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FP head: We want to take the market by surprise, to be a kind of Central Bank with FP shares

Autor: Roxana Pricop

04.02.2011, 12:04 26

Greg Konieczny, manager of Fondul Proprietatea (FP) and one ofthe most influential professionals on the domestic capital market,is speaking for the first time about how the Fund will repurchasestock from the market. The stake of this operation is huge, so thatthe managers, just like the major Central Banks, are betting on thesurprise element to support FP share price.
Technically, FP, managed by Britain's Franklin Templeton, canrepurchase its shares from the market up to a cap of 1.377 billionshares, accounting for 10% of the capital, worth around 200m euros,at current prices.
The programme can start after the first 20 trading sessions with FPstock, ends on March 1, 2012, and, according to Europeandirectives, the Fund can buy back a stock volume accounting for 25%in the average daily trading volume of previous sessions.
The manager says there is no price limit for intervention, or alevel of discount against net asset value, considering such arepurchase programme has as a certain target boosting the price ofFP shares.
The manager's strategy is to act like a Central Bank thatintervenes on the forex market to appreciate/depreciate thenational currency.
"We will not make any announcement before repurchasing. We want totake the market by surprise and act like a Central Bank. (...),"said Konieczny.

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