Investment funds under liquidation sold only half of shares

The investment funds undergoing liquidation managed to sell slightly more than a half of the shares and interests they held in joint stock companies and limited liability companies. The deadline is July 1, 2008. By this date, the nine investment funds under voluntary liquidation and the 17 investment funds that are being liquidated by force must sell the assets and distribute afterward the earned money to shareholders, according to the number of shares held, Info-Prim Neo reports. “The commissions dealing with the liquidation of the investment funds closed by their own accord have sold about 56% of the shareholdings and interests held by the funds. The shares are sold for 0.18 lei to 1.1 lei apiece. A shareholder will get between 49 lei and 364 lei. As regards the investment funds that are being liquidated by force, on the initiative of the National Commission on Financial Markets (CNPF), the average sum obtained for a share varies between 0.16 lei and 2.24 lei, while the shareholders will get between 36 lei and 435 lei,” the member of the Commission’s Board Elena Pui told a news conference. The cited source said that the collected funds are modest. Conditions are now being created on the Stock Exchange so that as many holdings and interests possible are transparently sold from the investment funds’ portfolios in the remaining time. According to Elena Pui, many of the shareholdings will not be sold because they are not attractive as they belong to inefficient companies. Under the legislation, the assets that will not be sold must be distributed among shareholders according to their value. Elena Pui said that CNPF is keeping under supervision the shares that will be allotted to shareholders. “There are shares without coverage, i.e the given companies do not have assets anymore. We will take care that these stock are not distributed to shareholders,” the CNPF official said. The investment funds under liquidation have almost 900,000 shareholders, who are mainly elderly people.