Ceske radiokomunikace is holding an EGM today upon a request by its majority owner Bivideon (Bivideon holds a 94.2% stake in Cra). The agenda includes (i) share buy-back assuming the following conditions: (1) Cra may buy back a maximum of 10% of the total outstanding shares, (2) Cra will not hold these share for more than 1.5 years and (3) the maximum buy-out price would be CZK 440 per share; and (ii) a discussion regarding the de-listing of Cra's shares and preparation for a consequent buy-out offer at a price no higher than CZK 440 per share. Bivideon is also proposing to change the shares from book to bearer.
In other news, according to Hungarian magazine HVG, Cra is interested in purchasing a majority stake in Hungarian broadcasting company Antenna Hungaria. Similar information has already appeared some time ago - given the relatively large short- and medium-term FCF-generation potential of Cra, acquisitions are an obvious strategic option.
Tomáš Gatěk, Patria Finance