Observation status of AS Baltika supplemented with additional reason
Tallinn, Estonia, 2020-03-27 10:25 CET --
Nasdaq Tallinn decided on March 27, 2020 to apply an additional reason for applied observation status to AS Baltika shares (BLT1T, ISIN code: EE3100145616) based on the clause 184.108.40.206 of chapter Supervision of the rules and regulations (Supervision Rules).
Based on sub-sections of the clause 3.5. of the Supervision Rules of Nasdaq Tallinn, the exchange has right to add an observation status to a share and to the trading information displayed on the web site to draw the market participants' attention to significant circumstances related to a security or an issuer.
According to Supervision Rules clause 220.127.116.11 the observation status can be added in the case of admittance by the issuer to its insolvency or permanent solvency problems of the issuer.
On 27.03.2019 AS Baltica announced that Baltika Group is having solvency problems, which according to Baltika are temporary by them nature. In order to overcome the above mentioned difficulties, Baltika has applied for the commencement of reorganisation proceedings. Baltika is in the opinion that as a result of the reorganisation proceedings and the measures taken in these proceedings, Baltika will be able to overcome its economic difficulties and restore its liquidity, improve profitability and ensure its sustainable management. The court has set a date to present the reorganisation plan to the court for approval by June 1, 2020.
The observation status to AS Baltika shares is applied as of March 21, 2019 based on the clause 18.104.22.168 of chapter Supervision of the rules and regulations (Supervision Rules).
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Nasdaq Baltic is a common name for exchanges, regulated markets, alternative markets First North operated by Nasdaq companies in the Baltic states, i.e. Nasdaq Tallinn AS, Nasdaq Riga AS and AB Nasdaq Vilnius.