Novator has announced that it bought 52.2m (13%) shares in Netia at PLN6.15, with investors making the subscribing for the sale of 246.5m shares, resulting in a 21% allocation rate, in the tender offer, which ended last Friday. A representative of Novator, which now owns 23% of Netia shares, said the fund would not increase its stake in the immediate future. We reiterate our Sell rating for the stock.