Same old Fund, new paperwork
Fondul Proprietatea’s FY2025 release reads like a reminder that this fund has one main hobby: shuffling cash back to shareholders. The headline items include the final delisting of its GDRs from the LSE, two dividend distributions, and completion of the 14th tender offer for 80 million shares tied to buyback program no. 16.
The cash-back machine keeps humming
The fund said shareholders started getting:
- RON 0.0409 per share from 2024 annual profit on 19 June 2025
- RON 0.0122825494 per share from unallocated reserves on 26 November 2025
By year-end, it had already collected 95.0% of the first distribution and 86.9% of the second. Translation: the money trail is still very real, and investors who own this thing are here for the payouts, not some moonshot growth story.
Profit today, maybe dividends later
The more interesting wrinkle is the Sole Director’s proposal for 2025 profit allocation: keep the entire audited 2025 profit in retained earnings for future use. But there’s a little asterisk-sized door left open — the Fund Manager may come back in 2026 with a dividend proposal if portfolio companies cough up the needed dividend inflows and the legal/regulatory stars align.
Big picture
For investors, this is less “new strategic pivot” and more “the cash-return playbook continues.” If you own FPADX, the question isn’t whether the fund likes buybacks and dividends. It’s how much more cash it can keep squeezing out of the portfolio without breaking the plumbing.