Biotie Therapies fka BITI

[Wildbilly]

“BTH1V” ticker on the Nasdaq-OMX market in Helsinki,

relate to BIOZF shares on the US:OTC mkt. The US Offering, including the issuance of the new shares to enable it and the conversion of the convertible notes, was approved by the shareholders of Biotie at the Annual General Meeting on 26 May.

The US Offering means that Biotie now has American Depositary Shares (ADS) listed on the Nasdaq Market under the ticker BITI, each ADS represents 80 underlying shares in the Company, enabling a free flow of shares between the Finnish market (shares under BTH1V) and the US market (ADS under BITI). There is no limit within each market, so if there are more ADS in the US market, there are less shares in the Finnish market (with the 1:80 conversion factor). The pricing of the shares and ADS, after adjusting for the exchange rate and the conversion factor, would be very similar eliminating arbitrage between the two markets.

The exchange of shares (BIOZF for BITI) are handled through the depositary bank, Bank of New York Mellon. My understanding is that there will be charges, not dependent on your broker but from the depositary bank for holding the ADS that you would not incur if you held shares (BIOZF).

Same shares in different forms, holding BIOZF incurs no charges and diminishing liquidity., holding BITI incurs charges and more liquidity - your choice.

I don't hold shares of either so my work is done here and that's all I have found out, the document detailing fees from The Bank of New York Mellon can be found through your own DD or by calling your broker (the route I would take:)).

Good luck.

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