The Meeting of the Shareholders of the Proprietatea Fund: Still in the cards or not?

• KPMG has calculated the NAV of the Proprietatea Fund for the months of May, June and July

The replacement of the Minister of Finance could cause the General Meeting of the Shareholders of the Proprietatea Fund which was scheduled for today, as the absence of the officials of the Ministry was needed to assure the quorum. However, Ionuţ Popescu, the general manager of the Fund, said that he has not received any notification from the Ministry of Finance that its representatives would not meet the Board of Directors.

The presence of the representatives of the state is crucial for the decision on the payment of dividends for the last two years, the takeover of the Fund"s management by Franklin Templeton and the listing on the Stock Exchange.

Other items on the agenda of today"s meeting include the proposal of the Fund"s buyback of 9.65% of its shares, the election of the members of the Fund"s Board of Representatives and the approval of the New Articles of Incorporation of the Fund.

The commission for the selection of the intermediary that will handle the listing of the Fund is expected to issue a ruling on the challenge submitted by the Unicredit Caib / KBC Securities consortium to the results of the call for tenders for selecting the intermediary. Ionuţ Popescu said there is no risk of the call for tenders being held again: "We have reached an almost final decision on the contestation, we will most likely announce it on Monday".

The competition for the intermediation of the listing of the Proprietatea Fund was won by the consortium which includes Raiffeisen Capital & Investment S.A, ING Bank NV Amsterdam - The Bucharest Branch and BRD - Groupe Societe Generale.

• The NAV of the Proprietatea Fund has been calculated

KPMG has calculated the Net Asset Value (NAV) of the Proprietatea Fund for the months of May, June and July, according to the information posted on the website of the Proprietatea Fund.

According to KPMG figures, at the end of July, the net assets of the Fund were worth 14.64 billion lei (around 3.48 billion Euros), down slightly compared to the months of June (14.84 billion lei) and May (14.86 billion lei).

Based on these calculations, the price of one share of the Proprietatea Fund would be 1,0283 lei at the end of July.

The NAV was calculated according to Regulation no. 4/2010 of the Romanian National Securities Commission (CNVM), which provides that the NAV of the Proprietatea Fund must be determined by subtracting the aggregated amount of the company"s debts and deferred income from the total value of the company"s assets.