Market announcement
Baltic Horizon Fund / Northern Horizon Capital AS
LEI code
5299008IKT93E4SA0G49
Size of the entity
Small undertaking
Economic activities
Financial and Insurance Activities
Industry sector(s)
Management company
Country of registered office
Estonia
General information
Categories
Announcement of General Meeting
Unique data record identifier
17953
Attachments
Submission date and time
14.11.2025 15:10:01
Content of announcement in Estonian
Title
Baltic Horizon Fondi investorite üldkoosolek: teade investoritele
Message
Northern Horizon Capital AS (uue ärinimega Baltic Horizon Capital AS, edaspidi
ka ?Fondivalitseja") kutsub Baltic Horizon Fondi (edaspidi ka ?Fond")
osakuomanikke (edaspidi ?Investorid") osalema Fondi erakorralisel üldkoosolekul
(edaspidi ?Üldkoosolek"), mis toimub 8. detsembril 2025.a algusega kell 14:00
(kohaliku Eesti aja järgi). Koosolek toimub Advokaadibüroo Sorainen OÜ kontoris
asukohaga Rotermanni 6, 5. korrus, Tallinn, Eesti. Koosolekule registreerimine
algab kell 13:30. Üldkoosolek toimub inglise keeles.
Lisaks pakume Investoritele Üldkoosoleku jälgimiseks võimaluse osaleda
Üldkoosolekut kajastaval veebiseminaril 8. detsembril 2025.a kell 14:00.
Investoritel palutakse anda volitus koos hääletamisjuhistega, et kasutada oma
õiguseid Investorina. Soovitame Investoritel kaaluda fondijuhi Tarmo Karotami
määramist enda volitatud esindajaks (vt allpool esitatud juhised ja lisas 1
esitatud näidist).
Veebiseminaril osalemiseks palume teil registreerida järgneva lingi kaudu:
https://zoom.us/webinar/register/WN_L5O51HzUTTGDxujShQF1LQ#/registration
Teile saadetakse link ning juhised veebiseminariga liitumiseks. Veebiseminar
salvestatakse ning on kõigile kättesaadav meie veebilehelt www.baltichorizon.com
(https://www.baltichorizon.com/et/).
Üldkoosolek kutsutakse kokku juhindudes Baltic Horizon Fondi reeglite punktidest
8.3, 8.7, 10.3.1, 10.4 ja 10.6 ning investeerimisfondide seaduse paragrahvi 47
lõikest 1 ja paragrahvi 55 lõikest 9.
Baltic Horizon Fondi osakute ja häälte koguarv on 143 562 514.
Päevakord
1. Otsus uute osakute emiteerimise kohta 2026. aasta esimeses kvartalis Baltic
Horizon Fondi bilansi tugevdamiseks.
Palume Investoritel saata päevakorra punktidega seotud küsimused ja märkused
fondijuhi e-maili aadressile [email protected]
(mailto:[email protected]) hiljemalt 1. detsembril 2025.a.
Fondivalitseja vastab küsimustele ja märkustele Üldkoosoleku ajal.
Fondivalitseja ettepanek seoses päevakorra punktiga
Võttes arvesse järgnevaid asjaolusid:
* Baltic Horizon Fondi käesolev finantsvõimendus ei ole pikas perspektiivis
jätkusuutlik ja kuluka võlakoormuse vähendamine on kõigi Investorite
huvides;
* Finantsvõimenduse vähendamiseks on Fondil vaja kaasata kapitali uute osakute
emiteerimise teel;
* Paljude Investorite varasema tagasiside põhjal soovib Fondivalitseja pakkuda
olemasolevatele Investoritele eelisõigust, et vältida osaluse lahjenemist;
* Soovitatud hind võtab arvesse mõistlikku allahindluse ootust, et tagada
edukas märkimine;
teeb Fondivalitseja osakuomanikele ettepaneku võtta vastu järgmine otsus.
1. Otsus uute osakute emiteerimise kohta 2026. aasta esimeses kvartalis, et
tugevdada Baltic Horizon Fondi bilanssi.
