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Thursday, 25.04.2024, 12:14
Estonian shipper Tallink intending to list its shares on Nasdaq Helsinki in December
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.