The state has settled some of its overdue "debt" to theshareholders of Fondul Proprietatea during the general meeting ofshareholders on September 6 when the appointment of FranklinTempleton as manager and the floatation on the Bucharest StockExchange were approved. Fondul Proprietatea (Property Fund-FP)small shareholders still have a series of questions they will haveto find the answers to in the following months.
1. When will FP be listed?
The countdown started on August 18 when the Fund registered withCNVM (National Securities Commission). Then, Franklin Templeton gota 90-day deadline to prepare floatation. By December 22, FranklinTempleton has to submit all the necessary documents for floatation.The Fund may be listed in the first quarter of 2011.
2. At what price will the Fund's share trade on the StockExchange?
Mihai Chişu, a broker with IFB Finwest, believes that in the firstmonths the shares will trade at a price ranging between the greymarket value and the. Subsequently, the price will get ever closerto unitary net asset value and even exceed it.
3. What is FP's value?
KPMG calculated a value of net assets of 14.64bn RON and a unitarynet asset value of 1.0283 RON/share in late July. FranklinTempleton will issue its own valuation by October 15.
4. Who will receive dividends from 2008 and 2009 profits?
Persons owning FP shares on September 27 will get a 0.0816 RONdividend for each share, regardless of when they got or bought theshares.
5. How will the relationship manager-shareholder representativeswork?
Franklin Templeton will be monitored by the five members of theRepresentatives Committee.
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