A repeat extraordinary general meeting (hereinafter the “General Meeting”) of Baltic Horizon Fund unit-holders and Swedish Depositary Receipt (hereinafter the “SDR”) holders (hereinafter together the “Investors”) took place on 6 August 2024 in Tallinn, Estonia.
The repeat meeting was convened as the required quorum was not reached during the initial extraordinary general meeting on 2 July 2024. In accordance with section 10.11 of the fund rules of Baltic Horizon Fund the repeat General Meeting is permitted to adopt resolutions regardless of the number of votes represented at the meeting, unless otherwise stipulated in the fund rules.
13 Investors were registered as attending to the meeting, holding 22,752,860 Baltic Horizon Fund units / SDRs which represent 19.02% of the total number of votes of the fund.
The agenda of the meeting was to decide on the issuance of new units by way of private placement in 2024 in order to strengthen the balance sheet of Baltic Horizon Fund.
The General Meeting resolved:
To approve the issuance of new Baltic Horizon Fund units by way of private placement in 2024 in order to strengthen the balance sheet of Baltic Horizon Fund on the followin conditions:
- The new units are to be issued at a price corresponding to the weighted average price of Baltic Horizon Fund units on the Nasdaq Tallinn Stock Exchange during the past 90 days, calculated on and including the trading day preceding to the first day of the subscription period;
- Proceeds from the issuance of new units will be used for investments into existing real estate properties and/or to deleverage Baltic Horizon Fund´s portfolio;
- The new units will be issued at once or on several occasions during 2024, as decided by Northern Horizon Capital AS, based on the funding needs of Baltic Horizon Fund;
- The new units will be issued by way of private placement, i.e. no public offering will be made and no prospectus registered. The new units to be issued represent, over a period of 12 months, less than 20 % of the number of Baltic Horizon Fund units already admitted to trading.
The resolution was passed, 99% of the votes represented at the meeting were in favour.
