Franklin Templeton won’t call for extending the deadline to list Proprietatea in Warsaw, as Romanian regulatory authorities refused to change secondary listing rules, and will look for another market, possibly the stock exchange in London or that in New York, Konieczny said in an address to shareholders.
The new stock market proposition for the listing will be announced in the first half of 2014, he added.
Franklin Templeton also asked Romania’s Financial Supervisory Authority to amend regulations regarding global depository receipts – GDRs (which a company may use to trade its shares on a foreign stock market) so they may be used not only for initial public offerings.
Konieczny said Proprietatea needs money to buy back shares and for payouts to shareholders. The fund is analyzing several transactions, including the sale of shares in Romanian state-run oil transporter Conpet Ploiesti (COTE.RO), he added.
Fondul Proprietatea said recently it wanted to sell up to 10% in Conpet, or about one third of its entire stake in the company.