HN daily informed that Pavel Tykac of Motoinvest, minority investor in Cesky Tel received compensation from Telefonica due to lower buy-out price of CZK 456 in comparison to Mr. Tykac’s required CZK 502. We see the news should have no impact on Cesky Tel but should be dangerous precedent to TEF as other minority investors may also challenge TEF buy-out price for Cesky Tel. Nonetheless we reiterate our Hold recommendation for Cesky Tel.