As expected at yesterday’s AGM the payment of a dividend on 2004 profit was not approved. We expect a dividend to be paid out after the completion of the mandatory buyout offer for minorities by Telefonica (which is expected to start by mid-August) in the range of 20-25 CZK per share. Also, nine new members representing the new majority owner, Telefonica, were nominated to the Supervisory Board. As expected, after the AGM the new Supervisory Board discharged the current CT CEO, Gabriel Berdar of his duties and substituted him with the Spanish Jaime Smith Basterra. A new CEO was also appointed for Eurotel. The new CEO said Telefonica is not planning to delist CT stocks or to list its own shares on the PSE.