The Annual General Meeting of shareholders of EfTEN Real Estate Fund AS was held on 8 April 2025 in the Radisson Collection Hotel Conference Center (2nd floor, Tallinn, Rävala 3).
A total of 130 shareholders attended the meeting representing 8,496,764 votes, i.e. 74.49% of the total votes were represented. Of the participants, 10 shareholders representing 25,527 votes, i.e. 0.22% of all votes attached to the shares, casted their votes electronically before the meeting in accordance with the electronic voting procedure announced in the invitation to the meeting. The meeting therefore had a quorum.
The Annual General Meeting of the Shareholders of the Fund adopted the following resolutions:
Approval of the Fund’s annual report for 2024
With 8,522,281 i.e. 100% votes in favour, the shareholders decided to approve the annual report of EfTEN Real Estate Fund AS for the financial year 2024 as submitted to the General Meeting. No shareholders voted against the decision. 10 votes, i.e. 0% did not participate in the voting.
Distribution of profit
With 8,522,166 i.e. 100% votes in favour, the shareholders decided to approve the proposal for profit distribution proposal: The consolidated net profit of the 2024 financial year of the fund is 13,564 thousand euros. To distribute the undistributed profit as of 31 December 2024 in the total amount of 25 565 thousand euros as follows:
Transfers to the reserve capital: 1,357 thousand euros.
Profit to be distributed between the shareholders (net dividend): 12 699 thousand euros (1,11 euro per share).
Transfers to other reserves shall not be made and profit shall not be used for any other purposes.
The amount of undistributed profit after transfers is 11 509 thousand euros.
The list of shareholders entitled to dividends shall be fixed on 22.04.2025 (record date) as at the end of the working day of the registrar of the settlement system of the fund’s securities. Therefore, the date of change in the rights attaching to shares (ex-date) is 21.04.2025. As of this date a person who acquired shares is not entitled to dividends for the 2024 financial year. Dividend shall be distributed to the shareholders on 30.04.2025 by way of bank transfer to the shareholder’s bank account.
No shareholders voted against the decision. No shareholders were neutral. 125 votes, i.e. 0% did not participate in the voting.
Extension of the authorisations of the members of the Supervisory Board
With 6,552,551 i.e. 76.89% votes in favour, the shareholders decided to extend the authorisations of the members of the Supervisory Board Arti Arakas, Sander Rebane, Siive Penu and Olav Miil until 18.06.2030, i.e. for a period of five years from the moment of deciding the extension.
1,287,306 votes i.e. 15.11% voted against, and 6,839 votes i.e. 0.08% were neutral. 675,595 votes, i.e. 7.93% did not participate in the voting.
Increase of share capital and listing of new shares on the Main List of Nasdaq Tallinn Stock Exchange
With 7,127,778 i.e. 83.64% votes in favour, the shareholders decided to delegate to the competence of the Supervisory Board the decision on the increase of share capital for a one-year period following this general meeting by public and/or private offering, excluding the pre-emptive right of existing shareholders to subscribe and taking into account that:
(i) the number of shares to be issued additionally would not exceed 10% of the number of shares at the time of adoption of this resolution;
(ii) the minimum price of the shares to be offered (nominal value €10 and premium) per share shall be the average closing price of the fund’s share on the stock exchange for the 60 days preceding the resolution of the Supervisory Board,
and to apply for the listing and admission to trading of all newly issued shares on the Main List of Nasdaq Tallinn Stock Exchange.
To authorise the Supervisory Board and the Management Board of the fund to carry out all activities and conclude all agreements necessary for this purpose.
1,316,587 votes i.e. 15.45% voted against, and 77,066 votes i.e. 0.90% were neutral. 860 votes, i.e. 0,01% did not participate in the voting.
The minutes of the General Meeting shall be made available on the fund’s website (https://eref.ee/investorile/uldkoosolekud/) not later than 7 days after the meeting.
Viljar Arakas
Member of the Management Board
Phone 655 9515
E-mail: viljar.arakas@eften.ee
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