”The renewal of the mandate of Franklin Templeton International Services S.À R.L. is conditional upon: shareholders approve the key commercial terms of the New Mandate as per point 1.2 below; and Franklin Templeton International Services S.À R.L. and Fondul Proprietatea S.A. execute until 1 March 2018 a management agreement covering the New Mandate”, according to a statement sent by Fondul Proprietatea to the Bucharest Stock Exchange.
The renewal of the mandate comes in the context in which no proposal for a candidate was made within the deadline of September 4.
The shareholders also approved the decrease of the fund’s subscribed share capital from RON4.85 billion to RON4.77 billion, pursuant to the cancellation of 158,508,824 own shares acquired by Fondul Proprietatea S.A. during the seventh and eighth buy-back program.
The fund has a market capitalization of RON8.66 billion (EUR1.88 billion) and RON1.3 billion worth of Fondul Proprietatea shares have been traded over the last year.