Netia has formally confirmed that Novator's stake has reached 22.37% following the recent tender offer. More importantly, Novator has plans to increase its stake to 33% wihtin the next 12 months. Novator has to obtain clearance from the Office of Competition and Consumer Protection to exceed the 25% threshold, and thus had to announce its intention. Novator is more likely to buy Netia shares in the open market opportunistically over the next few months, and is unlikely to announce another tender offer. We would recommend selling on any resulting strength.