Property Fund completes third buy-back program

The Property Fund (FP), the EUR 3.5 billion closed-end fund managed by Franklin Templeton, said it has completed a third buy-back program through which it repurchased a 2.02 percent stake

The fund manager has made daily acquisitions on the Bucharest Stock Exchange (BVB) at an average price of RON 0.8125 per share. The total value of the buy-back program was RON 205 million (EUR 46.6 million), excluding brokerage fees and other acquisition related costs.

“The Fund Manager intends to continue with share buy-backs in accordance with the Fund’s Investment Policy Statement, and will start the fourth buy-back program, approved by shareholders on 28 April 2014, as soon as the share capital decrease correspondent to cancellation of the shares repurchased in the second buy-back program will become effective,” said the FP in a statement.

Franklin Templeton said that share capital decrease has to be endorsed by the Financial Supervision Authority (FSA), adding the response from the regulator should be expected soon.

The FSA could issue the decision after a legal term of two months since the publication of the Shareholders’ Resolution in the Official Gazette, which was performed July 15.

Read more about

One United Properties’ shareholders approve payment of a dividend of €15.2 million

read more

Shares in FP fell 0.24 percent to RON 0.8360 by Friday afternoon trading on the BVB.

Ovidiu Posirca