Northern Horizon Capital AS as the management company of Baltic Horizon Fund (the Fund) has approved a cash distribution of approx. 0.96% of the Fund’s Q1 2021 weighted average net asset value to its unitholders. This equals approx. EUR 1.32 million in total and EUR 0.011 per unit. The pay-out also represents a 5.4% rolling distribution yield for the past 12 months based on the closing unit price of the last day of Q1 2021 on the Nasdaq Tallinn stock exchange.
In Q1 2021, the Fund generated an unaudited Generated Net Cash Flow (GNCF) from operations of approx. EUR 2.03 million. With a reduced payout of EUR 1.32 million in light of prevailing market uncertainty, the Fund has opted to retain EUR 0.71 million of distributable cash flow. Over the past four quarters, the Fund has increased its dividend reserve to EUR 5.07 million.
The Fund’s Management Board decided to maintain a stable distribution amount to keep pay-out ratio in line with distribution levels during the first wave of the COVID-19 pandemic in 2020. The management company believes that it is in the best interest of all unitholders and other stakeholders to reduce cash distribution during the second wave of the COVID-19 pandemic. The reduced cash distribution will improve the Fund’s liquidity which should offer additional capability to seize opportunities in the market when the economy stabilizes.
In total, the Fund has paid out EUR 7.45 million from the operating results of the last twelve months (EUR 1.70 million from Q2 2020, EUR 3.11 million from Q3 2020, EUR 1.32 million from Q4 2020 and EUR 1.32 million from Q1 2021).
Payments will be distributed from the Fund on 18 May 2021. The ex-date is on 13 May 2021. Unitholders entitled to receive distributions will be determined according to a unitholders list as of 14 May 2021 end of the business day in T2S settlement system (Record date).