At the end of September, foreign funds held 57.07% of Proprietatea.
Since its listing in January 2011, institutional investors were the biggest buyers of Fondul Proprietatea stock, with over 43%. At the end of 2010, foreign funds held around 14% in Proprietatea.
On October 24, Fondul Proprietatea had 8,161 shareholders, from 7,969 at the end of September.
Institutional investors registered in Romania held 8.45% in October, from 8.33% in the previous month, according to the fund’s statistics outlining voting rights for a shareholders’ meeting set for November 22. October 24 is the reference date for shareholders to participate in the meeting, one of the topics of which will be the renewal of Franklin Templeton’s term as administrator or the start of procedures for a new administrator.
The main sellers in October were Romanian individuals, whose combined stock dropped 0.52 percentage points, to 21.54%. The stock held by non-resident individual shareholders dropped to 5.76% from 5.78% end-September.
Fondul Proprietatea’s own stake remained at 4.08% but will increase to 8.43% following its buyback offer that started on October 15 and will end on November 14. The Fund is willing to pay RON600 million (EUR135.4 million) for the stake. The offer has so far been oversubscribed 4.3 times.
American hedge fund Elliott Associates is the largest shareholder in FP, with 18%, followed by Morgan Stanley, with 5%.
Fondul Proprietatea is a close-ended investment fund set up in 2005 to compensate people whose property was seized by the communist regime and could not be returned in kind.
Fondul Proprietatea traded Wednesday at RON0.789 per share, 32% lower that the net asset per share at the end of September, of RON1.161.