Sokato company, a minority Ceske radiokomunikace shareholder, is challenging the outcome of Ceske radiokomunikace’s April 19 AGM, which approved a gross CZK 395 per-share dividend, and has asked the court to block the dividend payment (the payment is scheduled to begin June 18). A Prague district court is expected to issue a ruling on the case by Monday, June 18. Sokato says that the April 19 AGM decisions are invalid, and that it is not against the dividend per se. The uncertainty generated by the legal challenge (concerning both the dividend and privatization) may damage the stock today.
Separately, Lidove Noviny, which reported the above, today puts the latest TeleDanmark’s bid at CZK 13.5 bil., or 340 mil. USD (implying a per-share price of CZK 860), which is somewhat above any amount mentioned thus far (USD 300 mil., or CZK 760 per share). Given that the latter figure met the government’s expectations, it is hard to believe that TeleDanmark would now bid more, and we do not take the figure reported today seriously.
(Ondřej Daťka)