Former vice-chairman of CEZ’s BoD Alan Svoboda returns back to CEZ as he was not found guilty of insider trading. Although Mr. Svoboda returns to his former position of Chief Sales Officer, his BoD membership is not possible as resignation is irreversible.
Our view: As it was expected there was no insider misuse of information from Mr. Svoboda side and former SEC statement has been confirmed. We see the return of Svoboda into his position as positive. We reiterate our Buy recommendation.