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Romania's Fondul Proprietatea aims to launch new share buy-back
March 7, 2014 / 10:38 AM / 4 years ago

Romania's Fondul Proprietatea aims to launch new share buy-back

BUCHAREST, March 7 (Reuters) - Franklin Templeton, the manager of Romanian investment fund Fondul Proprietatea said on Friday it aims to launch a fourth buy-back programme of 10 percent of its issued share capital at a cost of at least 198.2 million lei ($61 million).

The $4.6 billion fund launched its buy-back programmes in an attempt to lower its share capital and narrow the discount between its net asset value and its stock price, which stood at roughly 34 percent in January.

Fondul completed a second buy-back programme through daily purchases on the bourse and a tender offer, worth an overall 962.6 million lei last year, and shareholders have already approved a third run.

Franklin Templeton will ask Fondul shareholders to approve the new programme at a meeting on April 28.

“The buy-back shall be performed at a price that cannot be lower than 0.2 lei per share or higher than 2.0 lei per share,” it said in a statement. “The shares repurchased in the third and fourth buy-back programmes will be cancelled.” ($1 = 3.2504 Romanian lei) (Reporting by Luiza Ilie)

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