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Results and allocation of the public offering of the EfTEN United Property Fund units
On Friday (May 20, 2022), the first interim period of the public offering of the EfTEN United Property Fund units ended. The offering size was up to 460,000 offered fund units. In case of oversubscription, the management company (the EfTEN Capital) had the right to upsize the offering by 300,000 offered fund units.
Investors submitted a total of 2,716 subscription orders and subscribed for 1,217,730 offered fund units. Thus, the volume of the offer was recorded more than 2.65 times.
"EfTEN has always followed the principle not to raise more capital from investors than can be deployed in a reasonable time frame. As a result, the management company decided to use the upsizing option only partially, by 200 000 units, and to issue a total of 660 000 offered fund units during the first interim period”, commented Kristjan Tamla, Head of Retail at the EfTEN Capital AS.
The offer price per offered fund unit (NAV of the EfTEN United Property Fund as of 30.04.2022) is 10.62 euros The fund will therefore raise a total of EUR 7 million.
In allocation of the offering the management company prefers the existing unit-holders of the EfTEN United Property Fund. New investors will be allocated 100% of the subscribed fund units up to 200 units while the existing investors will be allocated 100% of the subscribed fund units up to 500 fund units. As a result, 83% of investors will receive their subscribed fund units in full. The remaining part of the offering shall be distributed by the Management Company in accordance with the principles set out in the offer prospectus, taking into account: (i) the demand for the offered units; (ii) the size and statistical distribution of subscription orders. As a result, investors will receive on average of 47% of their subscribed for the remainder of the offer. When determining the distribution of offered units, the allotment was rounded to the nearest whole number.
The offered units to be distributed to investors are expected to be transferred to the investors' securities accounts on or about May 25, 2022. Trading in EfTEN United Property Fund units on the Nasdaq Tallinn Baltic Fund List is expected to begin on or about May 31, 2022.
Kristjan Tamla
Head of Retail
Phone 655 9515
E-mail: kristjan.tamla@eften.ee
