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Fondul Proprietatea shareholders agreed on WSE listing

2012-04-05 15:04:19

The shareholders of Fondul Proprietatea approved in principle the listing on Warsaw stock exchange and also, the proposal coming from the fundís largest shareholder, the American hedging fund Elliott Associates to sell some assets, in order to distribute the money to investors. The fundís manager, Franklin Templeton, recommended in July 2011, the fundís listing at the WSE in the first quarter of 2012, by selling a maximum of 10 percent from shares. At that time, the fund manager run several discussions with investment banks and regulatory authorities in Romania and Poland on the secondary listing of the fund. The subject hasnít been discussed until February this year. According to Greg Konieczny, manager of FP, ďthe listing is planned to be done combined with shares offer, either we acquire them from the market or some shareholders will decide to sell them. Another plan would be to firstly run a technical listing and then, an offer to result in cash. The plan will be ready until May and the listing is estimated to be completed by yearendĒ.



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