Investors in Fondul Proprietatea, the $3bn London Stock Exchange listed closed ended fund, have approved Franklin Templeton as manager for another two years, following the Extraordinary and Ordinary General shareholder meetings on 29 October.
The fund is one of the largest in the LSE’s Specialist Fund market, and listed earlier in 2015 to manage investments in Romanian companies. It was set up by the Romanian government in 2005 as a mechanism to provide Romanians shares in assets that were seized by former communist governments.
Currently institutional investors own some 36% of the fund’s shares, with retail investors holding 28%, and GDR holders some 33%.
According to individual shareholder data published in October this year, Manchester Securities Corp and Beresford Energy Corp, both part of the Elliot group of companies, are among the biggest shareholders.