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On Tuesday, 16 December 2025, the public offering of secured notes by Volta SKAI OÜ (registry code 16359341, address Maakri tn 19/1, 10145, Tallinn, Eesti; Volta SKAI) ended (the Offering). This was the second tranche of Volta SKAI´s EUR 30 million note programme, which was carried out on the basis of a prospectus approved by the Estonian Financial Supervision Authority (EFSA) on 8 December 2025.
In the course of the Offering, Volta SKAI offered up to 4,000 notes with the name EUR 10.00 VOLTA SKAI SECURED NOTE 25-2027 with a nominal value of EUR 1,000, a maturity date of 1 October 2027, and a quarterly fixed interest rate of 10.00% per annum (the first interest payment will be made on 1 January 2026). The Offering was directed to retail and institutional investors in Estonia, Latvia and Lithuania.
A total of 488 investors participated in the Offering and submitted subscription orders for notes in the total amount of EUR 4.894 million. The EUR 4 million maximum volume of the Offering was oversubscribed 1.22 times. The notes were allocated to all investors who participated in the Offering. The geographical distribution of subscription was the following: EUR 4.2 million from Estonia (86.6%), EUR 0.6 million from Lithuania (11.6%) and EUR 0.1 million from Latvia (1.8%).
The management board of Volta SKAI decided to allocate the notes based on the following principles:
- under the same circumstances, all investors were treated equally;
- all investors were allocated 52% of the volume subscribed for but not less than 5 notes;
- investors of the first tranche of Volta SKAI note programme and investors who subscribed notes for at least EUR 100,000 were allocated 100%;
- the number of notes to be distributed was rounded up to the nearest whole number.
According to Roul Tutt, Member of the Management Board of Volta SKAI, the bond market is currently very competitive and the continued success of Volta SKAI's bond series reflects investors' confidence in the company's capabilities and the value of its projects. "We thank the investors for their contribution, as a result of which we will complement the architectural landscape of Northern Tallinn with a new dignified building," added Tutt.
"I am pleased to note that during the second series of the Volta SKAI guaranteed bond programme, we managed to allocate bonds to all investors. In the case of the first series of the programme, due to strong oversubscription, more than 50 investors who had made investments of at least EUR 100,000 and whose subscription orders could not be satisfied were excluded from the distribution,' said Silver Kalmus, Debt Securities Area Manager at LHV Pank.
The notes will be transferred to investors' securities accounts on or about 19 December 2025 and the first trading day of the notes on the Bond List of the Nasdaq Tallinn multilateral trading facility First North will be on or about 22 December 2025.
Pursuant to the Income Tax Act, private persons who are residents of Estonia, who have acquired or intend to acquire Volta SKAI notes through an investment account, can postpone the income tax liability arising from the interest and receive the interest on the note in full to their investment account. To do so, a corresponding application must be submitted to Volta SKAI.
The form of the application is available on the website of Volta SKAI: https://investor.endover.ee/volta-skai-eng.
The application must be submitted only once and no later than ten working days before the interest payment date, an application submitted later will be taken into account only on the following interest payment date. Interest payments on the Volta SKAI notes will be made on a quarterly basis on 1 January, 1 April, 1 July and 1 October.
Additional information:
Tiina Malm
CFO
tiina.malm@endover.ee
+372 5358 5451
Silver Kalmus
Debt Securities Area Manager, LHV Pank
silver.kalmus@lhv.ee
+372 5620 6450
This notice is an advertisement for securities within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the “Prospectus Regulation”). Before making an investment decision, we kindly ask investors to review the Prospectus, its summary, terms and conditions of the notes and the final terms of the notes. Each investor must make an investment decision solely on the basis of the information contained in the Prospectus, its summary, the terms and conditions of the bond, and the final terms and conditions and if necessary, we ask kindly to consult with an expert. The approval of the Prospectus by the Financial Supervision Authority shall not be regarded as an endorsement or recommendation of the Volta SKAI notes.
The information contained in this notice is not intended to be published, shared, or transmitted, in whole or in part, directly or indirectly, in the United States of America, Canada, Hong Kong, Japan, Singapore, South Africa, or in any other country or under any circumstances where such publication, sharing, or transmission would be unlawful. The Volta SKAI Notes are being offered publicly only in Estonia, Latvia, and Lithuania, and the sale or offering of the notes will not take place in any jurisdiction where such offering, invitation, or sale would be unlawful without an exemption or qualification required by law. The notes are being offered publicly solely on the basis of the Prospectus, its summary, the terms and conditions of the notes, and the final terms and conditions, and the Offering is directed only to persons to whom the Prospectus is addressed. This notice has not been approved by any supervisory authority and does not constitute a prospectus.