* A decision made on the first summoning helped with the second summoning

* The shareholders have approved the reduction of the share capital

* A dividend of 0.03854 lei/share

The shareholders of the ProprietateA Fund yesterday held three General Meetings, approving the reduction of the share capital, the buyback of 8% of its shares, a dividend of 0.03854 lei/share and reaffirming once again all the decisions made in the General Shareholder Meeting when Franklin Templeton took over the management of the Proprietatea Fund in 2010.

Before the Extraordinary and Ordinary General Shareholder Meeting which had been scheduled for yesterday began, the shareholders had the second summoning of the extraordinary shareholder meeting of April 4th, when the proposal to reduce the share capital had not been voted.

Yesterday, the reduction of the share capital with the shares bought back last year, specifically to 13.538 billion lei, was approved by the shareholders, according to the report sent to the Bucharest Stock Exchange, as the meeting had a quorum of approximately 45%.

Prior to April 4th, this decision required a minimum quorum of 50%, but on the first summoning of the general shareholder meeting (on April 4th), the shareholders have decided to amend the articles of incorporation, by reducing that limit to 25%.

Lawyer Gheorghe Piperea claims that it is illegal for the Proprietatea Fund to implement on the second summoning the decision made on the first summoning, in order to vote on the agenda, for several reasons.

Also, he explained that, since it was the same general shareholder meeting, the rules can't be changed mid-game, meaning that it is not allowed to take a different quorum into consideration when making the decision. "They should have summoned a different General Shareholder Meeting on the subject of the equit