Summa Defence falls after shareholders order special audit and replace board

Summa Defence shares fell 4.1% to €0.58 in the afternoon after shareholders ordered a special audit, refused to grant discharge from liability to the previous board and CEOs, and replaced the company's entire board. The latest decline extends an almost 90% slide over the past year and follows weeks of mounting concerns over the defense technology group's finances. 

The AGM yesterday approved a special audit covering the period from January 1, 2025, to June 24, 2026. The review was requested by shareholder Oy Haapalandia Invest Ltd, with support from Jerovit Investment Oy and PM Ruukki Oy, and will examine the use of IPO proceeds, the rapid depletion of funds during 2025, the company's financial crisis, acquisitions, disclosures, and the administration and use of corporate assets. The supporting shareholders said they collectively hold more than one-tenth of the company's voting rights, meeting the threshold required under the Finnish Companies Act. 

The AGM also marked a complete boardroom reset. Shareholders elected Ville Jaakonsalo, Ville Heikkinen, Juha Pinomaa, Tapani Kiiski, Jyrki Heinimaa, and Mikko Haapala as directors, replacing the previous board in full. At its first meeting, the new board appointed Pinomaa as chair and established an audit committee led by Jaakonsalo.