Hundreds of minority shareholders disappointed as Leppäkoski Group board retains position in extraordinary meeting

Hundreds of minority shareholders in the energy company Leppäkoski Group were left disappointed on Wednesday when their hopes for a change in the company’s board were not realized during an extraordinary general meeting. Esa Talonen, representing the shareholders, revealed that the current board will continue in its role after the meeting. Talonen represented 81 different shareholders at the gathering.

A vote was held regarding the configuration of the board, where the current board received support from over 60 percent of the votes cast, bolstered by the backing of major shareholders. To change the board during an extraordinary meeting, more than 50 percent of votes must be in favor. “Unfortunately, it did not gain support among the larger shareholders. Therefore, the company will continue on its previously chosen path,” Talonen stated.

Earlier in the afternoon, while the meeting was still in progress, CEO Juha Koskinen mentioned that the company would communicate the decisions later in the evening. Since spring, proxies have been collected, with minority shareholders voicing concerns over the current board’s actions, which they believe indicate a desire to seize control of minority stakes in the company. Shareholders are particularly wary of ties between board members and Alfors, a company owning over a third of Leppäkoski Group, reportedly backed by holding companies involving current board and management members.

In negotiations to convene the extraordinary meeting, representatives from the cities of Ikaalinen and Parkano participated, as both cities decided to push for the dismissal of all current board members and the election of new ones. Koskinen expressed skepticism about the notion of the company wanting to take over minority holdings, emphasizing that shareholders have full control over their shares. Leppäkoski Group serves around 30,000 electric customers in the Pirkanmaa and Satakunta regions and employs over 70 staff in various roles related to electrical networks, production, district heating, and electricity sales.