Cesky Telecom is holding its Annual General Meeting today, starting at 13:00 CET. The management has already announced that it will not propose a dividend payment on 2004 profit. We expect a dividend to be paid out after the completion of the mandatory buyout offer for minorities by Telefonica (which is expected by mid-August) in the range of 20-25 CZK per share. We also expect changes to the Supervisory Board to be approved. The press is speculating that as Telefonica takes effective control of the company, the current CEO, Gabriel Berdar, would be substituted by the Spanish Jaime Smith Basterra.