Wood & Co. - ČRa - 6měsíční průměr cca 434 na akcii

An extraordinary trade of 3,475,000 shares went through the Prague Stock Exchange @ CZK 425 per share yesterday. The number of shares corresponds to 11.3% of the company. Investors may recall that the Czech SEC reported last week that Netla Management Ltd holds 11.26% stake in CESKE RADIOKOM. Bivideon owns some 72% in CESKE RADIOKOM. IF Netla sold its stake, we believe it will have to officially report the transaction to the issuer (CESKE RADIOKOM) and the Czech SEC within 3 days, thus the market will likely find out whether Netla was the seller or not shortly.

IF the majority shareholder or a related party was/is the buyer of this stake, we think de-listing of CESKE RADIOKOM shares could take place fairly soon. In case of a de-listing, the buyout price will have to be approved by the Czech SEC. Including yesterday's large trade, the 6-month volume weighted average price currently stands at around CZK 434 per share, which would be the minimum price if a minority buyout is to take place today.

In light of today’s block trade, we recommend holding CESKE RADIOKOM until the market will get more details.