Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, investment manager of Fondul Proprietatea intends to engage Jefferies International Limited and WOOD & Company Financial Services as dealer managers and The Bank of New York Mellon as tender agent in relation to the purchase of global depositary receipts (GDRs).
The Fund intends to repurchase up to 1.2 billion shares (both in the form of shares and GDRs) from its shareholders.
Full details of the tender offer, including pricing, will be announced if and when the tender offer is implemented and approval is received from the Financial Supervisory Authority, which is expected to occur within 10 business days according to the regulations in force, the Fund said in a statement.
In light of this development, the daily execution of the buy-back program with respect to shares on the Bucharest Stock Exchange and GDRs on the London Stock Exchange has been suspended with effect from 11 December 2017. Any restart, which, if the tender offer is launched, will be after the closing of the tender offer.