Northern Horizon Capital AS has decided to initiate the termination of Baltic Horizon Fund's Swedish Depositary Receipts (the "SDR") program and delist the SDRs from Nasdaq Stockholm. The delisting is expected to take place in August 2025 at the earliest.
The reason behind the decision is that the number of SDRs held by Baltic Horizon Fund investors and trading on Nasdaq Stockholm has considerably decreased. As of 29 January 2025, the total amount of SDRs was 7,902,390, amounting to approximately 5.5% of all the outstanding units, compared to 24,077,945 SDRs as of 31 December 2023, approximately 25%.
According to the information available to the fund manager, many of the Baltic Horizon Fund's Swedish investors have already converted their SDRs to Estonian fund units and, thus, can trade on Nasdaq Tallinn. This, in turn has reduced the liquidity of the SDRs on Nasdaq Stockholm, as during 2024 only 4.8 % of all the trades done with Baltic Horizon Fund units were executed on Nasdaq Stockholm. During 2024, more than 15 million Baltic Horizon Fund units were traded over the stock exchanges.
Considering the above, the fund manager finds the discontinuation of the SDR programme and secondary listing on Nasdaq Stockholm to be reasonable and in the collective interests of the investors as it also enables to decrease the fund's cost base.
Northern Horizon Capital AS will discuss a detailed step plan with the Swedish partners and advisors to ensure the SDR holders can convert their SDRs to fund units held in Nasdaq CSD or have sufficient time to dispose of them. More information about the process and a detailed timeline will be provided to the investors in the coming weeks.
The envisaged plan has no effect on investors holding their investments in Baltic Horizon Fund units listed on Nasdaq Tallinn.
For additional information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com
www.baltichorizon.com
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
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