The information in the thread regarding General Counsel Vesa Karvonen’s holdings cannot all be true at the same time. It has been written that:
- Euroclear shows holdings as zero.
- Faron’s shareholder list, which receives updates ”sometimes” from Euroclear, shows 104,000 shares. Likewise, Karvonen’s page on Faron’s website.
- A comment from Paavo’s email, posted on the London board on 23.1.26, stated that: ”To clarify, the transaction involved 4,000 shares, and no other transactions have been conducted by management recently. Our CEO and previous CFO purchased shares last autumn, and our Chair bought shares over the summer. I hope this provides some level of clarity.”
- ”Faron’s General Counsel Karvonen has sold his shares, but this has not been disclosed.”
- According to Faron’s website, Karvonen is a member of the management team.
- Members of the management team are subject to notification requirements under the EU MAR regulation. Additionally, the London AIM rules apply. Faron’s own guidelines: Sisäpiirihallinto - Faron
One could make their holdings disappear from Euroclear without selling anything if they managed to transfer them abroad and into a nominee register (hallintarekisteri) there. There are unlikely to be tax benefits unless one builds some kind of corporate shell for it. A good question is whether it would still be an action subject to notification requirements, even if the number of shares remains the same. Or by transferring them into an insurance wrapper (vakuutuskuori); I don’t know if, for example, Mandatum is the type of entity that would take a large amount of such a risky stock into its holdings (recently there wasn’t a large amount there), and Nordea Life Assurance is a large owner, but Faron is likely only in the wrappers as part of larger diversified baskets. Large holdings certainly give more options, but there are different rules for retail investors (tuularit). Tell me, have you succeeded in wrapping Faron? I only play with domestic means: book-entry accounts (aot), equity savings accounts (ost), and limited companies (oy).
Nothing other than point 4 is prohibited. That would have its own sanctions. I wouldn’t consider even the General Counsel’s possible sales to be worth getting worked up about yet, but it would be desirable for the speculation on the forum to be proven right or wrong in some way. An employee has 3 days to report and should ask for permission from the company in advance, and after the notification, the company has 2 days to disclose it to the market. The message presented as Paavo’s was posted on 23.1.26. @donkey had looked at Euroclear holdings around January 13th. The shares should have been sold at the latest 2 days earlier (T+2). Thus, the sale should have been reported to Faron by T+3, i.e., January 14, 2026, at the latest.
Some of the speculated information in points 1–5 is therefore false, and one should also be careful not to imply that someone has done something wrong, or at least illegal, if it ultimately turns out not to be true. There is no information about Karvonen’s current/future official position in the company’s management team or whether he has already earned those options, other than Faron’s website, which isn’t always updated promptly. Paavo also stated it had been busy after JPM.
The fact that Paavo doesn’t write on every single forum is understandable. Some are on Shareville, some on the London board, and some even on Kauppalehti’s forum. It could also cause an uproar if some forum received information other than just a repetition of the old, which has now been forwarded to the threads. If you haven’t understood by following stock exchange releases, CMD, and webcasts that Faron is preparing for phase 3 and securing its financing, then that’s a shame.
