Yesterday, PKN said that it will submit a new buy-out proposal by the end of next week. PKN failed to submit a revised offer to SEC by 25 July after a previous proposal of CZK103/share was rejected on July, 19. Therefore, PKN lost its voting rights in Unipetrol effective of today until a new buy out is published in the press. Also, SEC may impose a fine and/or minorities may require PKN to purchase their shares within 6 months after July 25. Note that Unipetrol is on Patria’s watch list.