE | GENERAL MEETING, VENUE AND NOTICE | |
| 5.1 | Generalforsamlingen er inden for de ved lovgivningen og vedtægterne fastsatte grænser den højeste myndighed i selskabet. | The general meeting has the supreme authority in all matters relating to the company subject to law and these articles of association. | |
| 5.2 | Selskabets generalforsamlinger afholdes i Region Hovedstaden, Danmark. | The general meetings of the company shall be held in the Capital Region of Denmark. | |
| 5.3 | Selskabets ordinære generalforsamling afholdes i så god tid, at den reviderede og godkendte årsrapport kan indsendes til Erhvervsstyrelsen, så den er modtaget i styrelsen inden 5 måneder efter udløbet af hvert regnskabsår. | The annual general meeting of the company shall be held well in advance in order for the revised and adopted annual report to be sent to and received by the Danish Business Authority within 5 months after the expiry of each financial year. | |
| 5.4 | Ekstraordinær generalforsamling afholdes, når bestyrelsen eller revisor forlanger det. Ekstraordinær generalforsamling skal endvidere afholdes, når det forlanges af aktionærer, der tilsammen ejer mindst fem procent af aktiekapitalen. Sådan begæring skal ske skriftligt til bestyrelsen og være ledsaget af et bestemt angivet forslag til dagsordenspunkt. Bestyrelsen indkalder til en ekstraordinær generalforsamling senest to uger efter, at det er forlangt. | Extraordinary general meetings shall be held when determined by the board of directors or requested by the company's auditor. Furthermore, an extraordinary general meeting shall be held when requested by shareholders possessing no less than five per cent of the share capital. Such request shall be submitted in writing to the board of directors and be accompanied by a specific proposal for the business to be transacted. The board of directors convenes an extraordinary general meeting no later than two weeks after such request has been made. | |
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| 5.5 |
Generalforsamlinger indkaldes af bestyrelsen med mindst to ugers og højst fire ugers varsel. Indkaldelsen offentliggøres på selskabets hjemmeside og i øvrigt på den måde og i den form, som de børser, på hvilke selskabets aktier er noteret, til enhver tid måtte forlange. Indkaldelse sendes endvidere til alle i ejerbogen noterede aktionærer, som har fremsat begæring herom.
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General meetings shall be convened by the board of directors with at least two weeks' and not more than four weeks' notice. The notice shall be published on the company's website and moreover in such way and in such form as required from time to time by the stock exchanges on which the company's shares are listed. Furthermore, a notice of the general meeting shall be sent to all shareholders recorded in the company's register of shareholders who have so requested. | |
| 5.6 |
I indkaldelsen skal angives tid og sted for generalforsamlingen samt dagsorden, hvoraf det fremgår, hvilke anliggender der skal behandles på generalforsamlingen. Såfremt forslag til vedtægtsændringer skal behandles på generalforsamlingen, skal forslagets væsentligste indhold angives i indkaldelsen. Indkaldelse til generalforsamlingen, hvor der skal træffes beslutning efter selskabslovens § 77, stk. 2, § 92, stk. 1 eller 5, eller § 107, stk. 1 eller 2, skal indeholde den fulde ordlyd af forslaget. |
The notice shall specify the time and place of the general meeting and the agenda containing the business to be transacted at the general meeting. If a proposal to amend the articles of association is to be considered at the general meeting, the main contents of the proposal must be specified in the notice. Notices convening general meetings at which a resolution shall be passed pursuant to Section 77(2), Section 92(1) or (5), or Section 107(1) or (2) of the Danish Companies Act must set out the full wording of the proposals. |
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| 5.7 |
I en periode på to uger før en generalforsamling, inklusive datoen for generalforsamlingens afholdelse, gøres følgende oplysninger tilgængelige på selskabets hjemmeside:
