Sorainen Estonia advised Northern Horizon Capital in connection with a secondary public offering and listing of units of the Baltic Horizon Fund on Nasdaq Stockholm stock exchange. Units of the Baltic Horizon Fund have been listed on Nasdaq Tallinn stock exchange as of 6 July 2016 and from 23 December 2016 are additionally listed on Nasdaq Stockholm. Baltic Horizon Fund is the first alternative investment fund to be listed on Nasdaq Stockholm’s new list for alternative investment funds (AIFM market).
The transaction involved offering units to retail and professional investors in Estonia, Sweden, Denmark and Finland as well as to professional investors in certain other European countries under the AIFM Directive regime, and to other types of investor under exemptions available in specific countries where units were marketed.
Baltic Horizon Fund is a real estate fund with a focus on commercial properties in the capitals of the Baltic States. It is managed by licensed alternative investment funds manager Northern Horizon Capital.
Sorainen advised the client throughout the process, including drafting and registering the prospectus, applying for retail licences in Finland and Denmark and in discussions and negotiations with the Estonian Financial Supervision Authority, Euroclear Sweden AB, Nasdaq Tallinn and the managers of the offering. This was the first dual listing between Nasdaq Tallinn and Nasdaq Stockholm and required resolving several novel legal issues related to settlement and transactions between the two markets.
The Sorainen team assisting the client consisted of partner Reimo Hammerberg, associates Kadi Sink, Kristina Promet and others.