Business daily Puls Biznesu speculates that the management of PGNIG may propose a 100% dividend payout ratio at the coming AGM of the company. While the cash position of PGNiG certainly allows for such a high dividend, it could endanger the company's ambitious CAPEX plans. While PGNiG’s ongoing project to lift crude oil production is unlikely to be affected, investments into the utility business would likely slow down. We would welcome this, given the very low return in this business segment. The news also indicates that the government has probably given up its plan to let PGNiG buy out its own shares from the market. We expect a positive market reaction to the news but it is yet to be confirmed. We retain our Hold recommendation on the stock, with a fair value estimate of PLN 3.50 per share.