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Hello, good afternoon, and welcome to the extraordinary general meeting of Baltic Horizon Fund taking place on 6 August 2024 in Tallinn. As Chairman, the meeting can now be declared open with Jaana, our colleague, acting as a recording secretary. Present is also our fund supervisory board chairman, Mr. Reimo Hammerberg, and we have some investors also in the meeting room, and hopefully many online. So we can move forward with this meeting now. We can declare at the moment that the quorum for this meeting has been reached, and investors are able to adopt the proposed resolution. And as the management company is convening right now a repeat meeting in accordance with Section 10.11 of the Baltic Horizon Fund rules.
On the agenda today is to vote on the resolution of the issuance of new units by way of private placement in 2024 in order to strengthen the balance sheet of Baltic Horizon Fund. We also believe, as a management company, that taking action now ultimately will help to improve operating results and help the unit price to recover. So in more detail, Northern Horizon Capital AS proposes that the general meeting resolves to issue new Baltic Horizon Fund units under the following conditions. The new units are to be issued at a price corresponding to the weighted average price of Baltic Horizon Fund units on Nasdaq Tallinn Stock Exchange during the 90 days which will be preceding the potential private placement. And it is calculated, and these including the trading day preceding to the first day of the subscription period.
The proceeds from the issuance, from the potential issuance of new units, will be used for investments into existing real estate properties, meaning fit-out of new tenants, and to deleverage Baltic Horizon Fund's portfolio, meaning reducing debt. The new units will be issued either at once or on several occasions during 2024, as decided by Northern Horizon Capital AS, based on the needs of Baltic Horizon Fund. Furthermore, we propose that new units will be issued by way of private placement, meaning no extensive public offering will be made, no prospectuses will be registered, and the limited amount of new units are to be issued, which represent over a period of 12 months less than 20% of total number of Baltic Horizon Fund units already admitted to trading.
At this repeat meeting, we have received a number of powers of attorney with voting instructions, and we have been able to count approximately 21 million votes in favor of the resolution and approximately 192,000 votes against the resolution. These are the powers of attorneys that we have received. At the moment, we have also investors physically present, and I ask now Jaana to give the ballots, or I think the ballots are already received, and I ask as well investors who are physically here to cast their votes on the ballot paper. So the voting ballots have been gathered, and our recording secretary is now going to make final calculations. Hereby, when the calculations are being finalized, I would just like to present again the reasons and the goals of this potential private placement.
The main goal is to improve the capital structure of the fund and, in this process, be able to show a stronger operating profit within the following 12-month period. I again note that the target LTV of the fund is 50%, and the way to achieve it mainly is by going through debt refinancing and reduction. So there's been a lot of activity around that over the past six months. We have as well already refinanced the EUR 8 million bond that was due in July. That was completed successfully with a cheaper bank loan. We continue to work with bond investors to improve the financial position of the fund, but at the same time as well, we work with banks to improve our debt service coverage ratio over the coming months.
It is true that, and I mentioned it several times, that the fund is going through a period where the NOI net operating income is still recovering because of the new leases that we have signed. The tenants are moving in over the period of 6-12 months, many moving in in the end of Q3 and fourth quarter this year, and also some moving in in the first and Q2 next year. So we are in the period where we expect the NOI increase, and we also work hard to decrease the cost of debt on the other side and decrease our debt levels. I can again reaffirm the goals of the fund management team to reach a portfolio occupancy of at least 90% by this year, meaning that we have signed committed lease agreements in the portfolio of at least 90%.
Today, we are moving towards that direction. At the end of last quarter, we have reached the level of 83%, and the work in the coming months is ahead. We have signed several letters of intent and are in full negotiations to achieve signed lease agreements in the H2 of this year. Furthermore, we continue to work on the occupancy, that's the name of the game right now, to find suitable strong tenants. It's not easy in today's market, but we believe that we have properties that are attractive, and we see it also in the discussions. So the work continues even in this difficult market environment. We do foresee that the current NOI level of about EUR 1.1 million will be gradually increasing, and when we achieve these occupancy goals, the NOI potential is approximately EUR 1.4 million-EUR 1.5 million, and achievable in the course of 2025.
As I said, gradually, NOI is expected to increase. And again, emphasizing the proceeds and the use of proceeds of this potential private placement is to be well capitalized for potential fit-out needs in order to attract and welcome new tenants in our buildings. Okay. Let me see if there are any comments. The final calculations have been received. They are in front of me now, and the result is that approximately 22.5 million votes are in favor of this resolution, and approximately 192,000 votes are against the resolution, which means that the resolution has been passed. And the final number of the voting results, the exact number will be available in the meeting protocol. It will be uploaded on Baltic Horizon Fund's webpage in the next few days and can be accessed there. There will be also a stock exchange announcement following this meeting.
It seems that there are no questions or comments at the moment. So I guess I can then thank you everyone for attending, and the meeting has now been closed.