Elliott Associates is the fund’s largest shareholder, with a 17% stake.
The term of Fondul Proprietatea’s current manager, Franklin Templeton Investment Management, expires in September 2014.
Also on Friday, Fondul Proprietatea’s stockholders were supposed to discuss lowering the fund’s hare capital by 676.9 million lei (EUR151.6 million) to RON12.86 billion, as well as launching a new buyback program for up to 10% of its shares.
However, the meeting lacked the necessary quorum so the two proposals will be discussed at a later date, the participants in the meeting said.
They said the attending shareholders agreed in principle to extend Franklin Templeton’s term for another two years starting next September.
Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism. The fund’s shareholder structure includes, among others, U.S. bank Morgan Stanley, with a little over 5%, and investment manager City of London with 4.87%.