Tallink to list shares on Helsinki Stock Exchange in December ({{commentsTotal}})

The MS Megastar departing Tallinn for Helsinki.
The MS Megastar departing Tallinn for Helsinki. Source: Andres Raudjalg/Tallink

Listed Estonian shipper AS Tallink Grupp announced on Thursday that it intends to list its shares on Nasdaq Helsinki, otherwise known as the Helsinki Stock Exchange (HSE) and is aiming for the commencement of trading on or around 3 December.

Tallink has announced its intention to list the company's shares in the form of Finnish depository receipts (FDRs) on the HSE by the end of 2018, Tallink told the Tallinn Stock Exchange (TSE). The company's shares will continue to be listed on Nasdaq Tallinn despite the contemplated secondary listing on the Nasdaq Helsinki.

The company has concluded an issuer agreement with Nordea Bank Abp, which will act as an issuer agent for the FDRs on behalf of the company. Tallink has engaged Nordea Bank Abp, through its Denmark branch, to provide liquidity provision services as of the commencement of the trading on Nasdaq Helsinki. The company is aiming for the commencement of trading on Nasdaq Helsinki on or around 3 December.

This timetable, however, is subject to possible delays and dependent on actions and decisions of third parties, which is why the company cannot ensure the fulfillment of this time schedule. The secondary listing on Nasdaq Helsinki requires certain approvals by both Nasdaq Helsinki and the Finnish Financial Supervisory Authority. The company will provide an update on the status of the approvals as they progress.

No public offer of the FDRs by the company on Nasdaq Helsinki will take place with the contemplated secondary listing of the FDRs, and the company will not issue any new shares in relation to the contemplated secondary listing of the FDRs, Tallink said.

Within the framework of the share buy-back conditions, approved by the company's annual general meeting on 9 June 2015, beginning 2 November, the company will acquire its own shares in the maximum amount of €500,000 and convert these shares into FDRs.

Shareholders to be given opportunity to convert shares

A portion of the acquired shares will be used as part of an FDR reward programme for a select group of employees of Tallink Silja Oy and Tallink Silja AB which was approved by the management board of the company on 1 November. The remaining acquired shares are intended to be used to ensure readiness to, if needed, support the liquidity of the FDRs on Nasdaq Helsinki.

Subject to the company receiving the regulatory approvals for the secondary listing, Tallink shareholders will have the opportunity to convert their shares in the company to FDRs beginning on a date to be announced by the company.

OP Corporate Bank plc is acting as the Finnish financial adviser and Swedbank AS as the Estonian financial adviser to the company in connection with the listing and issuance of FDRs. Ellex Raidla is acting as the legal adviser for Tallink in Estonia and Roschier, Attorneys Ltd. as legal adviser to the company in Finland.

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Editor: Aili Vahtla



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