(a) Indkaldelsen (b) Det samlede antal aktier og stemmerettigheder på datoen for indkaldelsen (c) De dokumenter, der skal fremlægges på generalforsamlingen (d) Dagsordenen og de fuldstændige forslag samt for den ordinære generalforsamlings vedkommende tillige revideret årsrapport (e) De formularer, der skal anvendes ved stemmeafgivelse pr. fuldmagt eller skriftligt ved brevstemme. |
For a period of two weeks prior to the general meeting, including the date of the general meeting, the following information shall be available on the company’s website:
(a) The notice convening the general meeting; (b) The total number of shares and voting rights on the date of the notice; (c) The documents to be presented at the general meeting; (d) The agenda and the complete proposals as well as, for annual general meetings, the audited annual report; (e) The forms to be used for voting by proxy or voting by correspondence. | |
| 6 | DAGSORDEN FOR DEN ORDINÆRE GENERALFORSAMLING, DIRIGENT og PROTOKOL | Agenda for the annual general meeting, chairman and protocol | |
| 6.1 | Enhver aktionær har ret til at få et bestemt emne behandlet på den ordinære generalforsamling. Begæring herom skal fremsættes skriftligt over for bestyrelsen senest seks uger før generalforsamlingens afholdelse. | Every shareholder shall be entitled to have a specific subject considered at the annual general meeting. Such proposals must be submitted in writing to the board of directors not later than six weeks prior to the general meeting. |
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| 6.2 |
Dagsordenen for den ordinære generalforsamling skal omfatte følgende:
(a) Bestyrelsens beretning om selskabets virksomhed i det forløbne regnskabsår (b) Fremlæggelse og godkendelse af revideret årsrapport (c) Anvendelse af overskud eller dækning af underskud i henhold til den godkendte årsrapport (d) Meddelelse af decharge til bestyrelsen og direktionen (e) Valg af medlemmer til bestyrelsen (f) Valg af revisor (g) Eventuelle forslag fra bestyrelse og aktionærer (h) Eventuelt |
The agenda for the annual general meeting shall include the following:
(a) The board of directors’ report on the company’s activities in the past financial year; (b) Presentation and adoption of the audited annual report; (c) Distribution of profit or covering of loss according to the adopted annual report; (d) Discharge of the board of directors and the management board; (e) Election of members to the board of directors; (f) Appointment of auditor; (g) Any proposals from the board of directors or shareholders; (h) Any other business. | |
| 6.3 | Generalforsamlingen ledes af en af bestyrelsen valgt dirigent, der afgør alle spørgsmål vedrørende behandling af dagsordenspunkterne, stemmeafgivning og resultaterne heraf. | The general meeting shall be presided over by a chairman elected by the board of directors. The chairman shall decide all questions regarding the business transacted, the casting of votes and the results of voting. | |
| 6.4 | Der føres en protokol over generalforsamlingen, der underskrives af dirigenten. | Minutes of the proceedings of the general meeting shall be entered into a minute book to be signed by the chairman. | |
| 7 | AKTIONÆRERNES MØDE- OG STEMMERET PÅ GENERALFORSAMLINGEN | Shareholders' attendance and voting rights at the general meeting | |
| 7.1 | En aktionærs ret til at deltage i en generalforsamling og til at afgive stemme fastsættes i forhold til de aktier, aktionæren besidder på registreringsdatoen. Registreringsdatoen ligger en uge før generalforsamlingen. De aktier, den enkelte aktionær besidder, opgøres på registreringsdatoen på baggrund af notering af aktionærens ejerforhold i ejerbogen samt eventuelle meddelelser om ejerforhold, som selskabet har modtaget med henblik på indførsel i ejerbogen, men som endnu ikke er indført i ejerbogen. | The right of a shareholder to attend and vote at a general meeting is determined by the shares held by the shareholder at the record date. The record date is one week prior to the general meeting. The shares held by each shareholder at the record date is calculated based on the registration of the number of shares held by that shareholder in the company’s register of shareholders as well as on any notification of ownership received by the company for the purpose of registration in the Company’s register of shareholders, but which have not yet been registered. | |