Fondivalitseja teeb Üldkoosolekule ettepaneku võtta vastu otsus emiteerida kuni
169 147 497 uut Baltic Horizon Fondi osakut järgmistel tingimustel:
a. Avalik pakkumine korraldatakse ainult Eestis. Uusi osakuid pakutakse ainult
olemasolevatele Baltic Horizon Fondi Investoritele, st isikutele, kes on
osakuomanike registrisse kantud Nasdaq CSD SE tööpäeva lõpu seisuga
pakkumisperioodi esimesele päevale eelneval tööpäeval (edaspidi
?olemasolevad Investorid").
b. Olemasolevatel Investoritel on eelisõigus märkida uusi osakuid
proportsionaalselt oma osakute koguarvuga, mis ei piira ega välista
olemasolevate Investorite õigust märkida uusi osakuid väiksemates kogustes
või üldse mitte märkida uusi osakuid. Eelisõigusega pakkumise tehnilised
üksikasjad ja jaotamise põhimõtted avaldatakse pakkumise väljakuulutamisel.
c. Uued osakud emiteeritakse hinnaga 0,1478 eurot osaku kohta, mis vastab 30%
allahindlusele osaku sulgemishinnast Nasdaq Tallinna börsil 13. novembril
2025.
d. Uute osakute emiteerimisest saadud tulu kasutatakse Baltic Horizon Fondi
portfelli võlakoormuse vähendamiseks ja/või vara parendamise kulude katteks.
e. Uued osakud emiteeritakse 2026. aasta esimeses kvartalis, siis ja kui
Fondivalitseja nii otsustab. Selguse huvides märgitakse, et Fondivalitsejal
on õigus otsustada, kas korraldada uute osakute emiteerimine või mitte.
Õigus Üldkoosolekul ametlikult osalemiseks ja teavitus osalemisest
Üldkoosolekul osalemiseks on õigustatud Investor, kelle nimel on Baltic Horizon
Fondi osakuomanike Nasdaq CSD SE poolt peetavas registris registreeritud Baltic
Horizon Fondi osakuid 10 päeva enne Üldkoosoleku toimumist, s.o 28. november
2025.a tööpäeva lõpu seisuga.
Palume Investoritel, kelle nimel on Fondi osakud registreeritud, teatada oma
Üldkoosolekul osalemisest e-posti aadressil [email protected]
(mailto:[email protected]) hiljemalt 1. detsembril 2025.a. Teavitus peab
sisaldama Investori nime, isikukoodi (juriidilise isiku puhul registrikoodi),
aadressi ja esindatud osakute arvu; samuti, juhul kui see on asjakohane,
Üldkoosolekul osaleva esindaja informatsiooni koos tema nime ja isikukoodiga.
Üldkoosolekul esindaja osalemine ei välista Investori enda õigust osaleda
Üldkoosolekul.
Volikirja alusel esindamine
Palume Investoritel, keda esindatakse Üldkoosolekul volikirja alusel, esitada
selleks kirjalik volikiri eesti või inglise keeles (käesoleva teate lisa nr 1 on
vastava volikirja näidis).
Volikirja koopia tuleb saata e-posti aadressile [email protected]
(mailto:[email protected]) koos teavitusega soovist Üldkoosolekul osaleda.
Juhul, kui volikirja on andud juriidiline isik, tuleb esitada ka kinnitatud
koopia registrikaardist või sellega võrdsest dokumendist ja kui asjakohane, siis
ka kinnitatud koopia dokumendist, mis tõendab volikirja allkirjastanud isiku
esindusõigust.
Kuivõrd Baltic Horizon Fond on registreeritud Eestis, juhime tähelepanu, et
teatud juhtudel võib olla vajalik volikirja ja juriidilise isiku registrikaardi
notariaalne või apostilliga kinnitamine (näiteks kohaldub apostilliga
kinnitamise nõue Soomes ja Rootsis välja antud notariaalselt kinnitatud
volikirjadele).
Instruktsioonid Üldkoosoleku päevaks
Palume Üldkoosolekul osalejatel olla valmis esitama isikut tõendav dokument
(pass või ID kaart) ning esindaja puhul ka esindusõiguse aluseks oleva volikirja
originaaldokument eesti või inglise keeles. Juhul kui Investor on juriidiline
isik, palume esitada eesti- või inglisekeelsed dokumendid, mis tõendavad
Investori esindamise õigust ja kui asjakohane, siis volikirja allkirjastanud
isiku esindusõigust.
