Source - RNS
RNS Number : 1286J
Fondul Proprietatea S.A.
06 September 2016

To:          Bucharest Stock Exchange

                Financial Supervisory Authority

               London Stock Exchange


Current report according to the provisions of Article 99 of the Code of the Bucharest Stock Exchange Market Operator, Title II, Issuers and Financial Instruments

Important events to be reported:

Annual Cash Distribution Policy

Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch ("the Investment Manager"), in its capacity as Investment Manager of Fondul Proprietatea SA ("the Fund"), hereby, would like to present the updated Annual Cash Distribution Policy that will be implemented in the interest of the shareholders of the Fund.

Thus, the Investment Manager remains committed to returning cash to shareholders on an annual basis (subject to applicable law and necessary approvals) and has amended the Fund's Annual Cash Distribution Policy as follows:

In the absence of exceptional market conditions or circumstances, and subject to any restrictions under Romanian legal or tax regulations and subject to available funding, the Investment Manager intends to recommend a cash distribution related to each financial year equivalent to 100% of the sum of (i) the Fund's dividend income from portfolio companies, (ii) plus interest on cash balances, (iii) less expenses and taxation and (iv) less compulsory allocations to reserves according to the regulations in force, in each case for that year, but not less than RON 0.05 per share.

The cash distributions would be paid to shareholders in the form of a return of capital (by decreasing the nominal value per share) and / or in the form of dividends, in each case subject to any restrictions under Romanian legal or tax regulations. In the case of dividend distributions (where permitted by applicable law), the distributable amount will be assessed based on audited financial information. In the case of a return of capital, the distributable amount will be based on a best estimate according to the latest management accounts at the time of proposing the resolution. Unpaid and treasury shares will not be entitled to receive cash distributions.

The Annual Cash Distribution Policy does not limit additional cash returns and share buy-backs that can be recommended by the Investment Manager separately, subject to available funding and depending on the discount level, in accordance with the Investment Policy Statement.


Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch acting as Investment Manager of FONDUL PROPRIETATEA S.A.


Grzegorz Maciej KONIECZNY

Legal Representative

Report date:
6 September 2016

Name of the issuing entity:    
Fondul Proprietatea S.A.               

Registered office:                
78-80 Buzesti St.,
7th floor, district 1,  
Bucharest, postal code 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 Register:

Subscribed share capital:
RON 9,320,973,180.85

Paid-up share capital:
RON 9,011,732,683.35


Number of shares in issue:



Number of paid shares:



Regulated market on which the issued securities are traded:
Shares on Bucharest Stock Exchange

GDRs on London Stock Exchange





This information is provided by RNS
The company news service from the London Stock Exchange