Fondul Proprietatea will launch the buy-back program today

We remind that FPs shareholders approved in September a buy-back program of up to 10% of the fund share capital at prices ranging between 0.2 -1.5 RON, which would be valid until March 2012. The manager also informed that the acquired shares could be canceled and the share capital reduced following shareholders' approval, meaning that it would boost the per share NAV. Although we are not surprised by the decision to activate the program, we view positively the timing.