Estonia, EU – Baltic States, Markets and Companies, Mergers and take-overs

On Tuesday morning, KJK held 48,505,991 Baltika shares, which makes up 89.69% of all votes represented by shares at the general meeting of Baltika.

The time period for accepting the offer commenced on Sept. 3 and ends at 2 p.m. on Oct. 2. Each shareholder wishing to accept the offer shall submit transaction instructions to its custodian by such deadline on the last day of the acceptance period as specified by the custodian which will enable the custodian to register the transaction instructions in the depository by 2 p.m. on the last day of the acceptance period, at the latest. Payment of the purchase price and transfer of Baltika shares shall be executed on Oct. 11. 

KJK acquired Baltika shares in the framework of share capital increase and public offering of shares in August with a price of 10 cents per share. KJK has not acquired any other Baltika shares over the previous six months. As KJK acquired control of Baltika, the company was required by the Securities Market Act to make a takeover bid for all Baltika shares within 20 days of acquiring control.

An annual general meeting of Baltika on April 12 approved an increase of share capital by issuing 50 mln new ordinary shares. Before the issue, KJK Fund Sicav-SIF's shareholding in AS Baltika was 38.9 percent. The new shares of Baltika were available for subscription from July 16 to Aug. 7 as the company sought to increase its share capital by five million euros, altogether 53.38 million shares were subscribed for the total sum of 5.34 mln euros.

Baltika's 50 mln new shares were distributed to the existing shareholders in accordance with the distribution principles set out in the prospectus. Over-subscribed 3.4 mln shares were canceled.