Announcement from the exchange
Results of the initial public offering of units of Baltic Horizon Fund
Not for distribution or release, directly or indirectly, in whole or in part in or into the United States, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful. Other restrictions are applicable. Please see the important notice at the end of this communication.
Tallinn, Estonia, 2016-06-29 18:40 CEST --
On 29th June 2016 the offering period of Baltic Horizon Fund (“Fund”) units ended. In relation to the offering, Catella Bank S.A., Swedish branch, and Swedbank AB, act as co-lead managers (“Managers”).
Up to 30,567,018 units with no nominal value (the “Offer Units”) of Baltic Horizon Fund, were offered in a combined offering (the “Combined Offering”), which comprised of an offering of (i) up to 23,668,112 new Offer Units (the “New Units”) by Northern Horizon Capital AS, acting on behalf of the Fund, the management company of the Fund (the “Management Company”) and (ii) of up to 6,898,906 Offer Units (the “Sale Units”) by Svenska Kyrkans Pensionskassa, UAB INVL Asset Management on behalf of pension funds under its management, and IPAS INVL Asset Management on behalf of pension funds under its management. As a minimum, Northern Horizon Capital AS intended to raise at least EUR 20 million of net proceeds to the Fund that corresponds to the issue of 16,512,659 New Units.
The offer price per Offer Unit (the “Offer Price”) was EUR 1.3086. The Offer Price was the same for all investors in the Combined Offering.
In total, investors participated in the Combined Offering subscribed for 22,709,723 Offer Units that corresponds approximately to EUR 30 million. The Management Company has decided to meet that demand and to complete the Combined Offering. In total, 16,962,475 New Units will be issued, and together with the Sale Units, a total of 22,709,723 Offer Units are allocated to the investors in the Combined Offering. As a result, the net proceeds for the Fund will be approximately EUR 20.5 million.
As part of the Combined Offering, Svenska Kyrkans Pensionskassa, existing unit-holder of Baltic Opportunity Fund will sell 3,454,973 Offer Units and after the completion of the merger of the Fund and the Baltic Opportunity Fund, and the Combined Offering, it will hold approximately 19.2% of the total number of the units in the Fund. Pension funds under the management of UAB INVL Asset Management and IPAS INVL Asset Management are selling in total 2,292,275 Offer Units and will hold no units in the Fund after the completion of the Combined Offering.
The Management Company together with the Managers has determined the allocation of Offer Units on a discretionary basis and allocations are announced to the investors on the date of this announcement.
The Offer Units allocated to the Investors will be transferred to their securities accounts on or about 4 July 2016 simultaneously with the transfer of payment for such Offer Units.
Simultaneously with the completion of the Combined Offering, the Management Company has decided to complete the merger of the Fund with Baltic Opportunity Fund. The merger shall be completed on 30 June 2016.
Trading in the Units is expected to commence on Nasdaq Tallinn Stock Exchange on or about 6 July 2016. In total, 41,979,150 Units will be listed on the Baltic Funds List of Nasdaq Tallinn.
For further information, please contact:
Northern Horizon Capital AS
Fund manager of Baltic Horizon Fund
Phone: +372 50 89 044
This communication is not for distribution to United States newswire services or for dissemination in the United States, Canada, Japan or Australia or elsewhere where such dissemination is not appropriate. Distribution of this communication and other information in connection with the offering may be restricted by law in certain jurisdictions. Persons into whose possession this communication or such other information in relation to the Fund or the units should come are required to inform themselves about and to observe any such restrictions.
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change. No obligation is undertaken to update this announcement or to correct any inaccuracies. This announcement has not been approved by any competent regulatory authority.
This communication contains also forward-looking statements which involve risks and uncertainties. These statements are made on the basis of current knowledge and assumptions. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. No obligation is assumed to update any forward-looking statements.
This communication cannot be construed as an investment advice or recommendation concerning the the Fund or the Units, nor a legal, business or tax advice. Each prospective investor should consult with its own professional advisers as to the suitability of, and associated risks with, any potential investment, or related legal, business and tax aspects.
+372 640 8800
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