No group of shareholders, other than the managemen

No group of shareholders, other than the management team, has control over the company. You really think Baltia would allow some guys to come along and buy up a majority stake?  

Assuming such a scenario did occur, all Igor would have to do is increase the A/S (and thus, the O/S and subsequently the float) and issue himself shares. There is NO WAY that a group of investors will be able to obtain a majority stake in Baltia. IMPOSSIBLE.

Anyone who attempts to do this will end up spending more money than they originally intended, with the result being just another shareholder and nothing more. Unless of course, they get a legal contract with Baltia stating that they don't want the A/S to be increased, in which case Baltia would be susceptible to a hostile takeover. But again, these guys would have to purchase hundreds of millions of shares from the float, which doesn't seem to be happening, as the daily volume is only 0.2 to 0.4% of the float. They'd have to buy at least 5M shares every day for over 100 days to get anywhere near 50% of the float (which is only about 1/2 of all the shares they'd need...