Published: 2020-04-24 14:00:00 CEST
Baltic Horizon Fund / Northern Horizon Capital
Company Announcement

Baltic Horizon Fund declares quarterly cash distribution of approx. EUR 1.70 million to investors

Northern Horizon Capital AS as the management company of Baltic Horizon Fund (the Fund) has approved a cash distribution of approx. 1.12% of the Fund’s Q1 2020 weighted average net asset value to its unitholders. This equals to approx. EUR 1.70 million in total and EUR 0.015 per unit. The pay-out also represents a 9.6% rolling distribution yield for the past 12 months based on the closing unit price of the last day of Q1 2020 on Nasdaq Tallinn stock exchange.

In Q1 2020, the Fund generated an unaudited generated net cash flow from operations of approx. EUR 3.50 million. With a reduced payout of approx. EUR 1.70 million in light of prevaling market uncertainty, the Fund has opted to retain approx. EUR 1.80 million of distributable cash flow. The management company believes that it is in the best interest of the unitholders and the Fund to reduce its cash distribution at this time in order to strengthen the Fund’s financial position until the extent of the potential impact of the COVID-19 pandemic becomes clearer. Lower quarterly cash distribution will be accompanied by operating cost reductions which will enable the Fund to maintain positive free cash flow during these difficult market conditions and put it on a sustainable path to return to previous distribution levels in the future. The management company will continue to actively monitor the economic impact of the pandemic and reassess future distribution levels depending on the upcoming operating results.

In total, the Fund has paid out EUR 10.56 million from the operating results of the last twelve months (EUR 2.62 million from Q2 2019, EUR 3.06 million from Q3 2019, EUR 3.18 million from Q4 2019 and EUR 1.70 million from Q1 2020).

Payments will be distributed from the Fund on 14 May 2020. Unitholders entitled to receive distributions will be determined according to a unitholders list as of 12 May 2020 end of business day in T2S settlement system (Record date).

For additional information please contact:

Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com
www.baltichorizon.com

The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.

Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

This announcement contains information that the Management Company is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the above distributors, at 14:35 on 24 April 2020.