Ellex has advised Tallink Grupp on the public offering of new company shares in Estonia and Finland.
Tallink Grupp provides mini-cruise and passenger transport services in the northern Baltic Sea region and roll-on/roll-off cargo services on selected routes. According to Ellex, "with the public offering, Tallink plans to increase the group’s share capital by up to EUR 31,5 million. The current shareholders of the company have the pre-emptive right to subscribe for new shares."
“Tallink Group’s position is stable considering the circumstances, but we continue to work to further ensure sustainability. The public offering of shares has started as the next and important step to improve the capital structure of our company and increase the liquidity buffer,” commented Tallink Grupp Management Board Chairman Paavo Neogene.
As the offering was three times oversubscribed, the company exercised its right to increase the number of shares offered by 10%, up to 73,687,024 shares, with a corresponding book value of EUR 34.6 million. The new securities are expected to start trading on the Tallinn Stock Exchange on September 17 and on the Helsinki Stock Exchange on September 21.
The Ellex team included Partner Gerli Kivisoo and Senior Associate Alla Kuznetsova.