Last preparations for listing Fondul Proprietatea in Warsaw

The National Securities Commission (CNVM) might make public, until the end of the year, the draft legislation that would allow the secondary listing of the ‘Fondul Proprietatea’ fund in Warsaw, FP manager Greg Konieczny announced during an AGA meeting held Friday, shareholding sources said, quoted by Mediafax. On these occasion, FP shareholders approved the extension, until 30 June 2013, of the mandate given to administrator Franklin Templeton in June 2012, to prepare the secondary listing of the Fund in Warsaw. Last June, shareholders gave the final go-ahead to listing ‘Fondul Proprietatea’ on the Warsaw market. The approval was given by 99.5 pc of the shareholders that attended the AGA meeting, but the operation is blocked because a connection between the Central Depository of Bucharest and the similar institution of Poland is necessary, and there is no legal framework approved by CNVM for this operation. Shareholders also approved the incomes and expenses budget for next year. The fund estimates for 2013 a net profit of RON 570.48 M, 29 pc higher than the budgeted gain for this year, but slightly under the result at 10 months. At the end of October, ‘Fondul Proprietatea’ posted a gain of RON 571.3 M, much above the value forecast for the whole year (RON 442.5 M). The fund’s budget for next year provides total incomes of RON 660.3 M, including RON 618.1 M as dividends, slightly under this year’s figure of RON 523.6 M. Incomes from interests are estimated at RON 42.1 M, twice as much as those provided by this year’s budget (RON 20 M). The cash obtained in 2013 will be invested in instruments of the monetary market, as the annual average interest rate for 2013 was calculated at 5.5 pc. In drafting the budget, the administrator did not take into consideration the possible modifications of the portfolio, but it does not rule out the possibility of asset sale and purchase opportunities that might appear during 2013. Next year’s budget mentions expenses worth RON 76 M, 12 pc higher than those estimated for this year (RON 67.8 M). This budget also includes the expenses with listing the fund on the Warsaw Stock Exchange.Fund officials said during the AGA meeting that they will consider several solutions in view of distributing dividends for 2012, which include a reduction of the social capital, because legislation does not allow granting dividends if the net asset per share is under the face value of the share. The FP officials explained that the fund would pay dividends worth RON 536 M (pretax value), or 0.04 RON/share.

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