Baltic Horizon Fund Successfully Raises Capital in Private Placement
Baltic Horizon Fund Successfully Raises Capital in Private Placement
Northern Horizon Capital AS, the management company of Baltic Horizon Fund, recently announced the successful completion of a private placement, which raised EUR 6.29 million. This strategic move involved targeting institutional investors from select regions in Europe and follows a resolution made during a previous general meeting.
High Investor Interest Leads to Increased Fund Units
The private placement generated significant interest from the investment community, with demand exceeding the available units. The new units, amounting to 23,927,085, represent less than 20% of the fund's existing units, reflecting a keen appetite for investment in Baltic Horizon Fund's offerings. The raised capital will primarily be allocated towards investments in current real estate properties and efforts to enhance the fund's financial stability by reducing leverage.
Comments from Management
Tarmo Karotam, the Fund Manager of Baltic Horizon, expressed enthusiasm regarding the response to the private placement. He noted, "We are excited about the strong interest from Baltic and Swedish institutional and professional investors. The resources we have garnered will be vital for fulfilling the fit-out requirements of our properties and for further debt reduction strategies."
New Units Issued and Future Trading Plans
Each newly issued unit will be priced at EUR 0.2631, a figure determined based on the weighted average price of existing units traded on the Nasdaq Tallinn Stock Exchange over a specified 90-day period. Following this issuance, the total units registered in the Estonian Register of Securities will rise from 119,635,429 to 143,562,514 units.
Upcoming Plans for Nasdaq Listing
Northern Horizon Capital AS is preparing to list these newly issued units on the Nasdaq Tallinn Stock Exchange, with trading expected to commence around a date soon to be announced. This step is critical as the fund seeks to enhance its visibility and trading liquidity on public exchanges.
About Baltic Horizon Fund
Baltic Horizon Fund operates as a public closed-end real estate fund and is managed by Northern Horizon Capital AS, a licensed Alternative Investment Fund Manager. Both the fund and the management company are under the supervision of the Estonian Financial Supervision Authority, ensuring a high level of regulatory compliance and investor protection.
Contact Information
For more information, interested parties can reach out to Tarmo Karotam, Fund Manager, via email at tarmo.karotam@nh-cap.com.
Frequently Asked Questions
What does the recent private placement entail?
The private placement raised EUR 6.29 million primarily to attract institutional investors in Europe, aimed at enhancing the fund's real estate investments and reducing debt.
How many new units were issued in this placement?
A total of 23,927,085 new units were issued, representing less than 20% of the existing units of Baltic Horizon Fund.
What will be the use of the proceeds from this placement?
The proceeds are intended for investments into existing properties and to help reduce the fund's level of indebtedness.
When is the expected listing date for the new units?
The new units are expected to be listed on the Nasdaq Tallinn Stock Exchange around mid-September 2024.
How can investors stay updated on Baltic Horizon Fund?
Investors can register on the fund's website to receive announcements regarding projects, plans, and other relevant news.
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