Northern Horizon Capital AS as the management company of Baltic Horizon Fund (the Fund) has approved a cash distribution of approx. 0.93% of the Fund’s Q4 2020 weighted average net asset value to its unitholders. This equals to approx. EUR 1.32 million in total and EUR 0.011 per unit. The pay-out also represents a 5.8% rolling distribution yield for the past 12 months based on the closing unit price of the last day of Q4 2020 on the Nasdaq Tallinn stock exchange.
In Q4 2020, the Fund generated an unaudited Generated Net Cash Flow from operations of approx. EUR 2.65 million. With a reduced payout of EUR 1.32 million in light of prevailing market uncertainty, the Fund has opted to retain EUR 1.33 million of distributable cash flow. Over the past four quarters, the Fund has increased its dividend reserve to EUR 4.35 million.
The Fund’s Management Board decided to distribute only 50% of Generated Net Cash Flow to keep pay-out ratio in line with distribution levels during the first wave of the COVID-19 pandemic. The management company believes that it is in the best interest of all unitholders and other stakeholders to reduce cash distribution during the second wave of the COVID-19 pandemic. The reduced cash distribution will improve the Fund’s liquidity which should offer additional safety and capability to seize opportunities in the market when the economy stabilizes.
In total, the Fund has paid out EUR 7.83 million from the operating results of the last twelve months (EUR 1.70 million from Q1 2020, EUR 1.70 million from Q2 2020, EUR 3.11 million from Q3 2020 and EUR 1.32 million from Q4 2020).
Payments will be distributed from the Fund on 23 February 2021. Unitholders entitled to receive distributions will be determined according to a unitholders list as of 19 February 2021 end of the business day in T2S settlement system (Record date).
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The 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
This announcement contains information that the Management Company is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the above distributors, at 21:40 EET on the 4th of February 2021.