Franklin Templeton recommends pension funds to back dual-listing of Hidroelectrica
Franklin Templeton, the manager of Fondul Proprietatea, recommends to the shareholders of Fondul, such as Pillar II pension funds, mutual funds, and Silver Point Capital, to vote for the dual listing of Hidroelectrica at the general…
Andrei Chirileasa · Journalist
· Updated · 1 min read
Franklin Templeton, the manager of Fondul Proprietatea, recommends to the shareholders of Fondul, such as Pillar II pension funds, mutual funds, and Silver Point Capital, to vote for the dual listing of Hidroelectrica at the general shareholder meeting of November.
This would come against a decision of Hidroelectrica shareholders (mainly the Romanian state) that stipulates listing the company's shares only in Bucharest.
Templeton also invites shareholders to pay attention to a proposal by which the Ministry of Finance, a shareholder with 6% at FP, wants the money from the Hidroelectrica IPO in the form of dividends disbursed quickly.
"Please note that there are legal and practical limitations regarding its implementation and, consequently, any distributions of funds following the successful sale of Hidroelectrica shares will have to be subject to separate shareholder approvals", according to voting recommendations of Franklin Templeton, published on October 18.
Recently, the Ministry of Finance introduced two new items on the agenda of the November 15 shareholder meeting, namely the listing of Hidroelectrica only on the Bucharest Stock Exchange (BSE) and the distribution of special dividends within three months from the IPO.
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