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| 7.2 |
En aktionær, der er berettiget til at deltage i generalforsamlingen i henhold til punkt 6.1, og som ønsker at deltage i generalforsamlingen, skal senest tre dage før dens afholdelse anmode om adgangskort. |
A shareholder who is entitled to attend the general meeting pursuant to article 6.1 and who wants to attend the general meeting shall request to receive an admission card no later than three days prior to the date of the general meeting. | |
| 7.3 | En aktionær kan møde personligt eller ved fuldmægtig, og både aktionæren og fuldmægtigen kan møde med en rådgiver. | A shareholder may attend in person or by proxy, and the shareholder or the proxy may attend together with an adviser. | |
| 7.4 | Stemmeret kan udøves i henhold til skriftlig og dateret fuldmagt i overensstemmelse med den til enhver tid gældende lovgivning herom. | The right to vote may be exercised by a written and dated proxy in accordance with applicable laws. | |
| 7.5 | En aktionær, der er berettiget til at deltage i en generalforsamling i henhold til punkt 6.1, kan endvidere stemme skriftligt ved brevstemme i overensstemmelse med selskabslovens regler herom. Brevstemmer skal være selskabet i hænde senest dagen før generalforsamlingen. Brevstemmer kan ikke tilbagekaldes. | A shareholder who is entitled to participate in the general meeting pursuant to article 6.1 may vote by correspondence in accordance with the provisions of the Danish Companies Act. Such votes by correspondence shall be received by the Company not later than the day before the general meeting. Votes by correspondence cannot be withdrawn. | |
| 7.6 | Hvert aktiebeløb på nominelt kr. 0,01 giver én stemme. | Each share of the nominal value of DKK 0.01 shall carry one vote. | |
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| 7.7 | Enhver aktionær er berettiget til at afgive forskellige stemmer på sine aktier. Kravet i selskabslovens § 104, stk. 1, hvorefter en kapitalejer skal stemme samlet på sine kapitalandele, er således fraveget ved denne bestemmelse. | Any shareholder is entitled to cast different votes on his shares. Accordingly, the requirement set out in Section 104 (1) of the Danish Companies Act according to which a shareholder must vote on his shares in aggregate, is deviated from by virtue of this provision. | |
| 8 | BESLUTNINGER PÅ GENERALFORSAMLINGEN | RESOLUTIONS AT GENERAL MEETINGS | |
| 8.1 | De på generalforsamlingen behandlede anliggender afgøres ved simpelt stemmeflertal blandt afgivne stemmer, medmindre andet følger af lovgivningen eller disse vedtægter. | Resolutions by the general meeting shall be passed by a simple majority of votes cast unless otherwise prescribed by law or by these articles of association. | |
| 8.2 | Til vedtagelse af beslutning om vedtægtsændringer, selskabets opløsning, fusion eller spaltning kræves, at beslutningen vedtages med mindst 2/3 af såvel de afgivne stemmer som af den på generalforsamlingen repræsenterede aktiekapital, medmindre der i medfør af lovgivningen stilles strengere eller lempeligere vedtagelseskrav eller tillægges bestyrelsen eller andre organer selvstændig kompetence. | Adoption of changes to these articles of association, dissolution of the company, merger or demerger requires that the decision is adopted with at least 2/3 of the votes cast as well as the share capital represented at the general meeting, unless applicable laws prescribe stricter or less strict adoption requirements or applicable laws confer independent competence to the board of directors or other bodies. | |
| 9 | ELEKTRONISK KOMMUNIKATION | ELECTRONIC COMMUNICATION | |
| 9.1 |
Al kommunikation fra selskabet til de enkelte aktionærer, herunder indkaldelse til generalforsamlinger, kan ske elektronisk via offentliggørelse på selskabets hjemmeside eller ved udsendelse via e-mail. Generelle meddelelser gøres tilgængelige på selskabets hjemmeside og på sådan anden måde, som måtte være foreskrevet i henhold til lov. Selskabet kan til enhver tid vælge i stedet at fremsende meddelelser mv. med almindelig post.
