(Interview with Mr. Marius Murgu, the president of the Association of Former Asset Owners)
Reporter: Mr. Murgu, you had recent talks with those who handle the listing of the Fund. What were those discussions about?
Marius Murgu: I requested that the intermediary of the listing take me with them on their road-show, to let me participate in their press conferences to see how the Proprietatea Fund is being advertised because it is also in the interest of the Association of Former Asset Owners to make sure the Fund gets the best promotion.
For us, the former asset owners, the listing of the Fund is an "all or nothing" situation. We went through so much to get to this stage, which is why we want to be sure that the Fund has been adequately promoted before the listing.
I am strongly convinced that the shares of the Proprietatea Fund will grow over time, as they are extremely valuable, but I"m afraid in the first few months, their price will be way below 1 leu. I"ve seen that most estimates revolve around 0.6-0.7 lei/share, which would be disappointing for former asset owners, who are precisely the ones that the Fund was created for. They will want to sell in the first months. We have to tell them not to sell in the first two-three months and when they do decide to sell to do so gradually, not to sell it all at once. We will continue to educate our members, so they can get higher returns than the average investors.
Reporter: How much do you think the first-hand shareholders of the Fund still hold?
Marius Murgu: I think they still account for 40%, whereas the Romanian state still holds about 38%. Former owners still hold the biggest weight among the private shareholders of the Fund. Even though last year Franklin Templeton promised us a successful listing, we are bit disappointed now, because at the last meeting with the shareholders we r