* Shares of the Proprietatea Fund, the fastest rise since the listing
Disregarding the lawyers' claims that that it has no right to manage the Proprietatea Fund, "Franklin Templeton" is minding its own business, summoning a General Shareholder Meeting, on April 4th, for discussing the proposals it has received - the increase of Templeton's fee for speeding up the liquidation of stakes in the Fund's portfolio, the listing on the Warsaw Stock Exchange and the replacement of the Board of Representatives.
Through the ruling of December 21st, 2011, the Court of Bucharest partially admitted the petition filed by lawyer Ioana Sfîrăială, claiming that the decision which amended the articles of incorporation of the Proprietatea Fund in order to appoint "Franklin Templeton" as manager of the Fund was fully null and void.
Yesterday, lawyer Ioana Sfîrăială said that the legal status of the "Franklin Templeton" does not grant it the right to "use several shareholders, who own more than 5% of the Proprietatea Fund, to summon the General Shareholder Meeting".
Mrs. Sfîrăială said she has no comment on the position of "Elliott Associates" (ed. note: which owns about 14% of the Proprietatea Fund and which has proposed the amendment of the management contract). She considers that the law firm which works for the Proprietatea Fund and for "Elliott Associates" should have explained to the shareholders the real legal status of the Proprietatea Fund and the fact that Franklin Templeton is no longer the manager of the Fund, instead of trying to create an appearance of legality where there isn't any.
According to some market sources, legal services of the Proprietatea Fund, as well as those of Elliott Associates are provided by law firm "Schonherr".
Yesterday, the shares of the Proprietatea Fund saw their biggest rise since the listing (5.17%), and reach
