Skip to main content

Results and allocation of the public offering of the EfTEN United Property Fund units

Written by Customer Service on . Posted in Public Companies.

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

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.