DUPD buying back 4% of its shares

At the EGM on July 31, shareholders of Dragon Ukrainian Properties and Development Fund (DUPD: N/R) decided to conduct a buy-back of 5,693,149 of DUPD’s shares, 4% of total number. The shares will reportedly be purchased with a significant discount to the fund’s net assets value (USD 350 mln at the beginning of 2008).  Currently, DUPD is trading at 0.69 P/NAV.