Baltic Sea Properties AS, a Norwegian Merkur Market-listed real estate company focusing on real estate in the Baltics, has carried out a Rights Issue raising gross proceeds of NOK 48 million.
On 7 January 2018, Baltic Sea Properties AS launched a NOK 24 – 48 million Rights Issue. Following expiry of the subscription period, the company had received subscriptions for a total of 2,451,613 new shares, equaling a total subscription amount of NOK 73,548,366, representing an oversubscription of 53.23%. On this background, the board of directors has resolved to issue the maximum 1,600,000 new shares in the company, each with a nominal value of NOK 0.10, raising gross proceeds of NOK 48 million in the Rights Issue.
The net proceeds from the Rights Issue will be used to upgrade Baltic Sea Properties’ current property portfolio to secure existing cash flows, to invest in new project to secure new cash flows, as well as to strengthen the company’s equity for general corporate purposes.
Aabø-Evensen & Co Advokatfirma AS has acted as legal advisor to Baltic Sea Properties in connection with the Rights Issue.