Ceske radiokomunikace’s AGM, held yesterday, approved a CZK 395 gross dividend per share, and set April 19 as the record date. Originally, the board had proposed a CZK 324 per share dividend, but the National Property Fund (with a 51% stake) yesterday unexpectedly pushed through a counter proposal of a CZK 395 per share dividend. The market price (which is ex-dividend) should reflect the fact that a greater-than-expected value will leave the company via the dividend. Trading in Ceske radiokomunikace resumes today.
The dividend record date of April 19 corresponds to market expectations, i.e., the last day for being registered as a dividend-eligible shareholder at the Securities Register was indeed April 12 (given that changes in the register were suspended April 13–19).
The dividend payment date was not announced, but should occur by early June, according to the CFO (it is conditional on CMobil’s new shares in RadioMobil being registered, upon which the compensation to Ceske radiokomunikace for dilution in RadioMobil will be released).
Moreover, the AGM postponed a decision until a proposed June EGM on the issue of Ceske radiokomunikace’s subscribing new equity capital in RadioMobil, which adds some uncertainty about the future of the parent company’s stake in the cellular operator (the additional increase in RadioMobil’s equity is necessary to finance its CZK 11 bil. capex in 2001, the other subscriber will be CMobil, the Deutsche Telekom-controlled consortium that holds a 61% stake in RadioMobil). In total, CZK 3 bil. of new equity is to be subscribed this year, and 39% of this (CZK 1.18 bil.) by Ceske radiokomunikace.
(Ondřej Daťka)