If you can see this message, your browser does not support canvas and needs an update. Sorry. :(
Friday, April 23, 2021 
Market Status: Closed
About us and Governance Investor Relations Contact
Advanced search

Market News


Voting recommendations and supporting materials for the 28 April 2021 GSM

Release Date: 4/5/2021 5:40:44 PM

IRIS Code: DBA03

To:          Bucharest Stock Exchange

                Financial Supervisory Authority

               London Stock Exchange


Current report according to Article 99 letter (s) of the Code of the Bucharest Stock Exchange, Title II, Issuers and Financial Instruments

Important events to be reported:

Voting recommendations and supporting materials related to the 28 April 2021 shareholders’ meetings

Franklin Templeton International Services S.A R.L., in its capacity as alternative investment fund manager and sole director (the “Fund Manager”) of Fondul Proprietatea S.A. (the "Fund"), would like to remind shareholders that the Fund Manager has summoned the Fund’s Extraordinary (“EGM”) and Ordinary (“OGM”) General Shareholders’ Meetings for 28 April 2021 at ATHENEE PALACE HILTON BUCHAREST” Hotel, Le Diplomate Salon, 1-3 Episcopiei Street, Sector 1, Bucharest, 010292, Romania, starting at 11 a.m. (Romanian time) for EGM, and 12 p.m. (Romanian time) for the OGM.


The entire EGM and OGM supporting documentation is available for the shareholders’ reference at  https://www.fondulproprietatea.ro/home/investor-relations/gsm-information/gsm-documentation/2021.html .

In the context of the COVID-19 pandemic, for the safety of our shareholders and for prudency reasons, in order to ensure compliance with the legal provisions, the Fund Manager recommends voting by correspondence, in accordance with the procedures described in the convening notice.

The Fund Manager recommends voting in favour of all the points on the EGM’s and OGM’s agenda, except for point 1.2. of the OGM agenda (i.e. the simultaneous termination of the mandate of Franklin Templeton International Services S.a r.l. as the alternative investment fund manager and sole director of the Fund, and of the Management Agreement signed between Franklin Templeton International Services S.a r.l. and the Fund), for which we recommend voting “against.


Our recommendation for a vote against this point of the agenda is based on the fact that the Fund Manager has taken all reasonable actions within its powers to narrow the trading discount, but the evolution of the trading discount is independent from the exclusive will of the Fund Manager. For details regarding the measures taken to reduce the discount, as well as the significant challenges encountered, please refer to the Performance Report, which is available on the Fund’s website mentioned above, as part of the supporting documentation for the OGM.


The Fund Manager’s voting recommendations contained herein are not binding in any way and should not be deemed under any circumstances as a supporting documentation/argument for substantiating one’s vote. The Fund Manager will implement and will comply with all the decisions taken by the Fund’s shareholders, irrespective of its recommendations herein, subject to compliance with law and regulation.


Franklin Templeton International Services S.A R.L., acting as Alternative Investment Fund Manager of FONDUL PROPRIETATEA S.A.


Permanent Representative

Report date:

5 April 2021


Name of the issuing entity:

Fondul Proprietatea S.A.


Registered office:

78-80 Buzesti Street

7th floor, district 1,

Bucharest, 011017


Phone/fax number:

Tel.: + 40 21 200 9600

Fax: + 40 21 200 9631








Sole Registration Code with

the Trade Register Office:



Order number in the Trade




Subscribed share capital:

RON 3,749,282,292.08


Paid-up share capital:

RON 3,560,099,870.08


Number of shares in issue:



Number of paid shares:



Regulated market on which

the issued securities are


Shares on Bucharest Stock


GDRs on London Stock











Information provided by IRIS, the news platform of the Bucharest Stock Exchange.


Bucharest Stock Exchange ("BVB") is not responsible for the content of this News item. Issuers whose financial instruments are traded on markets operated by BVB are required to report in accordance with current legal and regulatory provisions. BVB publishes these Reports as market administrator, appointed by ASF. When, for investors’ information, Reports are published, either signed by different persons, or with conflicting information, legal liability lies fully with the signatories. BVB disclaims any obligation or responsibility towards issuers or third parties, regarding the reality, completeness and accuracy of information provided by them and distributed by BVB. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

©2016 Bucharest Stock Exchange. All rights reserved