Investor Relations

Reduction of the share premium in 2021

In addition to the 2019 dividend of CZK 17 before tax per each share with nominal value of CZK 10 (for more information see here), the per rollam Annual General Meeting voting since 25th May till 14th June 2021 adopted a resolution, which approved a distribution of a part of the Company’s share premium as follows:

Outside the meeting, the General Meeting approves in writing the distribution of a part of the Company's share premium in the actual amount of CZK 4,806,069,651.19 to shareholders as follows:

• the Company's share premium will be distributed (reduced) in the amount of CZK 1,203,528,628.00,
• for each share with a nominal value of CZK 10, an amount of CZK 4 before tax will be paid,the amount of CZK 40 before tax will be paid for the share with a nominal value of CZK 100,
• under the conditions arising from Czech legislation, the relevant tax will be deducted (deducted) by the Company before the payment is made,
• the payment will be made on the basis of a statement from the statutory register, which will be procured by the Company on 21 June 2021 (unless it is proven that the date in the register does not correspond to the factual situation as of that date),
• the amount to be paid will become due on 21 July 2021. The Board of Directors is responsible for the payment of the share of the share premium and the payment will be made at the Company's expense through Česká spořitelna, a.s. In matters not regulated by this resolution, the payment will be carried out in particular in accordance with legal regulations and the Company's articles of association.

Reduction of the share premium in 2020

In addition to the 2019 dividend of CZK 17 before tax per each share with nominal value of CZK 10 (for more information see here ) approved by the Board of Directors’ decision, the per rollam Annual General Meeting voting since 11th May till 17th June 2020 adopted a resolution, which approved a distribution of a part of the Company’s share premium as follows:

Outside the meeting, the General Meeting approves in writing the distribution of a part of the Company's share premium in the actual amount of CZK 8,263,773,333.91 to shareholders as follows:

1. the Company's share premium will be distributed (reduced) in the amount of up to CZK 1,240,880,268.00,
2. the Company's own assets also include the Company's own shares. The Company will not be entitled to the payment of the amount related to the payment of share premium; the applicable amount (i.e. the relevant part of the above maximum amount) will remain in the share premium account,
3. for each share with a nominal value of CZK 10, an amount of CZK 4 before tax will be paid,
4. the amount of CZK 40 before tax will be paid for the share with a nominal value of CZK 100,
5. having regard to the above provisions of this resolution, the final aggregate amount paid to shareholders, as well as the remaining share premium, will depend on the actual number of treasury shares owned by the Company,
6. under the conditions arising from Czech legislation, the relevant tax will be deducted (deducted) by the Company before the payment is made,
7. the payment will be made on the basis of a statement from the statutory register, which will be procured by the Company on 23 May 2020 (unless it is proven that the date in the register does not correspond to the factual situation as of that date),
8. the amount to be paid will become due on 22 June 2020. The Board of Directors is responsible for the payment of the share of the share premium and the payment will be made at the Company's expense through Česká spořitelna, a.s. In matters not regulated by this resolution, the payment will be carried out in particular in accordance with legal regulations and the Company's articles of association.

Reduction of the share premium in 2019

In addition to the 2018 dividend of CZK 17 before tax per each share with nominal value of CZK 10 (for more information see here) the Annual General Meeting held on 4th June 2019 adopted a resolution, which approved a distribution of a part of the Company’s share premium as follows:

The General Meeting approves the distribution of a portion of the Company's share premium in the current amount of CZK 9,469,872,293.91 as follows:

1. the share premium of the Company shall be distributed (reduced) in the total amount of up to CZK 1,240,880,268.0,
2. the company assets also include treasury shares. The company's entitlement to the payment related to the share premium distribution will not arise; the relevant amount (i.e. the relevant part of the above stated maximum mount) shall be kept on share premium account,
3. an amount of CZK 4 before tax shall be distributed to each share with the nominal value of CZK 10,
4. an amount of CZK 40 before tax shall be distributed to the share with the nominal value of CZK 100,
5. given the above-mentioned provisions of this resolution, the final total amount distributed to the shareholders as well as the amount of the remaining share premium will depend on the actual number of treasury shares owned by the company,
6. under the conditions arising from the Czech legal regulations, the relevant tax shall be deducted (subtracted) by the company before payment execution,
7. the payment shall be carried out based on the extract from the statutory register, provided by the company as of 4 June 2019 (unless the records in the register differ from the actual reality),
8. the share premium amount intended for payment shall be payable on 4 July 2019. The responsibility for the payout stays with the company's Board of Directors and it shall be exercised through Česká spořitelna, a.s. at the company's costs and aspects not covered by this resolution will be effectuated mainly in compliance with legal regulations and the Articles of Association.

Detailed information share distribution payment is available here.
Information on the taxation of the share premium distribution is available here.

Reduction of the share premium in 2018

In addition to the 2017 dividend of CZK 17 before tax per each share with nominal value of CZK 10 (for more information see here) the Annual General Meeting held on 4th June 2018 adopted a resolution, which approved a distribution of a part of the Company’s share premium as follows:

The General Meeting approves the distribution of a portion of the Company's share premium in the current amount of CZK 10,675,971,253.91 as follows:

1. the share premium of the Company shall be distributed (reduced) in the total amount of up to CZK 1,240,880,268.0,
2. the company assets also include treasury shares. The company's entitlement to the payment related to the share premium distribution will not arise; the relevant amount (i.e. the relevant part of the above stated maximum mount) shall be kept on share premium account,
3. an amount of CZK 4 before tax shall be distributed to each share with the nominal value of CZK 10,
4. an amount of CZK 40 before tax shall be distributed to the share with the nominal value of CZK 100,
5. given the above-mentioned provisions of this resolution, the final total amount distributed to the shareholders as well as the amount of the remaining share premium will depend on the actual number of treasury shares owned by the company,
6. under the conditions arising from the Czech legal regulations, the relevant tax shall be deducted (subtracted) by the company before payment execution,
7. the payment shall be carried out based on the extract from the statutory register, provided by the company as of 4 June 2018 (unless the records in the register differ from the actual reality),
8. the share premium amount intended for payment shall be payable on 4 July 2018. The responsibility for the payout stays with the company's Board of Directors and it shall be exercised through Česká spořitelna, a.s. at the company's costs and aspects not covered by this resolution will be effectuated mainly in compliance with legal regulations and the Articles of Association.

Detailed information share distribution payment is available here
Information on the taxation of the share premium distribution is available here

Reduction of the share premium in 2017

In addition to the 2016 dividend of CZK 17 before tax per each share with nominal value of CZK 10 (for more information see here) the Annual General Meeting held on 10th May 2017 adopted a resolution, which approved a distribution of a part of the Company’s share premium as follows:

The General Meeting approves the distribution of a portion of the Company's share premium in the current amount of CZK 11,893,802,821.91 as follows:

1. the share premium of the Company shall be distributed (reduced) in the total amount of up to CZK 1,240,880,268.0,
2. the company assets also include treasury shares. The company's entitlement to the payment related to the share premium distribution will not arise; the relevant amount (i.e. the relevant part of the above stated maximum mount) shall be kept on share premium account,
3. an amount of CZK 4 before tax shall be distributed to each share with the nominal value of CZK 10,
4. an amount of CZK 40 before tax shall be distributed to the share with the nominal value of CZK 100,
5. given the above-mentioned provisions of this resolution, the final total amount distributed to the shareholders as well as the amount of the remaining share premium will depend on the actual number of treasury shares owned by the company,
6. under the conditions arising from the Czech legal regulations, the relevant tax shall be deducted (subtracted) by the company before payment execution,
7. the payment shall be carried out based on the extract from the statutory register, provided by the company as of 10 May 2017 (unless the records in the register differ from the actual reality),
8. the share premium amount intended for payment shall be payable on 9 June 2017. The responsibility for the payout stays with the company's Board of Directors and it shall be exercised through Česká spořitelna, a.s. at the company's costs and aspects not covered by this resolution will be effectuated mainly in compliance with legal regulations and the Articles of Association.

