Three did. Two of those were the same bond amortisation at one company, and the third — a take-private crossing 90% — filed in September, after the month it belonged to.
August looked quiet on Nasdaq Helsinki flagging notifications. The shareholder registers moved more than the disclosure feed did. Finland's thresholds start at 5%, and most of the month's largest register moves never touched the ladder.
Here is what moved, what was notified, and what the gap between those two sets says about reading Nordic ownership.
Citycon: the take-private the register sees last
G City Ltd's directly registered stake in Citycon grew from 39.50% to 42.55% during August, a gain of 5.6 million shares.
In the same window the Skandinaviska Enskilda Banken Helsinki Branch nominee account, which had been holding a large Citycon block in custody, shrank by 4.8 million shares. Citibank Europe's custodial line edged down as well.
That is not buying. It is the shares crossing out of nominee registration into G City's own name as the tender offer settles. G City's flagging notification of 2 September puts its total holding at 91.05%, against a directly registered position of 42.55% at the end of August. Both are correct: the rest still sits in custodial accounts, re-registering in tranches. Read alone, the register would tell you G City owns less than half of Citycon.
G City crossed 90% on 1 September, commenced compulsory redemption of the minority shares and will apply to delist. Our Citycon piece this week has the offer periods, the divestment and the parking dispute.
Faron: a new largest register holder, and no new money
Heights Capital Management, through CVI Investments, crossed a threshold in Faron Pharmaceuticals on 4 August and filed the next day: shares up from 7.99% to 9.41%. The same notification shows its holding through financial instruments falling from 12.53% to 11.30%, and combined exposure barely moving, 20.52% to 20.72%. This is a convertible bond converting under the up-to-€35m arrangement Faron entered with a Heights-managed entity in April 2025 — not a purchase. Faron's own treasury holding fell from 10.97% to 9.37% in the same event, through dilution rather than a sale.
Also on the move
Register moves during August. None of these required a notification.
Lemonsoft — Rite Ventures grew from 58.7% to 61.1%, continuing to mop up minority shares after its mandatory tender offer earlier in 2026.
Bittium — the SEB Helsinki Branch nominee line rose from 7.2% to 9.7%, the largest custodial swing of the month.
Siili Solutions — Jtel Oy grew from 2.8% to 4.4%.
Solwers — Terrasolid Ltd grew from 5.5% to 6.7%.
Tokmanni — the SEB Helsinki Branch nominee stake fell from 13.3% to 12.0%.
Revenio Group — BlackRock fell from 1.6% to 0.4%.
What the ladder catches
Finnish thresholds run at 5, 10, 15, 20, 25, 30, 50, two-thirds and 90% of shares or votes. Set the nine moves against that ladder:
Move | Notified | Why |
Faron — Heights 7.99% → 9.41% | Yes, 5 Aug | Crossed a threshold on the share line |
Faron — treasury 10.97% → 9.37% | Yes, 4 Aug | Crossed a threshold on the share line |
Citycon — G City 86.51% → 91.05% | Yes, 2 Sept | Crossed 90% on 1 Sept, after the month closed |
Lemonsoft — Rite Ventures 58.7% → 61.1% | No | No threshold between 50% and two-thirds |
Solwers — Terrasolid 5.5% → 6.7% | No | No threshold between 5% and 10% |
Siili — Jtel 2.8% → 4.4% | No | Entirely below 5% |
Revenio — BlackRock 1.6% → 0.4% | No | Entirely below 5% |
Bittium — SEB nominee 7.2% → 9.7% | No | Custodial nominee line |
Tokmanni — SEB nominee 13.3% → 12.0% | No | Custodial nominee line |
Both of the August notifications here came from one issuer, and they describe two halves of a single bond amortisation. The largest ownership event of the Helsinki summer filed in September. Read one instrument without the other and you get a month that looks like this one: quiet on the feed, busy on the register.
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5 min read
Three did. Two of those were the same bond amortisation at one company, and the third — a take-private crossing 90% — filed in September, after the month it belonged to.
