On 13 February 2025, Baltic Horizon Fund (the "Fund") disclosed the plan to terminate the Fund's Swedish Depositary Receipts ("SDR") program and delist the SDR from Nasdaq Stockholm: https://view.news.eu.nasdaq.com/view?id=1342914&lang=en.
Today, the issuer of SDRs, Nordic Issuing AB, has sent a notice of termination to the SDR holders under section 17.1 of the terms and conditions of the SDR-s (Nordic Issuing AB's General Terms and Conditions for Swedish Depository Receipts regarding fund units in Baltic Horizon Fund, the "Terms", available on https://www.baltichorizon.com/wp-content/uploads/2022/12/Terms-and-conditions-for-SDR.pdf). Investors are hereby notified that the SDRs will be terminated on 14 October 2025, which is the record date (the "Record Date") for de-registration of the SDRs from the Euroclear Sweden register.
As a result of the termination, every holder of the SDR must decide before the Record Date if they will sell their SDRs or convert them into the fund units held in Nasdaq CSD by giving respective notice to Nordic Issuing AB. Where no decision has been made by the holder before the Record Date, mandatory conversion will take place, provided that the respective investor has the ability to hold fund units. If the mandatory conversion is technically impossible, the underlying fund units of the remaining SDRs will be sold by Nordic Issuing AB according to section 17.2 of the Terms. Such SDR holder shall be entitled to the sale proceeds following deduction for reasonable costs, fees and taxes.
The timeline for the termination of the SDRs is set out below:
- 8 October 2025 - Last day of trading in the SDR on Nasdaq Stockholm
- 14 October 2025 - Record Date in Euroclear Sweden for the de-registration of the SDRs
- Following the Record Date, any remaining SDRs will be mandatorily converted into fund units, or, if the conversion is not possible, the underlying fund units represented by SDRs on the Record Date will be sold by Nordic Issuing AB.
In order to convert the SDRs into fund units, an investor holding the SDRs through a nominee account (the nominee-registered holder) should contact their bank, and an investor holding the SDRs directly (the direct-registered holder) should contact Nordic Issuing at info@nordic-issuing.se.
The Fund invites holders of the SDRs to join its investor conference webinar on the delisting, where more information will be provided on the termination and de-listing, scheduled at 14:00 (local Estonian time) on 14 April 2025.
To join the webinar, please register via the following link: https://nasdaq.zoom.us/webinar/register/WN_WA1udEFxSBO0QkxvXmz-ig
You will be provided with the webinar link and instructions how to join successfully. The webinar will be recorded and available online for everyone at the company's website on www.baltichorizon.com.
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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