Paul Singer today reported that Elliot Associates increased their shareholding in USD 3.1 Billion Romanian investment fund Fondul Proprietatea, the largest closed-end fund in the world to 20.01%. Elliot is the largest shareholder of the Fund and the position represents one of the largest positions in its portfolio. The fund currently trades at 25% discount to the Net Asset Value.
Franklin Templeton that acts as the fund manager announced last week, that it is completing the secondary listing in London. The aim of the listing is to promote liquidity and broaden investor universe.
This year the fund plans to return to the shareholders at least RON 1.6 Billion (450 million USD) via buy-backs and share capital reduction. RON 0.05 per share distribution is expected by June-end via the reduction of the nominal value of the Fund’s shares to RON 0.90 (6% DIVY).