Romanian Fondul Proprietatea spends EUR 4.2 mln on London listing

Fondul Proprietatea, the biggest investment fund in Romania, will pay some EUR 4.2 million for the secondary listing on the London Stock Exchange (LSE), according to the listing prospectus. The UK Financial Conduct Authority approved the fund’s prospectus last week. Fondul Proprietatea, which is managed by American group Franklin Templeton, will float on LSE’s Specialist Fund Market on April 29. The fund will list via global depository receipts (GDRs), each GDR standing for 50 ordinary shares. The GDRs will be traded in US dollars. The maximum amount of GDRs available for trading on the London Stock Exchange will stand for one third of the fund’s total shares. “The fund will get no money from the secondary listing as there will be no offering associated with the GDR listing,” according to the prospectus, cited by local Wall-street.ro. Fondul Proprietatea had net assets of some USD 3.1 billion end – March, and a market capitalization of USD 2.76 billion end-last week. editor@romania-insider.com