Northern Horizon Capital AS, the management company of Baltic Horizon Fond, has closed its private placement raising aggregate proceeds of EUR 4.1 million. Intention to carry out the private placement was announced on 25 February 2019. The private placement was aimed at institutional investors in the Baltics and subscription date was 29 April 2019.
The new units to be issued represent less than 20% of the number of Baltic Horizon Fund units already admitted to trading (over a period of 12 months), therefore Northern Horizon Capital AS intends to issue 3,139,873 new units corresponding to a gross value of EUR 4.1 million. The proceeds will be used for new investments into real estate properties.
The issue price of the new units will be EUR 1.3160 calculated according to the procedure adopted at the general meeting of unit-holders on 19 February 2019 and will be equal to the weighted average price of units on the Nasdaq Tallinn Stock Exchange for the 90 day period between 29 January 2019 and 28 April 2019.
As a result of the new issue of units, the total number of Baltic Horizon Fund units registered in the Estonian Register of Securities will increase from 94,196,197 to 97,336,070.
Northern Horizon Capital AS intends to list the new units on the Nasdaq Tallinn Stock Exchange, with the first trading day expected to be on or around 6 May 2019.
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Baltic Horizon Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.
Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com