Cesky Tel’s (CT) BoD approved the dividend proposal of CZK 45 for the year 2005, a total of CZK 14.5bn, and should be approved at the AGM held on April 27, as indicated previously. The BoD proposed September 25 as the dividend record day, thus September 20 (given standard T+3 settlement) should be the last day the stock trades with dividend rights, and September 21 will be ex-dividend day, assuming the proposal is passed at the AGM. We reiterate our Sell recommendation with fair value CZK 510 on CT.