CEZ: AGM approved dividend CZK 15/share

CEZ´s shareholders approved dividend CZK 15/share (payout ratio 41.3%) on yesterday’s AGM, what is in-line with management proposal and new dividend policy of payout ratio 40 50%. AGM also approved changes in its stock-option program for next CEZ management members which limit their gains to 100%. Shareholders also approved increase of treasury shares CEZ owns for option program purposes by 3m to 5m with purchase price in the range of CZK 100-1,200. We see the news as neutral and reiterate our Buy recommendation.