The stake of "Elliott" has reached 16.5% of Proprietatea Fund (FP)

ALEXANDRU SÂRBU (Translated by Cosmin Ghidoveanu)
Ziarul BURSA #English Section / 1 februarie 2013

The stake of "Elliott" has reached 16.5% of Proprietatea Fund (FP)

Over the last trading sessions, Manchester Securities, a company controlled by American hedge fund "Elliott Associates", has acquired over 73 million shares of the Proprietatea Fund (FP), representing over 0.5% of its share capital. Followinbg these transactions, "Elliott" has come to hold over 16.5% of FP. The American fund, led by Paul Elliott Singer, is the biggest shareholder of the Proprietatea Fund.

On January 22nd, The National Securities Commission (CNVM) decided not to approve the changes which had been made to the contract for the management of the Proprietatea Fund, following the decision of the Management of the General Shareholder Meeting (AGA) of April 4th, 2012. At the time, shareholders approved the proposal of "Elliott Associates" for Franklin Templeton to receive an additional fee for speeding up the sale of the holdings in its portfolio. The fee would have amounted to 1.5% of that amount, in the 2012-2013 period, and next year it was set to drop to 1%.

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