– The powers flow in | Finansavisen

When the shareholders Makuria Investment Management, Teleios Capital Partners and Constructive Capital bought Kongsberg Automotive (KOA) in 2015, they were clear that they wanted changes in the board. The shareholder group believed the board did not work for their interests.

Today, only Teleios remains on the ownership side, but in return they are by far the car parts manufacturer’s largest owner with close to 25 per cent of the shares. Now the asset manager gets to taste the same medicine they used almost eight years ago.

Crown cake baker Arild Vigen Christoffersen is at the head of a shareholder revolt which, among other things, wants to replace the current KOA chairman, Teleios founder Firas Abi-Nassif. Christoffersen flagged on Wednesday afternoon that he has received powers of attorney over 20 percent of the shares.

Cook properly

– It flows in with powers so it probably doesn’t stop here. But unfortunately I don’t have a full overview, since I don’t get information from the company. I expect to know more this afternoon, says Christoffersen.

In the stock exchange announcement, it is stated that Kongsberg Automotive has notified Christoffersen that 874 shareholders have given him powers of attorney. These own a total of 171,435,925 shares, corresponding to 18 per cent. Christoffersen himself controls 2.22 percent of the votes.

– Incidentally, I now see that I have received an email from the company at 10.16am. I now have powers of attorney from 993 shareholders representing 189,769,894 shares, corresponding to 19.9 per cent.

– In addition, my wife, who is also a shareholder, has been given a number of powers that I also have no overview of. It’s really boiling now. We did this until 01:00 last night, says Christoffersen.

He is the founder, managing director and owner of the company Kransekakebakeren, which supplies kransekakebakeren to the grocery chains Coop, Europris, Meny and Rema 1000. In 2021, the company had a turnover of almost NOK 52 million, and was left with NOK 3.5 million kroner on the bottom line.

Against increased fees

The general assembly in KOA is Tuesday 6 June. On it, Christoffersen will vote for all the repurchased shares to be deleted. According to the shareholder overview, the company has 103.4 million own shares, corresponding to 9.8 per cent.

– The aim is also to topple the entire board, he says.