Equity
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Taikina Capital - Selected portfolio & earlier liquidity

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Please post your question in English so that all of our investors are able to participate in the discussion.

anonymous 15 days ago

It seems that so far all your three equity investments (Cloud Insurance AS, Tingent Ab, Askel Healthcare Oy) has been proceeded via Invesdor platform. Is your main strategy in future also to use only Invesdor for your equity investments or do you consider other platforms too, or private placement investments?

Dough
Taikina Capital Oy
15 days ago

Hello, thank you for your question. We will be platform-agnostic. However, our requirements for corporate governance are typically met more frequently in some platforms than others. In addition, we point out that our latest investment (Netled, disclosed in this Investor Forum below) was made on another platform.

anonymous 16 days ago

Hello, How exactly do you go through growth companies before investing? Some growth companies will hold an Extraordinary Shareholders' Meeting immediately after the financial rounds aimed at getting a significant amount of stock options to the company's management and the Board of Directors for free. Investors' share can be considerably diluted here. How do you check that the task of a company's management and government is to provide investors with benefits? Will a potential stock option program help to generate over-return on investors?

Dough
Taikina Capital Oy
15 days ago

Hello, thank you for the question. Regarding the first question. We don't disclose the full details but in general, we make first a simple corporate governance-related screening. Offerings of no-voting shares, investor-unfriendly SHAs and clearly excessive valuations are easily left out. We then dig deeper into the business of companies that have passed this screening. We talk to the entrepreneur, challenge the estimates, go through the possible IPR and create scenarios for the company development, evaluating the value for investors in projected future situations. We typically like cases where the team aims for an IPO instead of a trade sale. The analysis is quite close to what an anchor investor would do in an IPO but due to the special characteristics of unlisted growth equities, focuses more on corporate governance and the team. Regarding your second issue, the behavior you describe is obviously not tolerable, even if legal in most cases. This is particularly the case when the strike price of the options is low or even zero as we have seen in some cases. The best tool against this is publicity and public disclosure and discussion. We aim to be noisy in cases where the company is acting against the interest of the shareholders. Hopefully this answers your question.

anonymous 14 days ago

Thanks, this was a good answer to the question. A portfolio selected for growth companies has been in the wish list. This could include the ability of investors owning shares to raise their holdings, for example quarterly.

anonymous 18 days ago

Hi, Can you explain in more detail how you plan to make your stock liquid? Which public market space to you plan to list and what do you see as a timeline for this?

Dough
Taikina Capital Oy
18 days ago

Thank you for the question. It is an important one.

Unfortunately it is also impossible to answer with certainty. The key issue for the timing is the size of our balance sheet, which is a consequence of our ability to raise funds. As described in the Risks session, there is no guarantee that we will be able to raise sufficient funds in the future so that a stock market listing is sensible. Secondary alternatives are stock buy-backs but this would naturally be less desirable method. Regarding the marketplaces, the most natural one would be Nasdaq First North in either Finland or Sweden. However, the size will also affect the choice of venue and in case the size will be smaller than hoped for, we may end up choosing a less costly marketplace.

Sorry for giving mostly disclaimers as answers. But clearly our clear aim is to list the shares as soon as it makes sense from the shareholders' interest point of view.

Dough
Taikina Capital Oy
Official thread 20 days ago

Update: As part of it normal operations Taikina Capital has made an investment in Netled. The target company provides Vertical Farming systems that lead to substantial water and energy savings for greenhouse operators.

Päivitys: Osana normaalia sijoitustoimintaansa Taikina Capital on tehnyt sijoituksen Netled-nimiseen yhtiöön. Netled toimittaa Vertical Farming-järjestelmiä jotka auttavat kasvihuoneviljelijöitä saavuttamaan merkittäviä vesi- ja energiasäästöjä.

www.netled.fi

anonymous about 1 month ago

Regarding "We will make our equity investments and holdings public." - are you going to publish that information monthly/yearly or even announce it to your investors as soon as equity investment is made through Invesdor or another digital platform?

Dough
Taikina Capital Oy
about 1 month ago

Hello, thank you for your question. What we have committed to is publishing everything in the quarterly reports like in the Q3 report, and they will be made public. Everything else depends on the circumstances and the case - some companies might like to use us as a public reference, some others may not or the round may not even be public. That is for the public. For the shareholders of Takina, as a general rule, we would expect to make the investment public as soon as they have been made, assuming that there is no reason to believe the disclosure could threaten Taikina's own chances in the share allocation. I hope this answers your question.

Dough
Taikina Capital Oy
20 days ago

To follow up your question, we have just disclosed an investment we made in Netled during this financing round. This information is made in order to keep the information for investors updated during the round. We highlight that there is no decision to always publish new investments to non-shareholders immediately, this disclosure has been done because we have our own financing round open.

Roi about 1 month ago

There is a file named "Tilinpäätös" but it only includes an old income statement (dated 30.6). Are complete and current financial statements 31.12.2017 and 31.10.2018 available (inc balance sheet)? How much equity is at the moment invested in the company (excluding all loans)?

Dough
Taikina Capital Oy
about 1 month ago

Thank you for pointing out the omission. Here is the balance sheet from end of June and it also includes the balance sheet at end of year 2017. As the company was only founded last year, the first full Financial Report will be completed at end of 2018.

Roi about 1 month ago

Thank you for the information. How much equity the current owners have invested in the company (excluding all loans inc shareholder and capital loans)?

Dough
Taikina Capital Oy
about 1 month ago

There are no loans, Taikina is debt-free, except for minor tax & fee liabilities. All investments have been equity. The cap table pretty much answers your question. Since the share price has been only within a very narrow range (€1.00 - €1.09) the capital invested is just slightly higher than the number of shares owned by the current owners. Every shareholder, including the management, has received their shares via the same mechanism as new investors during the current round - investing into new shares in the company, valued at the NAV at the time.

anonymous about 1 month ago

You mention that the company is not an investment fund or subject to regulation of financial institutions. Could you please clarify why the company is not considered a self-managed alternative investment fund?

Dough
Taikina Capital Oy
about 1 month ago

Hello, thank you for your question. A company that invests from its own balance sheet without a stated investment policy and intends to own the shares for a long period of time, developing the companies actively, can be classified as a Holding company. Stock-market listed examples of this in Finland are e.g. Sievi Capital and Panostaja.