Baltic, Financial Services, Funds

The intention to carry out the private placement was announced on Feb. 25, 2019. The private placement was aimed at institutional investors in the Baltics and the subscription date was April 29, 2019, the fund told the stock exchange Tuesday evening.

The new units to be issued represent less than 20 percent of the total number of Baltic Horizon Fund units already admitted to trading. Hence, Northern Horizon Capital AS intends to issue 3,139,873 new units corresponding to a gross value of 4.1 mln euros. The proceeds will be used for new investments into real estate properties.

The issue price of the new units will be 1.3160 euros, calculated according to the procedure adopted at the general meeting of unit-holders on Feb. 19, 2019, and will be equal to the weighted average price of units on the Nasdaq Tallinn Stock Exchange for the 90 day period between Jan. 19, 2019 and April 28, 2019.

As a result of the placement of units, the total number of Baltic Horizon Fund units registered in the Estonian Register of Securities will increase from 94.2 mln to 97.3 mln.

Northern Horizon Capital AS intends to list the new units on the Nasdaq Tallinn Stock Exchange, with the first trading day expected to be on or around May 6, 2019.