Apologies for the AI-generated text, but I couldn’t have phrased this myself.
In short: The OTC ADR trades, and the large seller in Helsinki, likely do not involve Perkin’s 7.1M shares after all, but something else. We therefore cannot assume that we are currently just over halfway through the position; it could end any day, whatever the source may be.
Yes — if the 2024–2025 annual report still shows exactly 7,121,058 shares on the joint account (yhteistili), then the conclusion is quite strong:
PerkinElmer’s / Revvity’s stake has not moved to a normal individual book-entry account, a nominee register (hallintarekisteri), or an ADR custody chain for years — at least based on the company’s reporting data.
This is a significant observation.
In Nightingale’s March 2025 listing prospectus, it states that 7,121,058 Series B shares are recorded in a joint book-entry account, which is intended for the temporary storage of shares until shareholders register them in their own book-entry accounts. In the same section, the company states that, according to its latest information, these shares belong to PerkinElmer, Inc.
And historically, this is even clearer: in the 2020–2021 financial year report, there were a total of 14,486,227 shares on the joint account, and according to the footnote, it included shares from Kirin, Mitsui, Startup Health Transformer Fund II, and Afos LLC in addition to PerkinElmer. In the same report, there were 7,827,318 nominee-registered shares listed separately, meaning the joint account and the nominee register were clearly different categories in the reporting.
In 2022–2023, there were only 7,121,058 shares left on the joint account, while there were 12,106,107 nominee-registered shares. This looks like the other old foreign/pre-IPO owners on the joint account moved their shares away, but PerkinElmer’s exact same amount remained there.
Based on this, I would say:
The Perkin hypothesis weakens further if we assume that its shares are the ones already available for sale in the US OTC/ADR pipeline. The joint account sounds more like an “old pre-IPO owner hasn’t completed their registration” situation than an active international custody/ADR structure.
But it doesn’t completely rule out Perkin. Theoretically, it could be like this:
- Perkin’s shares were still on the joint account as of June 30, 2025.
- They were later moved from the joint account into their own/custodian’s structure.
- After that, they could be traded or used in an ADR/OTC arrangement.
That transfer itself would not necessarily trigger a flagging notification (liputus), as the owner does not change. But if they were sold afterward to the point where the 10% threshold is crossed, the flagging issue would arise again.
In my opinion, the best updated interpretation is:
The Perkin stake on the joint account is likely a different entity than the nominee-registered mass from which the current Helsinki–USA OTC pattern could most easily originate. The approximately 7.5 million nominee-registered shares are a much more natural source for cross-border/broker/custody arrangements than Perkin’s “dormant” joint account stake.
So: Perkin remains interesting because it is a large, old American owner. But if its 7.1 million shares are still reported on the joint account, it doesn’t look like supply ready in the ADR pipeline. It looks more like a passive, peculiar historical remnant.