REG - Fondul Proprietatea - New construction tax - impact on CNAPM Constanta

Fondul Proprietatea SAAnnouncement

23/01/2025 16:15

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RNS Number : 5110U  Fondul Proprietatea S.A.  23 January 2025

 To:          Bucharest Stock Exchange                                            Report date:

                 Financial Supervisory Authority                                  23 January 2025

                London Stock Exchange

                                                                                  Name of the issuing entity:

 Current report according to Article 234 para. (1) letter k) of the Financial     Fondul Proprietatea S.A.
 Supervisory Authority Regulation no. 5/2018 on issuers of financial

 instruments and market operations, as well as the provisions of Article 99
 letter f) of the Code of the Bucharest Stock Exchange, Title II, Issuers and

 Financial Instruments.                                                           Registered office:

 Important events to be reported:                                                 76-80 Buzesti Street

 Information on the impact of the new construction tax on the economic and        7(th) floor, district 1,
 financial situation of CNAPM Constanta

                                                                                Bucharest, 011017
 Franklin Templeton International Services S.A. R. L. ("Franklin Templeton"),

 as alternative investment fund manager and sole administrator of Fondul
 Proprietatea S.A. (the "Fund") hereby informs investors that on 22.01.2025 the

 following were communicated to the Fund by Compania Naționala "Administrația     Phone/fax number:
 Porturilor Maritime" S.A. Constanta ("CNAPM Constanta") - port authority for

 the Romanian maritime ports of Constanta, Midia and Mangalia:                    Tel.: + 40 21 200 96 00

 -       Calling of the General Meeting of Shareholders scheduled for             Fax: +40 31 630 00 48
 24.02.2025 (respectively 25.02.2025, on the second call) having as main item

 on the agenda "Information regarding the impact of the construction tax on the
 budget of revenues and expenses for the year 2025";

                                                                                Email:
 -       Information note addressed to the members of the General Meeting

 of Shareholders ("Information Note"), which presents the impact upon CNAPM       office@fondulproprietatea.ro (mailto:office@fondulproprietatea.ro)
 Constanta of the application of the construction tax, as regulated by art.

 LXIV, point 16 of GEO no. 156/2024 regarding some fiscal-budgetary measures in
 the field of public expenses for the grounding of the general consolidated

 budget for the year 2025, for the modification and completion of certain         Internet:
 enactments, as well as for the extension of some terms, which amends paragraph

 (1) of art. 498 of Law no. 227/2015 regarding the Fiscal Code.                   www.fondulproprietatea.ro (http://www.fondulproprietatea.ro)

 In summary, the Information Note indicates the following main state of fact
 aspects:

                                                                                Sole Registration Code with the Trade Register Office:
 -       The value of the construction tax based on the accounting data

 of CNAPM Constanta as at 31.12.2024 (resulted by applying a rate of 1% to the    18253260
 inventory value of constructions) is in the total amount of 131,677,000 Lei,

 of which 7,829,000 Lei is tax related to constructions in the private property
 of the company and 123,848,000 Lei tax related to constructions in the public

 domain of the state held in concession by the company.                           Order number in the Trade Register:

 -       For constructions in the public domain of the state, the value           J40/21901/2005
 of construction tax (of 123,848,000 Lei) represents 46.39% of the total

 revenue generated by CNAPM Constanta in 2024 through the exploitation of
 public assets received under concession and administration.

                                                                                Subscribed and paid-up share capital:
 -       CNAPM Constanta already pays a royalty of 3% of the revenues

 obtained from the exploitation of assets under public property (in 2024 its      RON 1,849,342,164.28
 amount was of 8,010,000 Lei).

 Also, Franklin Templeton informs the investors that:

                                                                                Number of shares in issue and paid-up:
 -       The Fund owns an equity stake of 20% in the share capital of

 CNAPM Constanta, the respective shareholding being valued at 371,700,009 Lei     3,556,427,239
 and representing 16.52% in the Fund's total net assets' value based on the

 preliminary results published on 15 January 2025.

 As a reminder, the preliminary results incorporate the valuation of Fund's       Regulated market on which the issued securities are traded:
 portfolio holdings as at 31 October 2024 based on the financial information of

 the companies as of 30 September 2024.                                           Shares on Bucharest Stock Exchange

 -       As of this date, the financial statements as at 31 December 2024         GDRs on London Stock Exchange
 and the income and expenses budget for 2025 of CNAPM Constanta were not

 finalized and approved by the General Shareholders Meeting of this company.

 -       Franklin Templeton will analyze together with the external
 valuation service provider the potential impact of the information received

 from CNAPM Constanta correlated with all other relevant data on the valuations
 of the company and discuss the outcome with the financial auditor of the Fund.

 The results will be included in the audited financial statements as of 31
 December 2024 and subsequent net assets value (NAV) reports to be released.

 -       Franklin Templeton as Sole Director and Fund Manager will
 evaluate all options to protect the interests of the Fund and its
 shareholders, and take action accordingly.

 Franklin Templeton International Services S.À R.L, in its capacity of
 alternative investment fund manager and sole director of FONDUL PROPRIETATEA
 S.A.

 Johan MEYER

 Permanent Representative

 

 

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