Tallink stock offering oversubscribed three-fold

Tallink ferry.
Tallink ferry.

The public offering of shares by listed Estonian shipper Tallink Grupp in Estonia and Finland was oversubscribed 3.1 times, and as a result of the offering the company's share capital increased by €34.6 million.

By a decision of the supervisory board, 73,687,024 new shares of Tallink Grupp are distributed among investors. More than 4,500 new shareholders were added, Tallink informed the stock exchange on Friday. 

The offering of new shares was primarily aimed at the group's approximately 30,000 existing shareholders, who had a pre-emptive subscription right, but all other parties interested in investment could also participate in the offering.

As part of the public offering, the company offered a total of 66,988,204 ordinary shares without par value at an issue price of 47 cents per share. The purpose of the public offering was to increase the company's share capital by up to €31.5 million. 

As a result of the offering, a total of 12,020 investors subscribed for 205,578,645 new Tallink shares, which means that the offering was subscribed more than 3.1 times. Therefore, Tallink Grupp decided to exercise the right to increase the number of shares offered by 10 percent, to up to 73,687,024 shares. 

Tallink Grupp CEO Paavo Nõgene said in a statement the management board's pleasure and gratitude on the lively interest that the offering attracted in investors demonstrate shareholder confidence and investor trust in the company and its future.

"Tallink has weathered the pandemic well, preserved investors' assets, and we are making contributions to the company's development on a daily basis to meet investors' expectations after the pandemic," the CEO said. 

After the share offering, Tallink has approximately 34,000 shareholders.

The settlement for and delivery of the new shares to investors in Estonia is expected to occur on September 9, 2021. Trading in the new shares on Nasdaq Tallinn is expected to start on or about Sept. 17. The settlement and delivery of the new shares in the form of FDRs to investors in Finland as well as the first date of trading in the new shares in the form of FDRs on Nasdaq Helsinki is expected to occur on September 21, 2021.


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Editor: Roberta Vaino

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