Pallas Air, previously known as Live Air, is renowned for its face masks. During a recent general meeting, the company made a significant decision not to grant discharge from liability to all individuals who served on the board of directors and in management positions during the last financial year. The ex-CEO, Vesa Mäkipää, as well as former board members Eppu Mäkipää and Sami Rahnasto, will not be released from liability.
Michael Renton, the main owner of Pallas Air who directly owns the majority of the company’s share capital through Rentto Oy, addressed the issue during the meeting. In March, Pallas Air had disclosed that there was a police investigation into a possible breach of information within the company, with Vesa Mäkipää being a suspect.
In addition to addressing liability concerns, Pallas Air also announced a reverse split for its shares at the general meeting. This means that the number of shares in the company will be reduced, with the split unification date set for June 27. The reverse share split will consolidate 100 current shares into one new share. Shareholders who do not have a number of shares divisible by 100 will receive additional shares free of charge before the split to ensure an effective implementation of this process.
The decision on liability and reverse share split were both significant announcements made by Pallas Air at its recent general meeting.