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All communication from the company to the individual shareholders, including notices convening general meetings, may take place electronically by posting on the company's website or by email. General notices shall be published on the company's website and in such other manner as may be prescribed by applicable laws. The company may at all times choose to send notices, etc., by ordinary post instead. |
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| 9.2 | Kommunikation fra aktionærer til selskabet kan ske ved e-mail eller med almindelig post. | Communication from a shareholder to the company may take place by email or by ordinary post. | |
| 9.3 | Selskabet anmoder de navnenoterede aktionærer om en e-mail adresse, hvortil meddelelser mv. kan sendes. Det er den enkelte aktionærs ansvar at sikre, at selskabet til stadighed er i besiddelse af korrekte oplysninger om e-mail adresse. Selskabet har ingen pligt til at søge oplysningerne berigtiget eller til at fremsende meddelelser på anden måde. | The company shall request all shareholders registered by name to submit an email address to which notices, etc., may be sent. Each shareholder is responsible for ensuring that the company has the correct email address at all times. The company is not obliged to verify such contact information or to send notices in any other way. | |
| 9.4 | Oplysninger om kravene til anvendte systemer samt om fremgangsmåden ved elektronisk kommunikation findes på selskabets hjemmeside, www.forward-pharma.com. | The company's website, www.forward-pharma.com, contains information about system requirements and electronic communication procedures. | |
| 10 | BESTYRELSEN | BOARD OF DIRECTORS | |
| 10.1 | Bestyrelsen varetager den overordnede ledelse af selskabet. | The board of directors shall be in charge of the overall management of the company. | |
| 10.2 | Bestyrelsen består af mindst tre og højst syv medlemmer, der vælges af generalforsamlingen. | The board of directors consists of not less than three and not more than seven members elected by the general meeting. |
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| 10.3 | Bestyrelsen vælger en formand blandt sine medlemmer. | The board of directors elects a chairman among its members. | |
| 10.4 |
De af generalforsamlingen valgte bestyrelsesmedlemmer vælges for en periode på ét år. Genvalg af bestyrelsesmedlemmer kan finde sted. Til selskabets bestyrelse kan kun vælges personer, som er yngre end 70 år på valgtidspunktet. |
The members of the board of directors elected by the general meeting are elected for a term of one year. Re-election of board members may take place. Only persons who are younger than 70 years at the time of election may be elected to the board of directors. | |
| 10.5 | Bestyrelsen er beslutningsdygtig, når over halvdelen af bestyrelsesmedlemmerne, herunder formanden, er repræsenteret. | The board of directors forms a quorum when more than half of its members are represented, including the chairman. | |
| 10.6 | De i bestyrelsen behandlede anliggender afgøres ved simpelt stemmeflertal. I tilfælde af stemmelighed er formandens stemme udslagsgivende. | Resolutions of the board of directors are passed by simple majority. In the event of equal votes, the chairman shall have a casting vote. | |
| 10.7 | Bestyrelsen skal ved sin forretningsorden træffe nærmere bestemmelse om udførelsen af sit hverv. | The board of directors shall adopt rules of procedure containing detailed provisions for the performance of its duties. | |
| 10.8 | Over det på bestyrelsesmøderne passerede føres en protokol, der underskrives af samtlige bestyrelsesmedlemmer. | Minutes of the proceedings of the board meetings shall be recorded in a minute book to be signed by all members of the board of directors. | |
| 11 | DIREKTIONEN | EXECUTIVE MANAGEMENT | |
| 11.1 |
Bestyrelsen ansætter en direktion bestående af ét til tre medlemmer til at varetage den daglige ledelse af selskabet. |
The board of directors appoints a management board consisting of one to three members to be in charge of the day-to-day management of the company. |
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| 12 | TEGNINGSREGEL | RULES OF SIGNATURE | |
| 12.1 |
Selskabet tegnes (i) af bestyrelsens formand i forening med et bestyrelsesmedlem, (ii) af bestyrelsens formand i forening med et medlem af direktionen eller (iii) af den samlede bestyrelse.
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The company shall be bound (i) by the joint signatures of the chairman and a member of the board of directors, (ii) by the joint signatures of the chairman and a member of the management board, or (iii) by the joint signatures of all members of the board of directors. | |
| 13 | REVISION | AUDIT | |
| 13.1 |
Selskabets årsrapport revideres af en statsautoriseret revisor, der vælges af generalforsamlingen for ét år ad gangen. Genvalg kan finde sted.
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The company's annual report shall be audited by a state-authorized public accountant elected by the general meeting for a one-year term. Re-election may take place. | |
| 14 | REGNSKAB | ACCOUNTS | |
| 14.1 | Selskabets regnskab er kalenderåret. |
The company's financial year follows the calendar year.
| |
| 14.2 | Selskabets årsrapport udarbejdes og aflægges på engelsk. | The company’s annual report is prepared and presented in English. | |
| 15 | BILAG | APPENDICES | |
| 15.1 |
Bilag 1: Warrant Vilkår
Bilag 2: 2014 Warrant Vilkår |
Appendix 1: Warrants Terms
Appendix 2: 2014 Warrant Terms | |
| Seneste ændring af vedtægterne, inklusive bilag, blev vedtaget den 2. august 2017. | Latest amendment of the articles of association, including appendices, was resolved on 2 August 2017. |
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EXHIBIT 99.1
Forward Pharma Obtains Shareholder Approval of the Planned Capital Reduction at the Extraordinary General Meeting
COPENHAGEN, Denmark, Aug. 02, 2017 (GLOBE NEWSWIRE) -- Forward Pharma A/S (NASDAQ:FWP) (“the Company” or “Forward”) today announced the result of the extraordinary general meeting of its shareholders held on August 2, 2017 (the “Extraordinary General Meeting”), where the requisite majority of the votes cast approved the plans to return EUR 19.45 per share amounting to a total of EUR 917.7 million to its shareholders through a capital reduction (the “Capital Reduction”).
