Novator ups stake in Elisa

27 Feb 2008

Icelandic investment company Novator has announced that it has increased its stake in Finnish telco Elisa by just under a million shares, raising its interest from 11.5% to 12.1%. Novator head, Thor Bjorgolfsson, in November 2007 proposed a shake-up of Elisa, starting with the election of a new board. An extraordinary general meeting of Elisa called by Novator narrowly rejected a motion to oust the board by 53.5% to 46.5%. Novator had 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, and added ‘We will continue seeking representation on Elisa’s board.’

Finland, Elisa Corporation