Zentiva’s Management Board proposes CZK 7.4 gross dividend per share (down 35.6% y/y from CZK 11.5 per share), distributing 20.0% of the 2007 net profit of CZK 1,456m for shareholders. The proposed dividend represents a 0.7% dividend yield. Dividend will be payable on 18 July. Our view: We see the news as neutral as the proposed dividend is in-line with our and the market ‘s expectation that the company will pay dividend at the higher end (20%) of it’s targeted payout range.