Tallink Grupp has announced to the stock exchange that the public offering of the company’s shares will start today, 18 August 2021. Both the company’s approximately 30 000 existing shareholders as well as new investors are able to subscribe to the company’s shares until 1 September 2021 (inlc.).
According to Tallink Grupp’s press release, the public offering of the new shares is carried out simultaneously in Estonia and Finland on the basis of the prospectus approved by the Estonian Financial Supervision and Resolution Authority. The approved prospectus has been published on Tallink Grupp’s website.
As part of the public offering, the Company is offering up to 66,988,204 new shares with the issue price of 0.47 euro per one new share, which corresponds to the accounting value of the share, i.e. there is no issue premium. With the public offering of shares the company intends to increase the company’s share capital by up to EUR 31.5 million. The existing shareholders of the company have the pre-emptive right to subscribe to the new shares.
No limit has been set on subscription orders during the offering – subscriptions can be smaller or larger than the initial shareholder’s pre-emptive right. The pre-emptive subscription right gives Tallink Grupp’s existing shareholders the right to receive one new share per ten existing shares when exercising the pre-emptive subscription right as a result of the first round of the subscribed shares distribution. The shareholder’s existing stake in the company as of 17 August 2021 will count. Upon oversubscription, the company may increase the number of shares offered by 10%.
„Over the last 17 months, Tallink Grupp has actively worked on stabilising the company’s financial situation in extremely challenging conditions and, as a result of the hard work and in cooperation with good partners, we have managed to secure a strong liquidity buffer for the company to ensure we manage well through the ongoing challenges. Considering the circumstances we have found ourselves in, our position is stable, but we continue to work hard to strengthen this position and our the long-term sustainability of our company even more. The public offering of shares commencing today is the next and important step to improve the capital structure and increase the liquidity buffer of our company,“ Paavo Nõgene, CEO of Tallink Grupp said.
For investors interested in the public offering, the company is organising a webinar on Monday, 23 August at 3PM (local time), where Tallink Grupp’s CEO Paavo Nõgene, Management Board Members Harri Hanschmidt and Margus Schults and Financial Director Joonas Joost will participate and answer questions from investors. The webinar will be conducted in English and participants must register to participate at: https://attendee.gotowebinar.com/register/296706928249645326
The results of the distribution of shares following the public offering will be announced on 3 September 2021 at the latest and the first trading day of the new shares on Nasdaq Tallinn stock exchange will be 17 September 2021 and of the new FDRs on Nasdaq Helsinki on 21 September 2021.
AS Tallink Grupp is one of the leading providers of passenger transport and cargo transport services in the northern part of the Baltic Sea region. The company owns 15 vessels and operates several ferry routes under the brand names of Tallink and Silja Line. AS Tallink Grupp employs around 4,000 people in Estonia, Finland, Sweden, Latvia, Russia and Germany. The shares of Tallink Grupp are listed on the Tallinn Stock Exchange and Nasdaq Helsinki Stock Exchange.