Largest closed end fund makes a tender offer for its shares

THE NEWS: Acceleration of the fourth buy-back programme by means of a Public Tender Offer initiated by Fondul Proprietatea SA Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch (“the Fund Manager”), in its capacity as Sole Administrator and Fund Manager of Fondul Proprietatea SA (“the Fund”), informed shareholders that today it has submitted forContinue reading “Largest closed end fund makes a tender offer for its shares”

Fondul is intensifying its buyback to push up its price

Fondul reported it bought back 17.3m of own shares between Oct 6-10. As per Bloomberg has total 49m shares were traded in that period. If that is right than Fondul is buying up 35% of daily volumes. Unprecedented buyback strength. Click to access FP131014A_en.pdf

Fondul Proprietatea aims to buyback 50% of daily volumes to drive up the price

Romanian energy fund Fondul Proprietatea announced that it started its 4th buyback round on 1 October. This time the fund aims to buyback 990 million shares, which represents 8% of the capital. With current daily volumes of around 15 million shares, the buyback represents about three months of trading volumes. In the previous buyback roundsContinue reading “Fondul Proprietatea aims to buyback 50% of daily volumes to drive up the price”


Summary Goodyear might be an attractive short-term and long-term opportunity. In 1H15 Goodyear plans industrialisation of its new AMT technology. A success could mean a material upside for Goodyear. Downside is limited as market assigns zero value to the project. On 7/30 Goodyear reported its results. The market over-reacted to weak revenue guidance and gaveContinue reading “A FREE CALL OPTION ON GOODYEAR´S NEW GAME CHANGING PRODUCT”

PAUL SINGER text book activism

Paul Singer gained fame by pushing Argentina into a default. His activist transactions are worth looking at too. His Romanian venture is a text book case of activist investing that generates return for all shareholders. Elliot Associates is the largest investor in a Romanian USD 4.4 bln. energy fund Fondul Proprietatea. The fund was createdContinue reading “PAUL SINGER text book activism”