Romania is the only country in Eastern Europe where it is attempted to find a solution for restitution – at its actual value – of the property confiscated by the previous communist governments.
Fondul Proprietatea was established in 2005 to assure the financial resources necessary to compensate the persons abusively expropriated. Following the fulfillment of specific phases strictly determined by law, holders of compensation titles have become shareholders of the Fund. The compensation has been made in shares, representing the actual value of the real estates which are not given back in kind.
Please find below some of the key highlights of the Fund’s history:
• Continued efforts to promote the Fund and raise its visibility, as well as the visibility of the Romanian capital market, the local companies (listed or candidates for being listed), and of Romania in general, in online and in person conferences, roadshows and events;
• Completion of the 13th buy-back programme for 549.0 million shares (460.6 in the form of shares and 88.4 million in the form of GDRs). The total value of the programme excluding transaction costs was RON 1,157.2 million, and the average share price was RON 2.11 per share;
• Completion of the 10th Tender offer of 325 million shares (264.6 million in the form of shares and 60.4 million in the form of GDRs), at a purchase price of RON 2.19 per share and the USD equivalent of RON 109.50 per GDR, executed to accelerate the 13th buy-back programme;
• Payment to shareholders in February 2022 of the special dividend distribution of RON 0.06 per share (RON 351.2 million) approved in December 2021 – 97.0% of the distribution collected until 31 December 2022;
• Payment to shareholders in June 2022 of the dividend distribution from 2021 annual profit of RON 0.125 per share (RON 774.3 million) – 96.1% of the distribution collected until 31 December 2022;
• Completion of two ABB offerings for the entire holding of the Fund in OMV Petrom SA, namely 4,052,067,726 shares for a total value of RON 1,742.4 million;
• FSA authorisation of Fondul Proprietatea as a closed-end type Alternative Investment Fund intended to retail investors on 28 January 2022;
• Payment to the Fund by the Romanian State, represented by the Ministry of Finance on 1 February 2022 of RON 189,182,422, as payment for unpaid shares owned by the Romanian State in the Fund (363,812,350 unpaid shares, each share having a nominal value of RON 0.52).
• Approval of Hidroelectrica SA listing on BVB by the company’s shareholders during 31 March 2022 GSM.