* Deals with 0.82% of the Proprietatea Fund
* The face value of its shares may be cut by 0.05 lei
* The amount would be returned to the shareholders
The shares of the Proprietatea Fund, the star stock that accounts for approximately half of the turnover of the Bucharest Stock Exchange, have impressed investors, by posting one new high after the next, especially after the Fund began its second stock buyback program.
Franklin Templeton, the manager of the Proprietatea Fund, has upped the ante and has shone an even brighter light on the shares of the Fund, after summoning the General Shareholder meeting to decide on reducing the share capital and returning the resulting amount to the shareholders.
Thus, the possibility of a reduction of the share capital is also contributing to the rise of the stock price.
Yesterday, six deals with shares of the Proprietatea Fund were made, for a total amount of 113,267,500 shares (0.82% of the Proprietatea Fund), at an average price of 0.7700 lei.
This year, the shares of the Proprietatea Fund have risen 38.5%. The trades involving its shares have often accounted for more than half of the daily turnover of the BSE, FP being one of the few liquid stocks on the Bucharest Stock Exchange.
Marcel Murgoci, trading director at Estinvest, believes that these deals come as a result of the announcement concerning the proposals made to the shareholders in the General Shareholder Meeting of November 22nd.
Shares of the Proprietatea Fund yesterday closed down for the day, at 0.76 lei/share.
Manager Franklin Templeton (FT) is proposing to the shareholders of the Proprietatea Fund the reduction of the share capital, from 13,538,087,407 lei to 12,861,183,036 lei, by cutting the face value of a share by 0.05 lei, according to a notice recently sent to the Bucharest Stock Exchange. Curren
