Fondul Proprietatea (Property Fund - FP.RO) shares lost 6.5% inthe beginning of yesterday's session, after the ex dividend day,but gained back 4% towards the end, amid unofficial informationthat the Government would not start to make compensation paymentsyet. Who will hold out more in this war of nerves?
The decline in the opening of the session was greater than thevalue of the gross dividend distributed by the fund (the shareslost RON0.035, while the gross dividend per share is RON0.0314) andwas deepened over the last two weeks by the pressure put byinvestors waiting for an over 10% stake in the fund to move fromstate's hands into those of holders of compensation certificatesissued by the agency in charge of property restitution (ANRP).
This "threat", which saw the price fall by around 8% in the lasttwo weeks alone, has so far proven baseless, with the CentralSecurities Depository announcing it has not received any conversioncertificates (holders of compensation certificates can opt toreceive shares instead of money) from the agency, which would allowit to transfer shares from the Finance Ministry to investors,although the process was resumed on May 2 in theory.
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