Baltic Horizon Fund (NHCBHFFT) EGM 2025 summary
Event summary combining transcript, slides, and related documents.
EGM 2025 summary
28 Aug, 2026Opening remarks and agenda
Meeting held in Tallinn and online, with Tarmo Karotam as manager and Jana Karimova as secretary; EGM scheduled for 8 December 2025, with a repeat meeting set for 16 December 2025 due to lack of quorum.
Main agenda: proposal to issue new units in Q1 2026 to strengthen the fund's balance sheet and repay bonds.
Specific resolutions to be voted on
Proposal to raise €25 million via an offering to existing investors, issuing up to 169,147,497 new units at EUR 0.1478 per unit, a 30% discount to the 13 November 2025 closing price.
Minimum subscription threshold set at €7.5 million; if not met, the offering may be terminated as it would not meet covenants.
Offering is pro rata, with no preferential treatment; each investor can subscribe up to their current share, and no allocation of unsubscribed units beyond proportional ownership.
Shareholder proposals specific to EGM
Majority of investors present support the proposal, but quorum was not met; a repeat meeting is scheduled for December 16, 2025.
Latest events from Baltic Horizon Fund
- Like-for-like NOI rose 12%, while debt refinancing and bond redemption remain priorities.NHCBHFFT
Q3 2026 - €21.876m in valuation losses drove a €22.973m loss; refinancing is a 2024 priority.NHCBHFFT
Q4 2023 - Quorum failure delayed proposed board appointments, fees and recalls to a 21 Dec meeting.NHCBHFFT
EGM 2023 - Three board appointments and three recalls passed with at least 99.4% support.NHCBHFFT
EGM 2023 - Profitability restored in H1 2026 with improved cash flow and reduced leverage, despite occupancy challenges.NHCBHFFT
Q2 2026 - Board changes, mandate extensions, and asset sales prioritized for financial turnaround.NHCBHFFT
AGM 2026 - Resolution to issue up to 169 million new units at EUR 0.1478 each passed with 93% approval.NHCBHFFT
EGM 2025 - Occupancy reached 84.2% as net loss narrowed and asset disposals and cost controls continued.NHCBHFFT
Q2 2025 - Net loss narrowed to EUR 16.8m as focus shifts to occupancy, disposals, and leverage reduction.NHCBHFFT
Q4 2024