Dividends and Distributions

Distributions since the start of Franklin Templeton Mandates'.

distribution type

Financial year

Paid in

Gross Distribution/share


Net Distribution/Share


Dividend 2008-2009 (aggregate) 2010 0.08160 0.06854
Dividend 2010 2011 0.03141 0.02638
Dividend 2011  2012  0.03854  0.03237
Dividend 2012 2013 0.04089 0.03435
Return of Capital - 2014 0.05000 0.05000
Return of Capital - 2015 0.05000 0.05000
Return of Capital - 2016 0.05000 0.05000
Special Distribution - 2017 0.05000 0.05000
Return of Capital - 2017 0.05000 0.05000
Dividend 2017 2018 0.06780 0.06441
Dividend 2018 Payment will start on 1st of July 2019 0.09030 0.08579
Total     0.60054 0.56184


Annual Cash Distribution Policy of the Fund

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 the Fund’s dividend income from portfolio companies, plus interest on cash balances, less expenses and taxation and 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.