Market announcement
EfTEN United Property Fund / EFTEN Capital AS
LEI code
984500E070A0V4E8CO64
Size of the entity
Small group
Economic activities
Financial and Insurance Activities
Industry sector(s)
Management company
Country of registered office
Estonia
General information
Categories
Issue of new shares
Unique data record identifier
9747
Submission date and time
11.08.2022 10:09:59
Content of announcement in Estonian
Title
EfTEN United Property Fundi 40 000 osaku avaliku pakkumise tühistamine ja pakkumise lõplikud tulemused
Message
10.08.2022 otsustas EfTEN Capital AS kui EfTEN United Property Fund fondivalitseja tühistada 40 000 osaku pakkumise septembri, oktoobri, novembri ja detsembri vaheperioodidel. Fondivalitseja EfTEN Capital AS teatas 09.05.2022 börsile lepingulise fondi EfTEN United Property Fund (väärtpaberi lühinimi EFCUPFFT, ISIN kood EE3500001609) osakute avalikust pakkumisest (https://view.news.eu.nasdaq.com/view?id=b97991af7bfcd1165ef4d847b76596d56&lang= et), mille kohaselt plaaniti viie vaheperioodi jooksul (2022.a mais, septembris, oktoobris, novembris ja detsembris) pakkuda kokku 500 000 EfTEN United Property Fund osakut ning kaasata investeerimistegevuse finantseerimiseks vahendeid mahus 5,3 miljonit eurot. Seejuures oli esimesel vaheperioodil (09.05.2022 - 20.05.2022) pakutavate osakute maht kuni 460 000 osakut ning ülemärkimise korral oli fondivalitsejal õigus pakutavate osakute mahtu suurendada kuni 300 000 võrra. Esimesel vaheperioodil märgiti pakutavaid osakuid üle 2,65 kordselt ja fondivalitseja kasutas pakkumise suurendamise õigust 200 000 täiendava osaku võrra. Seega emiteeriti esimesel vaheperioodil kokku 660 000 pakutavat osakut ning kokku kaasati vahendeid mahus 7 miljonit eurot. Käesolevaks ajaks on mais kaasatud vahendid suures osas investeerimata ning fondi investeerimata vahendite maht ületab 1/3 fondi omakapitalist. ?Intresside tõus ja majanduskeskkonna halvenemine pole Baltikumi ärikinnisvara turule veel märgatavat mõju avaldanud. Kinnisvara müüjad soovivad endiselt teha tehinguid aasta algusega võrreldavatel hinnatasemetel. Seetõttu on tõenäoline, et fondi vabade vahendite hulk jääb suhteliselt suureks ka lähikuudel ning fondi ja investorite huvides ei ole kaasata järgnevatel vaheperioodidel täiendavalt vahendeid," kommenteeris EfTEN Capital AS jaeärisuuna juht Kristjan Tamla. Eeltoodut arvestades on 09.05.2022 avaldatud osakute avaliku pakkumise käigus emiteeritud lõplik uute osakute arv 660 000 osakut, mis koos varasemalt emiteeritud 1 823 860 osakuga, (so kokku 2 483 860 osakut) on noteeritud Nasdaq Tallinn väärtpaberituru Balti Fondiosakute nimekirjas alates 31. maist 2022. a. 2023. aasta alguses plaanib ETEN Capital AS avaldada Baltikumi kinnisvaraturu ettevaate ning sellest lähtuvalt otsustada täiendava kapitali kaasamise valitsetavatesse fondidesse. Kristjan Tamla Jaeärisuuna juht Tel: 655 9515 E-post: [email protected] (mailto:[email protected])
Content of announcement in English
Title
Cancellation of public offering of 40,000 units of EfTEN United Property Fund and results of the public offering
Message
On 10.08.2022, EfTEN Capital AS, as the management company of the EfTEN United Property Fund, decided to cancel the offer of 40,000 units in the following interim periods: September, October, November and December. On 09.05.2022 EfTEN Capital AS announced the public offering (https://view.news.eu.nasdaq.com/view?id=b97991af7bfcd1165ef4d847b76596d56&lang= en) of the EfTEN United Property Fund (short name of the security EFCUPFFT, ISIN code EE3500001609) units. It was planned to issue a total of 500,000 EfTEN United Property Fund units during five interim periods (May, September, October, November and December 2022) and to raise funds in the amount of 5.3 million euros for investment activities. In the first interim period (09.05.2022 - 20.05.2022) the volume of offered units was up to 460,000 units, and in case of oversubscription, the management company had the right to upsize the issue by 300,000 fund units. In the first interim period 09.05.2022 - 20.05.2022, the offered units were oversubscribed by 2,65 times and the fund management company used the right to upsize the offer by an additional 200,000 fund units. Thus, a total of 660,000 offered units were issued in the first interim period, and a total of 7 million euros were raised. For the time being, the funds raised in May 2022 are largely uninvested, and the amount of uninvested capital in the fund exceeds 1/3 of the fund's equity capital. "The rise in interest rates and the deterioration of the business climate have not yet had a noticeable impact on the commercial real estate market in the Baltics. Real estate sellers still want to make transactions at price levels comparable to the beginning of the year. Therefore, it is likely that the share of uninvested capital in the fund will remain relatively large over the coming months as well. In such environment it is not in the best interest of the fund and investors to raise additional funds in the following interim periods," commented Kristjan Tamla, head of retail business at EfTEN Capital AS. Considering the above, the final number of the issued units in the public offering as announced on 09.05.2022 is 660,000 fund units, which, together with the previously issued 1,823,860 fund units, (i.e. a total of 2,483,860 units) have been listed on the Nasdaq Tallinn Stock Exchange at the Baltic Fund list since May 31, 2022. At the turn of the year, the ETEN Capital AS plans to publish the outlook of the Baltic real estate market and, based on this, decides on raising capital in the funds it manages. Kristjan Tamla Head of Retail Phone 655 9515 E-mail: [email protected] (mailto:[email protected])