Termination of Trading in Bonds
Based on a notice, published by the Financial Supervision Authority (FSA) on September 8, 2015 and addressed to the Estonian financial sector enterprises, the shareholders meeting of OÜ Finora Capital has decided to request the termination of the trading of its bonds on First North at the first possible opportunity. Respective application was submitted today to the NASDAQ OMX Tallinn AS.
According to the notice FSA views as credit institutions all enterprises whose activity is related to lending and whose activity is financed through deposits or other repayable funds that are received from the public. FSA interprets as received from the public also non-public offerings, if issued bonds are admitted to trading at any trading facility, even if actual trading with bonds is not taking place.
Finora Capital has not made any public offerings and has no plans to do so. Finora Capital plans to continue to obtain Creditors license (as described in the Creditors and Credit Intermediaries Act). With a wish to fulfill the requirements of the further detailed supervisory environment, the shareholders of Finora Capital decided to terminate bond trading on First North.
OÜ Finora Capital has issued this year through non-public offerings bonds worth 2 mio EUR. Termination of the trading will not change the conditions of the bond issue and Finora Capital will continue to service the obligations of the bonds as previously.
OÜ Finora Capital is an Estonian capital based financing company that was launched in July 2014 when the company started with offering one product - mortgage backed loans - to its customers in Estonia. Its next products, hire-purchase for private customers and factoring for SMEs were introduced in the end of 2014 and in the beginning of 2015 respectively.
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