Baltic Horizon Fund Secures EUR 6.29 Million for Expansion
Baltic Horizon Fund Secures EUR 6.29 Million in Private Placement
Northern Horizon Capital AS, the management company for Baltic Horizon Fund, has successfully raised EUR 6.29 million through a private placement initiative. This capital-raising effort primarily attracted interest from institutional investors across select European regions.
Investor Enthusiasm Drives Funding Success
The recent transaction witnessed overwhelming enthusiasm, with total investment requests far surpassing the maximum allocation stipulated in the resolution. The general meeting of Baltic Horizon Fund’s investors, which led to this private placement, highlighted the fund's strong market position and investor appeal. The new units issued will represent less than 20% of the outstanding units already active in trading over a 12-month period.
Details of the Private Placement Transaction
Northern Horizon Capital AS plans to issue a total of 23,927,085 new units, amounting to the gross value of EUR 6.29 million. Proceeds from this venture will be strategically allocated towards enhancing existing real estate properties and reducing the overall debt load of the Baltic Horizon Fund’s portfolio.
According to Tarmo Karotam, the Fund Manager of Baltic Horizon, "We are very excited about the robust interest shown in the private placement of new units. This recent influx of capital predominantly comes from several professional and institutional entities based in the Baltic region and Sweden. Our objective is to leverage these funds to address fit-out needs across our real estate assets and to bolster the fund's financial stability by decreasing its debt levels."
Pricing and Issuance of New Units
The newly issued units will be priced at EUR 0.2631, a figure that reflects the weighted average price of units traded on the Nasdaq Tallinn Stock Exchange during a 90-day window leading up to the private placement closure. This pricing strategy ensures fairness and transparency in the issuance process.
Future of Baltic Horizon Fund Units on the Stock Exchange
Following the issuance of these new units, the total number of registered Baltic Horizon Fund units will rise from 119,635,429 to 143,562,514. Northern Horizon Capital AS is keen on listing these new units on the Nasdaq Tallinn Stock Exchange, aiming for the first day of trading to commence around 20 September 2024. This listing will mark an important step in facilitating further growth and investor engagement.
Contact Information for Further Inquiries
For any questions or additional details regarding this private placement and the Baltic Horizon Fund, interested parties are encouraged to get in touch with the Fund Manager:
Tarmo Karotam
Baltic Horizon Fund Manager
Email: tarmo.karotam@nh-cap.com
Website: www.baltichorizon.com
About Baltic Horizon Fund
Baltic Horizon Fund operates as a registered contractual public closed-end real estate fund, overseen by the Northern Horizon Capital AS, which holds an Alternative Investment Fund Manager license. Both the fund and the management company are regulated by the Estonian Financial Supervision Authority, ensuring compliance and transparency in all operations.
Frequently Asked Questions
What is the total amount raised in the private placement?
The Baltic Horizon Fund raised EUR 6.29 million through this private placement.
Who primarily invested in the new units?
The new units were mainly purchased by several institutional investors from the Baltic and Swedish regions.
What will the proceeds from the placement be used for?
The funds will be used for investments in existing real estate properties and to reduce the overall debt of the fund.
When will the new units begin trading?
The trading of the new units on the Nasdaq Tallinn Stock Exchange is expected to start on or around 20 September 2024.
How much will the new units be priced at?
The new units are priced at EUR 0.2631, reflecting the weighted average price over the preceding 90 days.
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