A number of Fondul Proprietatea (Property Fund - FP)shareholders voiced their dissatisfaction about the trend of thestock price on the Bourse during the General Meeting ofShareholders yesterday, demanding explanations from the fundmanager, Franklin Templeton.
The FP shares have recently dropped below the 0.58 lei mark,trading for 42% below the 1 leu level at which the state convertedthe compensation deeds into shares. In other words, those that hadto get 1 million lei from the state as compensation for theproperties seized by the communist regime would get 1 million FPshares until early this year. Since the floatation on the BSE onJanuary 25, the shares have been trading for 0.61 lei on theaverage, whcih means the former owners could only recoup 61% of theamount of compensation received from the state.
They are afraid that once the conversion of the compensationdeeds into shares is resumed on May 2, the price of the FP shareson the Bourse will continue to go down. Those getting shares as ofMay 2 will get them at the average price on the BSE over the lastsixty days, that is about 0.6045 lei, which means, those entitledto 1 million lei compensation will get more shares (about 1.65million).
Shareholders' dissatisfaction also showed in the voting of thethird item on the agenda, the dividend disbursement. They voted 99%in favour of the Finance Ministry's proposition to disburse a0.03141 lei/share gross dividend, double the amount proposed byFranklin Templeton, 0.01569 lei/share.
The Fund will thus pay about 432 million lei to theshareholders, almost 160 million lei of which will go to theFinance Ministry, which owns 36.7% in it.
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