Forward has received a ruling from the Danish Tax Authorities covering holders of ordinary shares and holders of Forward’s American Depositary Shares (“ADSs”). Based on the ruling, the Company will not be withholding any part of the proceeds from the Capital Reduction for Danish tax. The Company advises shareholders and holders of ADSs to consult their own tax advisors regarding the tax ramifications of the currently planned distribution from the Company.
The Capital Reduction remains subject to a four-week waiting period from the publication date of the Extraordinary General Meeting’s resolution by the Danish Business Authority, to safeguard the interest of creditors, as well as the Company’s Board of Directors’ subsequent resolution to carry out and complete the Capital Reduction. Forward expects the publication of the Extraordinary General Meeting’s resolution by the Danish Business Authority to occur within days after the meeting.
Forward expects to file today a Form 6-K with the United States Securities and Exchange Commission noting the result of the Extraordinary General Meeting. Additional details around the upcoming steps in the Capital Reduction will be made available on Forward’s website.
About Forward Pharma:
Forward Pharma A/S is a Danish biopharmaceutical company that commenced development in 2005 of FP187, a proprietary formulation of DMF for the treatment of inflammatory and neurological indications. The Company owns a significant intellectual property (IP) portfolio related to DMF formulations. The Company granted to Biogen an irrevocable license to all of its IP through the recent Settlement and License Agreement and received from Biogen a non-refundable cash fee of $1.25 billion in February 2017. The Company has the opportunity to receive royalties from Biogen on sales of Tecfidera® or other DMF products for MS, dependent on, among other things, successfully appealing the U.S. interference and a favorable outcome in Europe with respect to the EP2801355 opposition proceeding.
The principal executive offices are located at Østergade 24A, 1st Floor, 1100 Copenhagen K, Denmark and our American Depositary Shares are publicly traded on NASDAQ Stock Market (FWP). For more information about the Company, please visit our web site at http://www.forward-pharma.com.
Forward Pharma A/S Investor Relations Contact:
Forward Pharma A/S
Dr. Claus Bo Svendsen, Chief Executive Officer
Investor Relations
investors@forward-pharma.com
The Trout Group
John Graziano
jgraziano@troutgroup.com
+1 (646) 378 2942
Forward Looking Statements:
Certain statements in this press release may constitute “forward-looking statements” of Forward Pharma A/S within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements which contain language such as “believe”, “expect”, “anticipate”, “estimate”, “would”, “may”, “plan” and “potential”. Forward-looking statements are predictions only, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed in such statements. Many such risks, uncertainties and other factors are taken into account as part of our assumptions underlying these forward-looking statements and include, among others, risks related to the following: the timing and tax consequences of our planned distribution to shareholders; the benefits of the mechanism of the planned distribution relative to other potential mechanisms for a return of capital; the satisfaction of certain conditions, and the accuracy of certain representations of the Company, in the Settlement and License Agreement entered into with subsidiaries of Biogen Inc. and certain other parties thereto; our ability to obtain, maintain, enforce and defend issued patents with royalty-bearing claims; our ability to prevail in the interference proceeding after all appeals and obtain issuance of the ’871 application; our ability to prevail in or obtain a favorable decision in the ‘355 European opposition proceedings, after all appeals; the expected timing for key activities and an ultimate ruling in such legal proceedings; the issuance and term of our patents; future sales of Tecfidera®, including impact on such sales from competition, generic challenges, regulatory involvement and pricing pressures; the scope, validity and enforceability of our intellectual property rights in general and the impact on us of patents and other intellectual property rights of third parties; and our ability to generate revenue from product sales in the U.S. directly or through an assignee of our U.S. co-exclusive license rights in the event Biogen does not obtain an exclusive license from us in the U.S. Certain of these and other risk factors are identified and described in detail in certain of our filings with the United States Securities and Exchange Commission, including our Annual Report on Form 20-F for the year ended December 31, 2016. We are providing this information as of the date of this release and do not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.