Northern Horizon Capital AS announces the plan for public offering of Swedish depository receipts (the „SDRs“).
The offering of SDRs is intended to be directed to the unitholders holding the units of Baltic Horizon Fund (the „Units“) trading on Nasdaq Stockholm (the „Swedish Investors“). The offering of the SDRs (the „Offering“) would be carried out as a response to the termination of the affiliation agreement with Euroclear Sweden AB (the „Euroclear Sweden“) for keeping the Units registered with its book entry system in Sweden due to a strategic decision by Nordea Bank Abp to exit its Nordic sub-custody business.
Each one (1) Unit would grant the Swedish Investor a right to convert it into one (1) SDR. Northern Horizon Capital AS intends to appoint Nordic Issuing AB as the issuer of the SDRs. The SDRs would be issued in the Swedish book-entry system maintained by Euroclear Sweden. The SDRs would be issued in Swedish kronas and will be created under, and would be governed by, the laws of Sweden. The SDRs are intended to be listed on Nasdaq Stockholm. No new Units would be issued as part of the Offering.
Northern Horizon Capital AS has submitted an application to register a new public offering and listing prospectus with the Swedish Financial Supervision Authority. The details of the offering, the SDR conversion period and the terms of subscription will be disclosed upon registration of the prospectus.
If a Swedish Investor remains passive and does not instruct the Units to be converted into the SDRs or alternatively to be transferred to Nasdaq CSD (Estonia) prior to 4 November 2022, Euroclear Sweden will appoint a sales agent to sell such Units and pay out the proceeds (less sales costs and any applicable taxes) to the cash account connected with the respective Swedish Investor’s securities account.
If a Swedish Investor has already transferred its Units to Nasdaq CSD (Estonia) but wishes to participate in the SDR structure then please contact your account operator for the purposes of exploring the possibility of re-transferring the Units back to Nasdaq Stockholm before the SDR program is fully launched.
