Baltic Horizon Fund applied for temporary reduction of equity covenant in the
terms and conditions of the Bonds (the Terms and Conditions) in relation to
Baltic Horizon Fund EUR 50 million 5-year unsecured bonds maturing in 2023 (ISIN
EE3300111467; the Bonds) by way of written procedure announced on 6 July 2020.
Bondholders who were entered in the registry of bond-holders maintained by
Nasdaq CSD SE on 3 July 2020 were entitled to vote in the written procedure (the
Bondholders). A notice by Intertrust (Sweden) AB acting as the agent for
Bondholders (the Agent) was sent to the Bondholders on 6 July 2020.
Altogether Bondholders, who hold in aggregate Bonds with the nominal value of
EUR 31.202 million which is 62.40% of the aggregate nominal value of all Bonds,
participated in the written procedure for amending the Terms and Conditions.
Therefore, the quorum for adopting the decision by way of written procedure was
reached.
Amongst the participating Bondholders, those who hold Bonds in aggregate with
the Nominal Value of EUR 21.33 million which constitutes 68.36% of the aggregate
nominal value the Bonds voting, voted in favour of the following decision:
1. to amend the undertaking set out in Clause 11.3.1(a) of the Terms and
Conditions for a period until 31 July 2021 in the following wording:
(a) the Equity Ratio of the Group is twenty five (25) per cent. or greater;
2. as of 1 August 2021 the wording of Clause 11.3.1(a) will automatically
be reinstated into its initial form and be considered as in the original Terms
and Conditions, i.e.:
(a) the Equity Ratio of the Group is thirty five (35) per cent. or greater.
Therefore, the required majority for adopting a decision by way of written
procedure was reached and the decision was adopted by the Bondholders.
In accordance with Clause 14.12 of the Terms and Conditions, the adopted
decision is binding to all Bondholders whether they participated in the voting,
voted against the request or refrained from voting.
For additional information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com
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(http://www.baltichorizon.com)
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Baltic Horizon Fund is a registered contractual public closed-end real estate
fund managed by Alternative Investment Fund Manager license holder Northern
Horizon Capital AS.
Distribution: Nasdaq Tallinn, Nasdaq Stockholm, GlobeNewswire,
www.baltichorizon.com
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