Fondul Proprietatea – Official NAV as of February 2013
Fondul Proprietatea (FP) has published its official NAV as of February 2013. The unitary NAV came in at RON 1.1585, up 0.7% mom, driven by a 1.7% mom increase in listed shares portfolio to RON 6.4 bn. Non-listed stakes stood flat at RON 8.13 bn while cash position decreased 0.6% mom to RON 771 mn. We view this piece of news as neutral for FP shares.
Biofarm proposed a 2012 DPS of RON 0.013
Pharmaceutical producer Biofarm (BIO) has called a GSM for 18 April 2013. Among other topics, shareholders can vote on the 2012 DPS proposal of RON 0.013, 30% higher yoy. This implies a payout ratio of almost 70%. Taking into account the last trading price, the implied dividend yield stands at 5.4%. Proposed registration date is 10 May 2013 (ex-dividend date 8 May).
Despite the fact that the dividend is slightly lower compared to our estimate of RON 0.015, we expect a neutral market reaction.
BRD-GSG has called its annual GSM
BRD-GSG has called its annual GSM for April 18, 2013 when shareholders are supposed to approve the FY 2012 unconsolidated and consolidated financial statements and the 2013 budget. The bank will start to publish the documents for the GSM starting today. We remind that BRD-GSG has not yet published the FY 2012 consolidated figures.
Bucharest Stock Exchange - quorum not met for voting the new proposed fee structure
The Bucharest Stock Exchange (BVB) announced that quorum for its EGSM was not met. Thus, shareholders could not vote on the modification of the fees structure.
We remind that the company was proposing a fixed fee for each trading participant of RON 3,500 per month (approx. EUR 9,500 per year per participant up from the current level of EUR 350 per year). Additionally, BVB was proposing to lower the variable trading fee for shares, which makes up most of the trading, by 20%. The new proposed fee was amounting to 0.13% (sell and buy cumulated fees not including the local SEC fee of 0.08%) from 0.162% (sell and buy cumulated fees not including the local SEC fee of 0.08%).
As BVB charges at the moment one of the highest variable equity trading fees, we view this news as rather negative for the overall market and also for BVB.
Bermas proposed a 2012 DPS of 0.065 RON
Beer producer Bermas (BRM) has called a GSM for 25 April 2013 when shareholders are asked to vote on the 2012 DPS proposal of RON 0.065. This implies a payout ratio of 77% and a dividend yield of 5% taking into consideration the last closing price. The proposed registration date is May 15, 2013 (ex-dividend date 13 May 2013).
