Market announcement
EfTEN Real Estate Fund AS
LEI code
4851000008JBI71L7643
Size of the entity
Medium group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Management company
Country of registered office
Estonia
General information
Categories
Other corporate action
Unique data record identifier
8986
Submission date and time
10.08.2021 08:00:00
Content of announcement in Estonian
Title
EfTEN Real Estate Fund III AS-i ja EfTEN Kinnisvarafond AS-i ühinemise ettevalmistamise lõpetamine
Message
09.08.2021 võttis fondi nõukogu vastu otsuse EfTEN Real Estate Fund III AS-i ja EfTEN Kinnisvarafond AS-i ühinemist mitte läbi viia ning andis fondi juhatusele ja fondivalitsejale juhised kavandatud ühinemise ettevalmistamise lõpetamiseks. Varasemalt on fond 15.01.2020 teatanud börsile EfTEN Real Estate Fund III AS-i kui ühendava fondi ja EfTEN Kinnisvarafond AS-i kui ühendatava fondi ühinemislepingu sõlmimisest, mille eesmärgiks oli ühendada EfTEN Kinnisvarafond AS likvideerimismenetluseta EfTEN Real Estate Fund III AS-ga ning seejärel 26.03.2020 seoses COVID-19 leviku ja eriolukorra kehtestamisega ühinemislepingu lõpetamisest. Fondi juhatus teavitas 2021. aasta kevade korralisel üldkoosolekul aktsionäre, et plaanib anda ühinemisele uue ärilise hinnangu 2021. aasta kolmandas kvartalis. Arvestades mõlema fondi pikaajalist majanduslikku strateegiat, lähtuti 2020. aastal ühinemise ettevalmistamisel asjaolust, et sobilik ja asjakohane on aktsiate asendussuhte määramisel lähtuda EPRA vara puhasväärtusest, mida mõlema fondi puhul arvutatakse samasuguste põhimõtete kohaselt. Ühinemise ettevalmistamisega jätkamisel käesoleval aastal, sh eelnevalt ühinemise aluseks olnud asjaolude ja käesoleva olukorra analüüsimisel olukorras, kus EfTEN Real Estate Fund III AS aktsia kaupleb börsil märkimisväärse preemiaga fondi EPRA vara puhasväärtuse osas, on selgunud, et ei ole võimalik fonde ühendada võrdsetel majanduslikel alustel kasutades aktsiate asendussuhte määramiseks mõlema fondi EPRA vara puhasväärtust. Fondivalitseja ülesandeks on tagada mõlema fondi aktsionäride huvide parim kaitse ja ühinemine pole olnud kummagi fondi jaoks otsene vajadus vaid võimalus. EPRA NAV'i baasilt aktsiate asendussuhte arvutamine on kõige objektiivsem ning muule hinnale tuginedes ei pruugi olla täielikult tagatud mõlema fondi aktsionäride parimate huvide kaitse. Sellest tulenevalt otsustati lõpetada EfTEN Real Estate Fund III AS-i ja EfTEN Kinnisvarafond AS-i ühinemise ettevalmistused. Viljar Arakas Juhatuse liige Tel. 655 9515 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
Termination of the preparation of the merger of EfTEN Real Estate Fund III AS and EfTEN Kinnisvarafond AS
Message
On 09.08.2021, the supervisory board of the fund adopted the resolution to not go ahead with the merger of EfTEN Real Estate Fund III AS and EfTEN Kinnisvarafond AS and gave the management board of the fund and the management company the instructions for terminating the preparation of the planned merger. Previously, the fund disclosed to the stock exchange the entry into a merger agreement between EfTEN Real Estate Fund III AS (the acquiring company) and EfTEN Kinnisvarafond AS (the company being acquired) on 15.01.2020. The objective of the merger was to merge EfTEN Kinnisvarafond AS with EfTEN Real Estate Fund III AS without initiating liquidation proceedings. Thereafter, on 26.03.2020, the fund announced the termination of the merger agreement due to the spread of COVID-19 and the declaration of an emergency situation. During the annual general meeting in spring 2021, the management board of the fund informed shareholders that is was planning to provide a new business assessment concerning the merger in Q3 2021. Taking into consideration the long-term economic strategy of both funds, the preparation of the merger in 2020 was based on the fact that when determining the exchange ratio, it would be appropriate and relevant to proceed from the EPRA net asset value, which is calculated on the basis of similar principles for both funds. During the preparation of the merger which continued this year, including in the circumstances serving as the basis for the merger beforehand and, upon analysing the present condition in a situation where the shares of EfTEN Real Estate Fund III AS are trading on the stock exchange with a notable premium with regard to the EPRA net asset value of the fund, it has become apparent that it is impossible to merge the funds on equal economic grounds by using the EPRA net asset value of both funds for determining the shares exchange ratio. The task of the management company is to ensure the best protection of the interests of the shareholders of both funds, and merger was never an immediate necessity for either fund; it was instead a possibility. Calculating the shares exchange ratio on the basis of the EPRA NAV is the most objective method while the protection of the best interests of the shareholders of both funds may not be completely ensured by relying on other prices. Therefore, a resolution was adopted in order to terminate the preparations for the merger of EfTEN Real Estate Fund III AS and EfTEN Kinnisvarafond AS. Viljar Arakas Member of the Management Board Phone: 655 9515 E-mail: [email protected] (mailto:[email protected])