Fondivalitseja kasutab volikirjadest kogutud andmeid ja Nasdaq CSD SE poolt
peetavat osakuomanike registrit Üldkoosolekule registreerimiseks ja
hääletusnimekirja koostamiseks.
Lisa 1:
Volikirja näidis Üldkoosolekul Investorite õiguste teostamiseks (eesti keeles)
Volikirja näidis Üldkoosolekul Investorite õiguste teostamiseks (inglise keeles)
Lisainformatsiooni saamiseks palume kontakteeruda:
Tarmo Karotam
Baltic Horizon fondijuht
E-mail: [email protected]
www.baltichorizon.com
Baltic Horizon Fond on registreeritud lepinguline avalik kinnine kinnisvarafond,
mida valitseb alternatiivfondivalitseja Northern Horizon Capital AS.
Avaldamine: GlobeNewswire, Nasdaq Tallinn, www.baltichorizon.com
(http://www.baltichorizon.com)
Saamaks börsiteateid ning uudiseid Baltic Horizon Fondilt tema projektide,
plaanide ja muu kohta registreeruge aadressil www.baltichorizon.com
(http://www.baltichorizon.com). Samuti on teil võimalik Baltic Horizon Fondi
jälgida aadressil www.baltichorizon.com (http://www.baltichorizon.com) ning
LinkedIn (https://www.linkedin.com/company/baltic-horizon/), Facebook
(https://www.facebook.com/baltichorizon), X (https://x.com/BalticHorizon) ja
(https://www.facebook.com/baltichorizon) YouTube
(https://www.youtube.com/@baltichorizon/featured) keskkondades.
Content of announcement in English
Title
Baltic Horizon Fund General Meeting - notice to Investors
Message
Northern Horizon Capital AS (new business name Baltic Horizon Capital AS,
hereinafter the "Fund Manager") invites Baltic Horizon Fund unit-holders
(hereinafter the "Investors") to attend an extraordinary General Meeting
(hereinafter the "General Meeting") of Baltic Horizon Fund on 8 December 2025 at
14:00 (local Estonian time) at the office of Advokaadibüroo Sorainen OÜ at
Rotermanni 6, 5th floor, Tallinn, Estonia. Registration for the meeting will
begin at 13:30. The General Meeting will be held in English.
Investors are invited to join the webinar to view the General Meeting online on
8 December 2025 at 14:00. Investors are invited to issue a power of attorney
with instructions for voting to exercise their rights as an Investor. We propose
that the Investors consider designating fund manager Tarmo Karotam as their
authorised representative (please see instructions below and templates at Annex
1).
To join the webinar, please register via the following link:
https://zoom.us/webinar/register/WN_L5O51HzUTTGDxujShQF1LQ#/registration
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
(https://www.globenewswire.com/Tracker?data=O5ieMgP1rXupUlAxnfA4O4EY2CzcV709KZhO
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The meeting is convened in accordance with sections 8.3, 8.7, 10.3.1, 10.4 and
10.6 of the Rules of Baltic Horizon Fund and sections 47-1 and 55-9 of the
Investment Funds Act of Estonia.
The total number of units and votes in Baltic Horizon Fund amounts to
143,562,514.
Agenda
1. Resolution on the issuance of new units during Q1 2026 in order to
strengthen the balance sheet of Baltic Horizon Fund.
Investors are invited to send questions and comments on the agenda item to the
Baltic Horizon fund manager at [email protected] by 1 December
2025. The Fund Manager will respond to the questions and comments at the meeting
itself.
The Fund Manager´s proposal on the agenda item
Taking into account the following circumstances:
* Current leverage of Baltic Horizon Fund is not sustainable over long-term
and the reduction of the expensive debt is in the interest of all unit-
holders;
* In order to decrease the leverage, a capital raising by way of new unit
issuance is necessary for the fund;
* Based on historical feedback by many investors the Fund Manager wishes to
offer existing investors a pre-emptive right in order to avoid dilution;
* The suggested price takes into account an expectation of reasonable discount
to ensure successful placement.
the Fund Manager suggests the following resolution to be adopted by the unit-
holders.
