The state has settled some of its overdue "debt" to the shareholders of Fondul Proprietatea during the general meeting of shareholders on September 6 when the appointment of Franklin Templeton as manager and the floatation on the Bucharest Stock Exchange were approved. Fondul Proprietatea (Property Fund-FP) small shareholders still have a series of questions they will have to find the answers to in the following months.
1. When will FP be listed?
The countdown started on August 18 when the Fund registered with CNVM (National Securities Commission). Then, Franklin Templeton got a 90-day deadline to prepare floatation. By December 22, Franklin Templeton has to submit all the necessary documents for floatation. The Fund may be listed in the first quarter of 2011.
2. At what price will the Fund's share trade on the Stock Exchange?
Mihai Chişu, a broker with IFB Finwest, believes that in the first months the shares will trade at a price ranging between the grey market value and the. Subsequently, the price will get ever closer to unitary net asset value and even exceed it.
3. What is FP's value?
KPMG calculated a value of net assets of 14.64bn RON and a unitary net asset value of 1.0283 RON/share in late July. Franklin Templeton will issue its own valuation by October 15.
4. Who will receive dividends from 2008 and 2009 profits?
Persons owning FP shares on September 27 will get a 0.0816 RON dividend for each share, regardless of when they got or bought the shares.
5. How will the relationship manager-shareholder representatives work?
Franklin Templeton will be monitored by the five members of the Representatives Committee.
The state has settled some of its overdue "debt" to the shareholders of Fondul Proprietatea during the general meeting of shareholders on September 6 when the appointment o
