LHV Institutional Baltic Insight, February 22nd, 2023
In our view, considering the market’s sentiment towards HMX, BaltCap sees an opportunity to acquire a large share in HMX at discount. BaltCap’s set target of 75% and Ilmars Osmanis comment indicates that there is an agreement from SIA Macro Riga to subscribe for voluntary share buyback and we believe that other main shareholders have expressed their willingness to subscribe too. It is quite a difficult situation for retail investors considering the illiquidity of shares if HMX is delisted. Although the offered price seems to be undervaluing HMX in our view, the overall market seniment towards HMX and potential delisting could be a driving factors for retail investors to sell.
LHV Bank is an independent pan-Baltic bank, based on Estonian capital. The company was founded in 1999 by two founders of Hansapank (today’s Swedbank in the Baltics) and has been offering a full range of investment services for 15 years. In May 2009, LHV received a credit institution licence allowing it to provide all banking services.
The head office is situated in Tallinn, Estonia. Cross-border services are offered in Vilnius, Lithuania and in Riga, Latvia. LHV provides brokerage (institutional and retail), asset management, banking and capital markets services. Compared to other banks, we are more innovative and have more solid experience in investment and entrepreneurship.
The Bank, together with the Group asset management company employs over 320 people. LHV Group shares are listed on Nasdaq Tallinn.
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