Romanian investment fund Fondul Proprietatea summoned its shareholders on November 15 to approve the 11th buyback campaign, under which the managers of the fund plans to repurchase up to 800 million of fund’s shares starting January 2020, Ziarul Financiar reported.

For this, the management earmarked RON 1.6 billion (EUR 336 mln). The price to be paid should be over RON 0.2 per share but not higher than RON 2 per share.

The fund’s shares are trading at a price of RON 1.145 versus a net asset value (NAV) of RON 1.54 per share, calculated by the fund’s managers. The shares are trading at a discount of some 26% to NAV, versus a 15% performance target.

FP bought back so many of its shares that it has turned into its largest shareholders: it already owns 18.7% of its own shares, according to Ziarul Financiar. The own shares don’t have voting rights, however.

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editor@romania-insider.com