Cesky Telecom announced that it is holding its AGM on June 23. The decisive day to participate in the AGM is June 21, hence under the T+3 settlement, the last day the stock trades with a right to attend the AGM is June 16. The agenda, apart from other issues, includes a decision on the distribution of profit from 2004. Under the approved dividend policy of paying up to 70% of consolidated net profit, the CT dividend could amount to CZK 12/share. However, according to Czech Accounting Standards, the company could pay as much as CZK 28/share. The National Property Fund has agreed not to vote on dividends before the sale of its stake (51%) to Telefonica is settled. The transaction is now being reviewed by the European Commission, which should make its decision by June 10. Nevertheless, we would expect any decision on dividends to be delayed even after the obligatory buyout offer to minorities; i.e. Q3 or Q4. We expect the dividends to be at the higher end of the potential dividend range (CZK 12 – 28 / share).