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Estonian shipper Tallink intending to list its shares on Nasdaq Helsinki in December

BC, Tallinn, 01.11.2018.Print version
The listed Estonian shipper Tallink Grupp is intending to list its shares on the Nasdaq Helsinki stock exchange and is aiming for the commencement of trading on or around December 3, 2018, informs LETA/BNS.

Tallink has announced its intention to list the company's shares in the form of Finnish depository receipts (FDRs) on Nasdaq Helsinki by the end of 2018. The company's shares will continue to be listed on the Nasdaq Tallinn stock exchange despite the contemplated secondary listing on Nasdaq Helsinki, Tallink told the stock exchange.

The company has concluded an issuer agreement with Nordea Bank Abp, which will act as an issuer agent for the FDRs on behalf of the company. Tallink has engaged Nordea Bank Abp, through its Denmark branch, to provide liquidity provision services as of the commencement of the trading on Nasdaq Helsinki. The company is aiming for the commencement of trading on Nasdaq Helsinki on or around December 3, 2018.

This timetable is subject to possible delays and dependent on actions and decisions of third parties. Hence, the company cannot ensure the fulfillment of this time schedule. The secondary listing on Nasdaq Helsinki requires certain approvals by both Nasdaq Helsinki and the Finnish Financial Supervisory Authority. The company will provide an update on the status of the approvals as they progress.

No public offer of the FDRs by the company on Nasdaq Helsinki will take place with the contemplated secondary listing of the FDRs and the company will not issue any new shares in relation to the contemplated secondary listing of the FDRs, Tallink said.

Within the framework of the share buy-back conditions, approved by the company's annual general meeting on June 9, 2015, the company will acquire from November 2 onwards its own shares in the maximum amount of 500,000 euros and convert these shares into FDRs.

A portion of the acquired shares will be used as part of a FDR reward program for the selected group of employees of Tallink Silja Oy and Tallink Silja AB. The management board of the company approved the FDR reward program on November 1. The remaining acquired shares are intended to be used to ensure readiness to, upon necessity, support the liquidity of the FDRs on Nasdaq Helsinki.

Subject to the company receiving the regulatory approvals for the secondary listing, shareholders of Tallink will have the possibility to convert their shares in the company to FDRs starting from a date to be announced separately by the company.

OP Corporate Bank plc is acting as the Finnish financial adviser and Swedbank AS as the Estonian financial adviser to the company in connection with the listing and issuance of FDRs. The Ellex Raidla law firm is acting as the legal adviser for Tallink in Estonia and Roschier, Attorneys Ltd. is acting as the legal adviser to the company in Finland.


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