This is a repeat meeting of the 8th of December General Meeting where we discussed the proposal of the management to issue new units for the fund in order to strengthen the capital base and the balance sheet of the fund. We had a presentation and quite a lot of discussion. Unfortunately, on the 8th of December, we didn't have the quorum present for the decision-making, but today we have the quorum present. Also for the sake of good order, Jana Karimova will act as a secretary of the meeting and myself, Tarmo Karotam, as the Chair, the manager of this meeting.
In today's secondary meeting, a decision is passed for this one point on the agenda in case majority of the investors, meaning 50% and more, present with their votes, either in person or through powers of attorney, are supporting the proposal. For clarity, I will once again read the proposal, and the proposal consists of the manager to issue up to 169,147,497 new Baltic Horizon Fund units. This corresponds to approximately over 25 million, and the proposal is also to issue the units at the price of EUR 0.1478. This pricing, as we discussed also last time, was a result of a long discussion with investors, with the Supervisory Board members of the fund, and it is now being proposed for the investors for voting.
Once again, the issue is directed to current unit holders, and the management can accept subscriptions from all existing unit holders of the fund. That means, you know, persons entered in the unit holders register as of the end of the trading day preceding the date of the first day of the offering period. So the offering period is still ahead, potentially. And in case the decision is passed, then more information will be provided about that shortly. Also to emphasize that all existing investors have the right to subscribe for new units in proportion of the total number of units they hold, and they have the right to subscribe for proportional amount of units or less, but not more than their proportional amount.
For example, if an investor owns today 1% of all units, then that investor can participate up to 1% of this 169,447,497 units to be potentially issued. The technical details and allocation principles will be published in case the resolution is approved in a subsequent Nasdaq announcement. Hereby, I would like to call for the voting to take place. We have received several powers of attorney, and hereby I would like to ask also everybody present here to cast their vote. Then Jana will in some minutes gather the votes, make some calculations, and then we will see what is the result. In the meanwhile, I have received one clarification question. So what happens when not all potential new units are subscribed for, meaning that not everybody will participate in this issue?
So, as mentioned before, everybody who is investors in the fund have equal opportunity to subscribe for up to pro rata, but not more. Those units that are not subscribed for will not be subscribed, and potentially also indicating that achieving the full amount is maybe something not to be expected. When the offering takes place, then we will know how many investors will participate, and based on that, we will act based on the result and then contemplate if that is sufficient for the fund to achieve its targets to deleverage and have sufficient funds for the enhancement of certain of the fund's properties. Okay, these are the final numbers. I believe we have the results of the voting, as many power s of attorney were also received before.
What I can say is that, based on the calculations, 58,923,830 units or votes are present in the meeting, which is approximately 41% of all unit holders. For the second general meeting, a decision is passed in case more than 50% of the votes are in favor. Based on the calculation, we can say that 54,763,341 units are in favor, meaning approximately 93% of all votes present in the meeting are in favor of the decision. We have 7% approximately votes against the decision, which is roughly 4.16 million units. There are no other types of votes cast. I think what we can say right now is that we have the agenda point, which was proposed for the resolution, passed.
Once again, thank you very much for everybody who has taken efforts and time to cast their vote. Approximately 93% of all votes once again have been in favor of the votes present today and 7% against. There will be more detailed information on the results issued after the meeting on a stock exchange announcement, and also more detailed information about the potential offering period, which is expected to take place in the first quarter of next year, and that is still to be decided when it will take place. There are certain trading windows that we have to respect, and it is not possible to have the offering at any given moment of time. As soon as possible, we will announce that information in a separate announcement.
So, then, I think we have still one question about the participation in the units offering that in case a person holds about 10,000 units, then how many units they can subscribe for. Then the calculation is first that one has to calculate what is the percentage of the holding right now. So 10,000 units divided by approximately 143 million units, then one gets the percentage, and then that percentage would be applied to the amount of the new units offering, which is then approximately 169 million units. So back of the envelope calculation, that means that an investor in this case can subscribe for 12,600 units, but again, more details on this will be also announced in the subsequent announcements. Thank you very much for this meeting.
Once again, the proposal has been passed, and please look out for further communication on Nasdaq, stock exchange. Thank you.