August looked quiet on Nasdaq Helsinki flagging notifications. The shareholder registers moved more than the disclosure feed did. Finland's thresholds start at 5%, and most of the month's largest register moves never touched the ladder.
Here is what moved, what was notified, and what the gap between those two sets says about reading Nordic ownership.
Citycon: the take-private the register sees last
G City Ltd's directly registered stake in Citycon grew from 39.50% to 42.55% during August, a gain of 5.6 million shares.
In the same window the Skandinaviska Enskilda Banken Helsinki Branch nominee account, which had been holding a large Citycon block in custody, shrank by 4.8 million shares. Citibank Europe's custodial line edged down as well.
That is not buying. It is the shares crossing out of nominee registration into G City's own name as the tender offer settles. G City's flagging notification of 2 September puts its total holding at 91.05%, against a directly registered position of 42.55% at the end of August. Both are correct: the rest still sits in custodial accounts, re-registering in tranches. Read alone, the register would tell you G City owns less than half of Citycon.
G City crossed 90% on 1 September, commenced compulsory redemption of the minority shares and will apply to delist. Our Citycon piece this week has the offer periods, the divestment and the parking dispute.
Faron: a new largest register holder, and no new money
Heights Capital Management, through CVI Investments, crossed a threshold in Faron Pharmaceuticals on 4 August and filed the next day: shares up from 7.99% to 9.41%. The same notification shows its holding through financial instruments falling from 12.53% to 11.30%, and combined exposure barely moving, 20.52% to 20.72%. This is a convertible bond converting under the up-to-€35m arrangement Faron entered with a Heights-managed entity in April 2025 — not a purchase. Faron's own treasury holding fell from 10.97% to 9.37% in the same event, through dilution rather than a sale.
Also on the move
Register moves during August. None of these required a notification.
Lemonsoft — Rite Ventures grew from 58.7% to 61.1%, continuing to mop up minority shares after its mandatory tender offer earlier in 2026.
Bittium — the SEB Helsinki Branch nominee line rose from 7.2% to 9.7%, the largest custodial swing of the month.
Siili Solutions — Jtel Oy grew from 2.8% to 4.4%.
Solwers — Terrasolid Ltd grew from 5.5% to 6.7%.
Tokmanni — the SEB Helsinki Branch nominee stake fell from 13.3% to 12.0%.
Revenio Group — BlackRock fell from 1.6% to 0.4%.
What the ladder catches
Finnish thresholds run at 5, 10, 15, 20, 25, 30, 50, two-thirds and 90% of shares or votes. Set the nine moves against that ladder:
Move | Notified | Why |
Faron — Heights 7.99% → 9.41% | Yes, 5 Aug | Crossed a threshold on the share line |
Faron — treasury 10.97% → 9.37% | Yes, 4 Aug | Crossed a threshold on the share line |
Citycon — G City 86.51% → 91.05% | Yes, 2 Sept | Crossed 90% on 1 Sept, after the month closed |
Lemonsoft — Rite Ventures 58.7% → 61.1% | No | No threshold between 50% and two-thirds |
Solwers — Terrasolid 5.5% → 6.7% | No | No threshold between 5% and 10% |
Siili — Jtel 2.8% → 4.4% | No | Entirely below 5% |
Revenio — BlackRock 1.6% → 0.4% | No | Entirely below 5% |
Bittium — SEB nominee 7.2% → 9.7% | No | Custodial nominee line |
Tokmanni — SEB nominee 13.3% → 12.0% | No | Custodial nominee line |
Both of the August notifications here came from one issuer, and they describe two halves of a single bond amortisation. The largest ownership event of the Helsinki summer filed in September. Read one instrument without the other and you get a month that looks like this one: quiet on the feed, busy on the register.
Investor Event
Listeds Investor Event · Defence
Nordic defence is in a once-in-a-generation growth cycle. Eight listed and pre-IPO companies pitch to 100+ invited investors at Valkoinen Sali, Helsinki
21 September 2026
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