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Tallink acquires 142,500 own shares within week

Tallink CEO Paavo Nõgene.
Tallink CEO Paavo Nõgene. Source: Siiim Lõvi/ERR

Listed Estonian shipper Tallink acquired 142,500 of its own shares between 2 and 8 November. The company is getting ready to get listed on the Nasdaq Helsinki stock exchange.

The shipper announced on 1 November that it will spend a maximum of €500,000 starting 2 November in order to ensure liquidity in its secondary listing on Nasdaq Helsinki, which is estimated to happen in the beginning of December. Over the course of the week, Tallink acquired 142,500 of its own shares at an average price of €0.999, the company told the stock exchange.

The turnover of Tallink shares in the same week reached €792,400, with some 18% of it coming from the company's own transactions. In the same period, the price of the share rose by 1.11% to €1.005.

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.

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.

Editor: Dario Cavegn

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