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Annual General Meeting's results and cash information to serve the development strategy

SPINEWAY
·5 min de lecture

Press release Ecully, 12 March 2021 – 8 a.m.


Approval of the General Meeting’s resolutions
Solid cash position to continue development

The Combined General Meeting of Spineway’s shareholders was held upon first notice of meeting on Monday, 8 March 2020, behind closed doors, at the Company’s registered office. The number of shares held by the shareholders represented amounted to 3 232 993 768 shares, i.e., a turnout of 25.79%.

All the resolutions submitted before the General Meeting, whether in its ordinary or extraordinary form, were adopted except the 12th resolution, as recommended by the Board of Directors.

Solid cash position of €12M to accelerate the Group’s development
At this meeting, the Group reviewed the key aspects of its 2020 financial year in which rigorous management of operating costs allowed Spineway to significantly decrease its operating losses despite its drop in revenue to €3.4M (-33%) due to the pandemic. Over the course of the financial year, Spineway was able to decrease its operating losses by 18% to -€1.9M and strengthened its financial situation as well as its cash position in order to support its development strategy.

The reinforcement of available funds continued into early 2021, allowing the Group to ensure available cash of over €12M1 that, less financial debts, amounts to €10M (compared with €2M at the end of December 2020). This solid financial base will allow Spineway to finance its development, with its growth including both organic growth and targeted acquisitions with added value, and also its new partnerships, such as the one recently entered into with Tsunami Medical and others under consideration across the Atlantic.

Upcoming: 15 April 2021 - Publication of Q1 2021 revenue
Listen to the General Meeting here

SPINEWAY IS ELIGIBLE FOR THE PEA-PME (EQUITY SAVINGS PLANS FOR SMES)
Find out all about Spineway at www.spineway.com

This press release has been prepared in both English and French. In case of discrepancies, the French version shall prevail.

Spineway designs, manufactures and markets innovative implants and surgical instruments for treating severe disorders of the spinal column.
Spineway has an international network of over 50 independent distributors and 90% of its revenue comes from exports.
Spineway, which is eligible for investment through FCPIs (French unit trusts specializing in innovation), has received the OSEO Excellence award since 2011 and has won the Deloitte Fast 50 award (2011). Rhône Alpes INPI Patent Innovation award (2013) – INPI Talent award (2015).
ISIN: FR0011398874 - ALSPW

Contacts:

SPINEWAY

Shareholder-services line
Available Tuesday through Thursday
(10 a.m. – 12 p.m.)
+33 (0)811 045 555

Eligible PEA / PME

ALSPW

Euronext Growth

AELIUM

Fiannce & Communication

Investor relations
Solène Kennis
spineway@aelium.fr

Voting results for the resolutions submitted before the Combined General Meeting held on 8 March 2021

Resolution

Type of General Meeting

For

Against

Outcome of vote

Number of votes

as a %

Number of votes

as a %

1st resolution: Approval of the annual accounts for the financial year closed on 31 December 2020 and discharge for the Directors

1

Ordinary

3 232 993 768

100.00

0

0

Adopted

2nd resolution: Approval of consolidated accounts for the financial year closed on 31 December 2020

2

Ordinary

3 232 993 768

100.00

0

0

Adopted

3rd resolution: Allocation of the results of the financial year closed on 31 December 2020

3

Ordinary

3 232 993 768

100.00

0

0

Adopted

4th resolution: Reading of the Statutory Auditor’s special report on the contracts defined in articles L. 225-38 et seq. of the French Commercial Code and approval of such contracts

4

Ordinary

3 232 993 768

100.00

0

0

Adopted

5th resolution: Determine a compensation package for the members of the Board of Directors

5

Ordinary

3 232 993 768

100.00

0

0

Adopted

6th resolution: Authorization for the Board of Directors with respect to the implementation of a share buy-back program for the Company

6

Ordinary

3 232 993 768

100.00

0

0

Adopted

7th resolution: Authorization for the Board of Directors to decrease the share capital by canceling treasury shares following the implementation of the share buy-back program

7

Extraordinary

3 232 993 768

100.00

0

0

Adopted

8th resolution: Delegation of authority for the Board of Directors to increase the share capital by issuing ordinary Company shares and any other securities granting immediate and/or deferred access to the capital or granting right to the allocation of debt securities, with removal of the shareholders’ preferred subscription rights in favor of a specific category of persons.

8

Extraordinary

3 232 664 168

99.99

329 600

0.01

Adopted

9th resolution: Delegation of authority for the Board of Directors to issue shares and/or securities granting access to new shares without removal of the shareholders’ preferred subscription rights.

9

Extraordinary

3 232 993 768

100.00

0

0

Adopted

10th resolution: Delegation of authority for the Board of Directors to increase the share capital by issuing ordinary shares and/or securities granting access to new shares in the event of oversubscription.

10

Extraordinary

3 232 993 768

100.00

0

0

Adopted

11th resolution: Authorization for the Board of Directors to proceed with the allocation of free shares to eligible employees and/or executive officers of the Company or related companies.

11

Extraordinary

3 232 664 168

99.99

329 600

0.01

Adopted

12th resolution: Delegation of authority for the Board of Directors to carry out a capital increase reserved for employees who are members of an employee savings plan, with removal of the shareholders’ preferred subscription rights in their favor.

12

Extraordinary

80 000 000

2.47

3 152 993 768

97.53

Rejected

13th resolution: Powers granted to carry out formalities

13

Extraordinary

3 232 993 768

100.00

0

0

Adopted




1 As at 8 March 2021


Attachment