Forsev was delisted on October 27 when Rasdaq market was disbanded and hasn’t bought back the stake owned by the fund in the company, in accordance with the current legislation.
According to fund manager Greg Konieczny, Forsev did not pay for the shares buyback while Financial Supervisory Authority (ASF) said they don’t know what to do to force the company observe the agreement. Konieczny added that there are also other potential buyers, so that they will have to find out whether the fund can sell the stake to another company.
According to the latest data available on the stock exchange’s website, at the end of June, FP owned 26.5% of Forsev shares, while Forsev Holdings International owned another 73.3% stake.
On September 28, Forsev said in a statement to the stock exchange that the company was not able to pay for the shares buyback in due time due to financial difficulties, so that Forsev and FP are negotiating to find a solution.
At the end of September, Fondul Proprietatea managed assets worth RON12.15 billion (EUR2.75 billion).
Fondul Proprietatea is a closed-ended investment fund, set up in 2005 to compensate people whose property was seized during the communist regime and could not be returned in kind. FP was listed on the Bucharest Stock Exchange in January 2011.