The fund plans to pay out dividends of 0.02 lei per share of the 2008 profit, three times as much as in the previous year.

But dividends will only be distributed if shareholders agree to reduce the share capital of the fund and if the accounting policy is changed, so that the loss stemming from a decrease in the value of the stocks in the portfolio is reflected in the balance sheet and not in the profit and loss account.

The fund will propose shareholders a slash of 24 percent in the share capital by decreasing the nominal value of a share from 1 leu to 0.76 lei, to be able to distribute dividends from last year's profit.

According to the law, a drop in the value of the fund's assets following the depreciation of stakes listed on the bourse makes it impossible for the fund to distribute dividends without a share capital reduction.