Baltic Horizon Fund (NHCBHFFT) Earnings Call Transcript & Summary

Hello, and good afternoon from snowy and cold Tallinn. So -- and welcome to the Extraordinary General Meeting of Baltic Horizon Fund. So the general meeting was invited in order to view and decide on the new Board members of the Supervisory Board of the fund. So we can go to the agenda of today's meeting. So first of all, I have opened the meeting and been acting as -- act as a Chairman of this meeting with Jana Karimova here as a recording secretary. Just to mention that for this meeting, we need -- in order for this first meeting to make decisions, we need 51% of power of attorneys and votes of all the investors in the fund, and that is always very difficult to achieve. So at this point, I need to announce that we have not reached the quorum for this meeting and we are not able to adopt any kind of resolutions in this meeting about the agenda, which is then the new Board members of the fund. So as well as -- also in the past, because of this quorum requirement, we can have a second meeting where the quorum requirement is different. Quorum requirement in the second meeting is basically a majority of the investors that are present in the meeting, will take the decision. So it's not the majority of all investors in the fund. So yes, as I think also mentioned in the invitation of the agenda is straightforward. It's to replace certain Board members of the fund, which have served there since 2016 with what we think our advisers that could advise us from different angles, especially in this dynamic investment environment. So perhaps for this meeting, I will also share 1 Slide about the new proposed Advisory Board before concluding the meeting and then announcing for the second meeting. So just bear with me for a moment here. So hopefully, you can see this slide. So there was information also about the new members in the invitation, but just to put more words to describe the members. So first of all, we have proposed to keep David Bergendahl as part of the Advisory or Supervisory Board still for some time, just to give some longevity for the Board. David has been an investor in the fund since the beginning -- since 2016 and has continuously experience not only in this regional real estate market, but also is a member of the Board of several Stockholm-listed real estate companies in Sweden. And then when it comes to Reimo Hammerberg, then Reimo Hammerberg is an Estonian national and he's -- and a previous lawyer who has been advising on that capacity, Baltic Horizon Fund and its predecessors, since 2010. He's today an entrepreneur and professional Supervisory Board member. Actually, Board Chairman even in different companies in Estonia and is -- has also experience in fintech and related topics. So I do expect to have very strong discussions with Reimo about where Baltic Horizon will be as a fund in the future, what if there's any kind of fintech solutions that we can apply to the fund or any other technological solutions, but as well to continue to assist us to build the future strategy in this dynamic market and advise us on various topics when it comes to as well, the discussions with bond investors or equity investors for that matter as well. Then we have Monica Hammer, which has also agreed for us to put her on the AGM for decision-making as a new Advisory Board member. Where we see her value is that she's a specialist -- a long-term specialist in the office segment and advising various stakeholders in office solutions, is aware of regional real estate trends and especially knowledgeable about where the office space is going and what are the latest solutions and trends in the market. She has also been advising or even being an interior designer in one of the Danish architects companies in the past, which has developed a modern office space in Vilnius specifically. And currently at CBRE, she has a very good understanding not only of the Baltic market, but also the Nordic market where we also like to learn from. And last but not least, Per Jenster, also an investor in Baltic Horizon Fund, also its predecessor, Baltic Opportunity Fund, since early 2010s. And he's a top professional in strategic management but professor of several institutes and universities and also a Danish person. So we believe that this Board is very sort of diverse. And it's definitely an upgrade and improvement going forward with the Advisory Board capacity which, as you may know, is not as a regular Supervisory Board, but is more of a think tank and adviser that only -- that have some obligations and rights, but it's more there to advise and work together with a fund management team when it comes to the future strategy and future growth of Baltic Horizon Fund. So hereby then I would like to propose to continue this agenda and the meeting later on. In December or today, a new invitation will go out, and we will specify the date. I know that some of the investors are having still to register their shares in respective share registries that we can see them as investors. And some of them are behind nominee accounts, especially in Sweden. So we will allow a few more days for that to happen for the second meeting so that at -- some quorum will be in place. As I mentioned, it's not 51% of all investors required in the second meeting, but 51% of votes required of the investors that are present in the meeting. So hopefully, those technicalities can also be sorted out, and then we can continue in the next general meeting. So in case of any questions or if no questions, then we can continue next time.