1. Resolution on the issuance of new units during Q1 2026 in order to strengthen
the balance sheet of Baltic Horizon Fund.
The Fund Manager proposes that the General Meeting resolve to issue up to
169,147,497 new Baltic Horizon Fund units under the following conditions:
a. The public offering will be arranged only in Estonia. The new units will be
offered only to existing Baltic Horizon Fund investors, i.e. persons entered
in the unit-holders' register as of the end of the Nasdaq CSD SE working day
preceding the date of the first day of the offering period (hereinafter the
?Existing Investors").
b. The Existing Investors have the pre-emptive right to subscribe for new units
in proportion to the total number of their units, which does not limit or
exclude the Existing Investors' right to subscribe for new units in smaller
quantities or not to subscribe for new units at all. Technical details and
allocation principles of the pre-emptive offer will be published once the
offering is announced.
c. The new units are to be issued at a price of EUR 0,1478 per unit,
corresponding to a 30% discount to the closing price of the unit on Nasdaq
Tallinn on 13 November 2025.
d. Proceeds from the issuance of new units will be used for deleveraging Baltic
Horizon Fund´s portfolio and/or asset enhancement expenditures.
e. The new units will be issued during Q1 2026, if and as decided by the Fund
Manager. For the avoidance of doubt, the Fund Manager shall have the
discretion to decide whether or not to arrange the issuance of new units.
Participation - requirements and notice
Investors who are entered in the Baltic Horizon Fund registry of unit-holders
maintained by Nasdaq CSD SE ten days before the date of the General Meeting,
i.e. at the end of business of Nasdaq CSD SE on 28 November 2025, are entitled
to participate in the meeting.
In order to facilitate the registration process, investors whose units are
registered in their own name are invited to provide notice of their attendance
by 1 December 2025 to [email protected] (mailto:[email protected]).
Notice should include name, personal identification number (or the registration
number of the legal person), address, number of units represented and, if
applicable attendance of any representatives, along with the name and personal
identification number of the representatives. The attendance of a representative
does not deprive the unit-holder of the right to participate at the meeting.
Representation under a power of attorney
Investors whose representatives are acting under a power of attorney are
requested to prepare a written power of attorney for the representative in
Estonian or English (templates can be found at Annex 1).
A copy of the executed power of attorney should be sent
to [email protected] (mailto:[email protected]) together with the
notice of participation. In case the power of attorney is issued by a legal
person, a certified copy of the registration certificate (or equivalent
certificate of authority) shall also be submitted together with, as applicable,
the documents certifying the authority of the representative in case the power
of attorney is signed by a person under a power of attorney.
Baltic Horizon Fund is registered in Estonia, which means that any power of
attorney (or any certified copy of the registration certificate of a legal
person) issued in a foreign country should be notarised and accompanied by an
apostille. The apostille requirement applies, for example, to powers of attorney
issued and notarised in Sweden or Finland.
Instructions for the day of the General Meeting
We kindly ask Investors to bring a personal identification document, and for
their representatives also to present the original written power of attorney in
English or Estonian. In case the Investor is a legal person, documentation in
Estonian or English certifying the authority of the Investor's representative or
the signatory of the power of attorney will also be requested.
Data collected by the Fund Manager from powers of attorney, and the unit-holders
registry maintained by Nasdaq CSD SE will be used for the purpose of
registration and preparing the voting list for the meeting.
Annex 1:
Form of power of attorney to appoint a representative for the general meeting
(in Estonian)
Form of power of attorney to appoint a representative for the general meeting
(in English)
For additional information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected] (mailto:[email protected])
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. Both the Fund and the Fund Manager are supervised by the
Estonian Financial Supervision and Resolution Authority.
Distribution: Nasdaq, GlobeNewswire, www.baltichorizon.com
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To receive Nasdaq announcements and news from Baltic Horizon Fund about its
projects, plans and more, register on www.baltichorizon.com
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