Northern Horizon Capital AS and European Bank for Reconstruction and Development (“EBRD”) entered into a framework agreement whereby Baltic Horizon Fund has undertaken to comply with certain EBRD policies and requirements regarding environment, social compliance and corporate governance should EBRD decide to subscribe for Baltic Horizon Fund units. At the moment of signing the framework agreement EBRD has taken no obligation to acquire fund units.
Northern Horizon Capital AS also informs of intended private placement of new Baltic Horizon Fund units in Q4 2021.
The private placement is aimed mostly at institutional investors in select European countries. The intention is to raise approximately EUR 15 million for Baltic Horizon Fund’s new acquisitions and investments into existing properties in accordance with the fund´s investment policy. Northern Horizon Capital AS may increase the amount raised up to EUR 25 million. New units will be issued at the price corresponding to most recent NAV of the fund unit. Northern Horizon Capital AS plans to apply the listing of new units on Nasdaq Tallinn.
The new units will be issued by way of a 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.