Former owners say they cannot sell their shares in Fondul Proprietatea on the Bourse as the price is way below the face value at which their compensations were assessed at. They are asking the Fund’s manager to take action to boost the fund’s value.
John Chrissoveloni is one of the most important shareholders,
holding 17 million FP shares as the heir of Chrissoveloni Greek
family of bankers. “For me, the 40% discount at which FP shares are
traded against the net asset is very high. If I sold now, I’d lose
again, considering the compensation I received for the former
Chrissoveloni bank was way undervalued. (…),” he said.
Chrissoveloni accounts for the discount by the fact that the
government still owns 39% in the fund, with the risk that the state
should get involved in the fund’s strategy and bring about a
situation similar with that of Romgaz donation, and by the fact
that a large part of companies in the portfolio are not
listed.