Baltic Horizon Fund's New Governance Measures Unveiled
Introduction to the Repeat General Meeting
The Baltic Horizon Fund held a repeat extraordinary General Meeting recently, welcoming its unit-holders and holders of the Swedish Depositary Receipts. This important gathering aimed to ensure that key governance changes could be implemented smoothly.
Reason for the Repeat Meeting
Initially scheduled discussions could not proceed due to insufficient attendance at the first extraordinary meeting. In keeping with the established fund rules, the repeat meeting was organized to allow resolutions to be passed without a specific quorum requirement.
Investor Participation
Nine investors registered for the repeat meeting, collectively holding a significant share of the fund—a total of 47,673,338 units and SDRs, translating to 33.2% of all voting rights. Their presence was crucial for making the necessary decisions affecting the future governance structure.
Key Resolutions Adopted
The agenda featured several essential items, predominantly focusing on the composition of the supervisory board. Here are the key resolutions that were passed:
New Board Appointments
Three new members were elected to the supervisory board, each for a two-year term starting May 1, 2025:
- Andrius Smaliukas
- Milda Dargužait?
- Antanas Anskaitis
Each appointment received unanimous support, reflecting a strong consensus among the participating investors.
Remuneration Decisions
The meeting also covered remuneration for board members. Significant resolutions included:
- Approval of EUR 36,000 per year to the chair of the supervisory board, with 90.1% support among voters.
- Approval of EUR 11,000 per year for other supervisory board members, with 90.2% backing.
Removal of Current Board Members
In a significant governance change, the meeting decisively recalled three supervisory board members: Reimo Hammerberg, Monica Hammer, and David Bergendahl. This resolution was also unanimously adopted by the voting participants.
Participation and Future Steps
All investors present took part in the voting, reinforcing their commitment to the fund's governance. A recording of the meeting will be accessible to provide transparency about the discussions and outcomes. Meanwhile, minutes will be published on the Baltic Horizon Fund's website within a week.
Company Insights
Managed by Northern Horizon Capital AS, the Baltic Horizon Fund is a registered public real estate fund. It continues to focus on strategic investments to deliver value to its shareholders, aspiring to maintain solid performance through effective management and governance.
Getting in Touch
If you have questions about the fund or its recent activities, Tarmo Karotam, the manager of Baltic Horizon Fund, is available for inquiries. You can reach him at tarmo.karotam@nh-cap.com.
Frequently Asked Questions
What was the purpose of the repeat General Meeting?
The repeat meeting aimed to address the insufficiency of votes at the earlier meeting and to facilitate key decisions on board appointments and remuneration.
Who were the new members elected to the supervisory board?
The new members elected were Andrius Smaliukas, Milda Dargužait?, and Antanas Anskaitis.
What remuneration was approved for the supervisory board members?
The chair will receive EUR 36,000 annually, while other members will receive EUR 11,000 per year.
How did the investors vote on the resolutions?
Votes showed strong support, with unanimous approval for appointments and significant backing for remuneration decisions.
Where can I find more information on the Baltic Horizon Fund?
Visit the fund's official website for additional information and updates on its projects and plans.
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