Announcement on the entry into force of a court ruling regarding the approval of the reorganization plan and on transaction with related party
Aktsiaselts BALTIKA (hereinafter “Baltika”) has by way of company announcements announced to the public that Baltika is undergoing reorganization and that the reorganization plan of Baltika has been approved by the court.
In light of this, Baltika announces that in the afternoon of 27 August 2020, it was notified that the court ruling regarding the approval of the plan came into force on 26 August 2020.
Baltika is sincerely thankful to all its creditors and other partners for their understanding at these difficult times, thanks to which support it is possible to continue the operations and development of the company.
Furthermore, Baltika hereby notifies investors that Baltika and its subsidiaries (jointly as “Baltika Group”), AS Kawe and its subsidiaries (jointly as “Kawe Group”) and KJK Fund SICAV-SIF via its holding company (hereinafter “KJK “) have entered into an agreement, in accordance with which KJK acquired from Kawe Group certain claims against Baltika Group. Upon acquiring the claims, the substance of the claims remained unchanged and the only change for Baltika Group is that the creditor of the claims is KJK, instead of Kawe Group. In the opinion of Baltika, the transaction shall not have an effect on Baltika’s profit, assets and liabilities.
As KJK Fund SICAV-SIF holds a qualifying holding in Baltika and members of the Management Board of KJK Fund SICAV-SIF Lauri Kustaa Äimä and Jaakko Sakari Mikael Salmelin are members of the Supervisory Board of Baltika, the aforementioned transaction qualifies as a transaction with persons connected with the issuer in the meaning of the rules of Nasdaq Tallinn Stock Exchange.
Member of Management Board, CEO