Fondul Proprietatea seeks to up buy-back scheme to 30% of its shares

Franklin Templeton, the manager of Fondul Proprietatea (BVB: FP), submitted for approval to the Financial Supervisory Authority (ASF) an application to increase the size of the buy-back scheme currently underway up to 1.67 billion FP shares, the equivalent to 29.4% of the fund's capital.

It is expected that details of the public tender offer as amended to be announced if and when the approval is received from the FSA, which is likely to occur within ten business days according to the regulations in force, the note sent to investors reads.

Currently, FP is running a public offer through which it wants to buy back 670 million shares, equivalent to 11.8% of the capital, at a price of RON 0.6319, 24.9% above the current market price. The offer started at the end of last month and will run until December 5.

In the case of Global Certificates of Deposit, listed in London, FP will pay the value in dollars equivalent to RON 31.595 per certificate.

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