Novator fails to oust Elisa board

22 Jan 2008

Novator, the investment vehicle of Icelandic billionaire Thor Bjorgolfsson, has failed in its attempt to dismiss the board of Elisa, the Finnish telco in which it holds a 14.9% stake. An extraordinary general meeting of Elisa called by Novator narrowly rejected a motion to oust the board by 53.5% to 46.5%. Novator wanted to appoint two representatives to the board but failed to win the support of other large investors, including Finnish pension funds and the Finnish government. ‘It is difficult for us to understand the reasoning for why other shareholders wanted to prevent the voice of the largest shareholder from being heard on the board,’ Mr Bjorgolfsson said in a statement afterwards. ‘We will continue seeking representation on Elisa’s board.’

Finland, Elisa Corporation