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Fondul Proprietatea to be listed on London Stock Exchange specialist market

Administrator of the Fondul Proprietatea (FP) sovereign fund, US company Franklin Templeton, suggests the secondary listing of FP on the specialist market for closed-end investment funds of the London Stock Exchange after they examined several options, the Warsaw Stock Exchange and the New York Stock Exchange among them, FP manager Greg Konieczny said last week.

2014-03-10 12:43:28

The listing on the London Stock Exchange will be a technical one and no new shares will be issued. The reference listing price will be the one of the Bucharest Stock Exchange, said Konieczny. The main aim of the listing in London is an increase in the base of investors that might be interested in the fund. FP will be more visible internationally and its coverage will increase in the analysis reports.

422 investment funds are listed on the London Stock Exchange and FP will be listed on the market devoted to closed-end funds, where it will be the largest fund. Of the 422 funds, FP will be fourth by capitalisation and first by the value of the net assets.

The first 20 funds listed on the London Stock Exchange have a total value of USD 18 billion owned by foreign investors.

At the fund's founr year celebration on Bucharest Stock Exchange this year, Greg Konieczny, Fund Manager of Fondul Proprietatea, added in Novemver 2013: "In order to generate value for our shareholders, we will continue to implement corporate actions designed to further reduce the discount and increase the Fund′s NAV. We will start the third buy-back programme this year and will propose to shareholders in the near future a new plan for the secondary listing of the Fund, which should attract additional interest and demand for the shares and further raise the visibility of the Fund and increase the coverage of Romania among a broader international investor base. We expect that 2014 will be another exciting year in terms of privatizations, as we expect to see some major companies in our portfolio being listed on the stock exchange. This should have the two-fold advantage of making our portfolio more liquid and transparent, in addition to supporting the development of the capital market."



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