Afarak has figured out a way to get rid of its pesky Finnish minority shareholders and Finnish security laws. Kermas, representing 26.9% of Afarak’s outstanding shares, has asked for a special meeting to to delist from the Helsinki stock exchange; the company will keep its London listing. Kermas would oblige the Afarak’s board to present a plan and time-line for an organized delisting process from the Finnish stock exchange by the earliest practicable date.
The minority shareholders’ demand for a special audit appears to be up in the air; the minority shareholders represent
10.86% of shares and voting rights.
As for changing the board, all the board members resigned as of Feb. 5, 2018 and Thomas Hoyer, a current board member, has informed the company that he will not stand for re-election. Hoyer recently started selling his shares in Afarak.