(222 CZK, -1,77%) announced today that application has been made for a block listing of 5,514,755 A Ordinary shares of EUR 0.40 each under the Employee Stock Option Plan. Shares are to trade in London and Prague and the company will seek the admission of these new shares to trading in Warsaw. New shares should be delivered upon the exercise of respective stock options, to the eligible employees under the employee stock option plan.
Our view:
We consider the news as slightly negative, because of the dilution risk for current shareholders. However, 5.5 mln. shares represents only 2 % of current amount of shares outstanding (263.7 mln.) and the timeframe of the admission to trading is unknown.