First North to be launched in the Baltic countries

08.05.2007 RIG

First North in the Baltic countries is an alternative to the Baltic main market with lower requirements and rules. It is an exchange-regulated marketplace suitable for young and growing companies during their growth phase. First North gives Baltic companies greater visibility and ease of access to capital, combining the benefits of being on-market with simplicity.

A substantial investor base is supported by the fact that all the members of the OMX Baltic Markets in Tallinn, Riga and Vilnius will have access to First North in the Baltic countries. First North brings a wider range of investment possibilities to the investors. Investing on the alternative market may involve a higher risk but can also provide a better return. Therefore investing may require a more detailed analysis and preparation.

“Through First North we make it easier for the growing companies to raise capital. This supports the economic growth and benefits the entire region. The expansion of First North gives the investors a wider variety of investment opportunities. For the companies, First North can be seen as a first step towards the main markets,” says Jukka Ruuska, President of OMX Nordic Exchange.

Each company on First North must have a designated Certified Adviser. The advisers continuously monitor the companies with regard to their fulfillment and compliance with the First North requirements, being an intermediary between the company, the exchange and the investors. A list of the Certified Advisers will be made available on the website of First North from which the companies will be able to choose an appropriate adviser.

“This is our answer to a growing demand from the market participants for more investing possibilities in the Baltic securities market. For the small- and medium-size companies First North will be an excellent alternative to raise capital, increase visibility and recognition to accelerate the growth of the business. With First North, OMX takes an important step to a stronger and more integrated Nordic Baltic marketplace which will provide additional benefit for both local and international investors,” said Johan Rudén, President of the Baltic Market business unit at OMX.

First North is an alternative market created by OMX, and has already been launched in Denmark (2005), Sweden (2006), Iceland (2007) and Finland (2007). The stock exchanges of Tallinn, Riga and Vilnius are currently harmonising their market rules, and negotiations and trainings with Certified Advisers are underway. The companies that want to join the alternative market must, as the first step, contact a Certified Adviser or the local exchange in respective country. First North will be launched during 2007 in the Baltic countries.

For more information, please contact:

Tex Vertmann, Communications Manager
Tallinn Stock Exchange +372 640 8862

Āris Dreimanis, Head of Corporate Communications
Riga Stock Exchange +371 7212431

Gintare Blazyte, Communication Manager
Vilnius Stock Exchange +370 5 272 13 71