“Please note that there are legal and practical limitations on its implementation and consequently any distributions of funds following a successful sale of shares in SPEEH Hidroelectrica S.A. will need to be subject to a separate shareholders’ approval,” Franklin Templeton says in its recommendations published on the Bucharest Stock Exchange website.
The Finance Ministry has recently introduced two new items on the agenda of the General Meeting of Shareholders of Fondul Proprietatea scheduled for November 15, i.e., the listing of Hidroelectrica only on the Bucharest Stock Exchange and distribution of special dividends from the proceeds from the IPO within three months.
Franklin Templeton says it refrains from making any recommendations on the dividend vote, adding that any proceeds resulted from the sale will need to be used also for covering the transaction costs and to cover the operational activities and commitments of the Fund for the foreseeable future, so not all proceeds from such a sale could be used in relation to any dividend.
(English version by Loredana Fratila-Cristescu)