CEZ holds AGM today, starting at 9:00 CET. The agenda includes among other issues decission on share buyback, approval of financials and dividend of CZK
20/share. Today is also dividend record day.
The issue that is most interesting is share buyback. Management will ask shareholders to approve up to 10% of its capital, which can be subsequently cancelled, swapped for other assets in CEE&SEE region or convertible bonds could be introduced. Share buy-back will obviously have positive impact on our valuation up to 5% of current fair value, depending on actual stake that CEZ will be able to buy on the market. We remind that although today is the dividend record day, stock already trades ex-dividend from 13 April, due to suspended settlement.