(17,43 PLN, 0,75%) has called an EGM for 13 October 2011. Shareholders will vote on a share buyback with a total value of PLN 800m.
The management had already announced its intention to distribute PLN 800m of the proceeds from the sale of TP Emitel to shareholders via a share buyback after the publication of its 2Q11 numbers. At yesterday’s closing price, the share buyback translates into a yield of 3.5% (PLN 0.60 per share). However, we believe the buyback has already been built into the stock price and we expect a neutral market reaction today.
[Hold, Fair Value 17.48]