Baltic Horizon Fund Announces SDR Program Termination Plans
Baltic Horizon Fund's Termination of SDR Program
On February 13, 2025, Baltic Horizon Fund (the Fund) announced the decision to terminate its Swedish Depositary Receipts (SDR) program and subsequently delist from Nasdaq Stockholm. This significant change comes as the Fund aims to streamline its operations and enhance efficiency in the market.
Notice of Termination for SDR Holders
Nordic Issuing AB, the issuer of the SDRs, has reached out to the holders to inform them about the termination of the SDR program under section 17.1 of the terms and conditions outlined by Nordic Issuing AB. The last date for holding the SDRs will be set on October 14, 2025, which marks the record date for the de-registration process from the Euroclear Sweden register.
Understanding Your Options as an SDR Holder
This is a crucial time for all SDR holders, who must evaluate their options prior to the record date. Each holder will face the decision of whether to sell their SDRs or convert them into fund units. To do this, they must notify Nordic Issuing AB accordingly. If no action is taken before that date, a mandatory conversion into fund units will occur if feasible. Should this conversion fail for any reason, Nordic Issuing AB will sell the underlying fund units associated with the remaining SDRs.
Timeline of the SDR Program Termination
Here’s the timeline for key events leading up to the termination of the SDRs:
- October 8, 2025 – Final day of trading for the SDRs on Nasdaq Stockholm.
- October 14, 2025 – Record Date for the de-registration of the SDRs in Euroclear Sweden.
- Post Record Date, any SDRs that remain will be mandatorily converted into fund units unless conversion is not possible, in which case the underlying units will be sold by Nordic Issuing AB.
How to Convert SDRs into Fund Units
Investors holding SDRs through nominee accounts are recommended to consult their banks about the conversion process. For those holding their SDRs directly, contacting Nordic Issuing at info@nordic-issuing.se is imperative to initiate the conversion.
Investor Webinar on Delisting Details
In light of these developments, the Fund is hosting an investor conference webinar scheduled for April 14, 2025, at 14:00 local time, where further details regarding the termination and delisting will be provided. Participants can expect essential information and instructions for a smooth transition.
Access to the Webinar
To attend the webinar, individuals need to register online. The link will be made available to ensure participation. The webinar will also be recorded for those unable to attend, and a recording will be shared on the Fund’s website, ensuring transparency and accessibility to all stakeholders.
Contacting Baltic Horizon Fund
For any inquiries, Tarmo Karotam, the Fund manager, can be reached via email. Investors are encouraged to seek clarifications or further information as needed. Transparent communication is a priority for the Fund as it navigates this transition.
Baltic Horizon Fund operates as a registered contractual public closed-end real estate fund managed by Northern Horizon Capital AS, which holds an Alternative Investment Fund Manager license. The Fund’s commitment includes ongoing engagement with its investors through regular updates and informative releases.
Frequently Asked Questions
What does the termination of the SDR program mean?
The termination means that the SDRs will no longer be traded or recognized as holdings after the specified date, transitioning all SDR holders to fund units.
When will the SDRs be officially terminated?
The SDRs are set to be officially terminated on October 14, 2025, marking the record date for de-registration.
What options do I have as an SDR holder?
SDR holders can choose to sell their SDRs or convert them into fund units by notifying Nordic Issuing AB before the record date.
How can I join the investor webinar?
To join the investor webinar, you need to register via the provided link which will be circulated to participants ahead of the event.
Who can I contact for more details?
For further details, please reach out to Tarmo Karotam at the contact email provided in the announcement.
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