A repeat Annual General Meeting of Baltic Horizon Fund investors took place on 9 June 2020 in Tallinn, Estonia.
The repeat meeting was convened as no quorum was reached at the initial Annual General Meeting on 26 May 2020. Pursuant to section 10.11 of the Baltic Horizon Fund rules, a repeat meeting is permitted to adopt resolutions regardless of the number of votes represented at the meeting, unless described differently in the Fund rules.
Tarmo Karotam delivered an overview of the FY2019 audited annual report of Baltic Horizon Fund, and interim report of Q1 2020.
The investors resolved to approve the issue of new Baltic Horizon Fund units during 2020 under the following conditions:
- The new units are to be issued at a price corresponding to the year-to-date weighted average price of Baltic Horizon Fund units on the Nasdaq Tallinn Stock Exchange until a date preceding 7 calendar days to first day of the subscription period.
- Proceeds from the issuance of new units will be used either to acquire new real estate investments on the market or for the development of existing properties;
- The new units will be issued at once or on several occasions in 2020, as decided by Northern Horizon Capital AS, based on the funding needs for new acquisitions or the development of the existing properties;
- The new units may be issued as decided by Northern Horizon Capital AS either by way of public offering or private placement, i.e. without publishing a prospectus.
11 investors representing 19,311,221 Baltic Horizon Fund units and 17.03% of the total votes registered as attending. 99.96% of the votes registered at the Meeting voted in favour of the resolution to approve the conditions for issuance of new units of Baltic Horizon Fund during 2020 (19,303,791 votes), one investor did not participate at the voting. There were no votes against the resolution. Thus, the resolution was adopted.
The presentation delivered at the meeting is attached. Minutes of the meeting will be posted on the Baltic Horizon Fund website within seven days.