Detailed information share distribution payment is available here
Information on the taxation of the share premium distribution is available here

Reduction of the share premium in 2013

The Annual General Meeting held on 22nd April 2013 adopted a resolution, which approved a distribution of a portion of the Company’s share premium as follows:

1. The share premium of the Company shall be distributed (reduced) by the total amount of up to CZK 3,220,899,000.00. An amount of CZK 10 before tax shall be paid to each share, with the nominal value of CZK 87. An amount of CZK 100 before tax shall be paid to the share, with the nominal value of CZK 870.
2. The Company currently owns its ordinary shares. The Company’s own shares shall not bear the right to payment related to the share premium distribution; the respective amount (i.e. the respective portion out of the above-mentioned maximum amount) shall be kept on the respective equity account.
3. Given the above-mentioned provisions of this resolution, the final aggregate amount distributed to the shareholders as well as the amount of the remaining share premium will depend on the actual number of own shares owned by the Company.
4. Under the conditions arising from the applicable legal regulations, the relevant tax shall be deducted (subtracted) by the Company before executing the payment. Shareholders will be informed of details, as appropriate.
5. The payment shall be effectuated based on the extract from the securities register administered in accordance with Act No. 256/2004 Coll., the Capital Market Trading Act, prepared as of 14 October 2013.
6. The share premium distribution shall be payable on 11 November 2013. The responsibility for the pay-out stays with the Company’s Board of Directors and it shall be exercised through Česká spořitelna, a.s. at the Company’s costs and in compliance with legal regulations and the Articles of Association.

Further detailed information about the payment method is available here
Information on the taxation of the share premium distribution is available here

Pay-out of the amount corresponding to the distribution (reduction) of the share premium in 2013 was terminated on 10 November 2018 by the Board of Directors’ resolution; since that day, the company will apply the limitation clause to the claimants for amount corresponding to the distribution (reduction) of the share premium.

Reduction of the registered capital in 2012

The Annual General Meeting held on 19th April 2012 adopted a resolution, which approved a reduction of the registered capital.

1. The manner and the scope of the registered capital reduction
   1. The Company’s registered capital shall be reduced by proportional decrease of the nominal value of all Company’s shares.
   2. The Company’s registered capital shall be reduced by CZK 4,187,168,700 (in words: four billion and one-hundred and eighty seven million and one-hundred and sixty-eight thousand and seven hundred Czech crowns) in total, i.e. from CZK 32,208,990,000 (in words: thirty-two billion and two-hundred and eight million and nine-hundred and ninety thousand Czech crowns) to CZK 28,021,821,300 (in words: twenty-eight billion and twenty-one million and eight-hundred and twenty-one thousand and three hundred Czech crowns).
   3. After the registered capital reduction, the nominal value of each of 322,089,890 (in words: three-hundred and twenty-two million and eighty-nine thousand and eight hundred and ninety) shares with the to-date nominal value of CZK 100 (in words: one hundred Czech crowns) shall decrease by CZK 13 (in words: thirteen Czech crowns), i.e. to CZK 87 (in words: eighty seven Czech crowns) and the nominal value of the share with the to-date nominal value of CZK 1,000 (in words: one thousand Czech crowns) shall decrease by CZK 130 (in words: one hundred and thirty Czech crowns), i.e. to CZK 870 (in words: eight hundred and seventy Czech crowns).
2. Utilisation of the sum corresponding to the amount of the registered capital reduction
   1. The respective sum corresponding to the total amount of the registered capital reduction, i.e. CZK 4,187,168,700 (in words: four billion and one-hundred and eighty seven million and one-hundred and sixty-eight thousand and seven hundred Czech crowns) shall be paid to the Company’ shareholders.
   2. The amount corresponding to the decrease of the nominal value of shares shall be paid in favour of each share, i.e. the amount of CZK 13 (in words: thirteen Czech crowns) shall be paid in favour of each one of 322,089,890 (in words: three-hundred and twenty-two million and eighty-nine thousand and eight hundred and ninety) shares in the nominal value of CZK 100 (in words: one hundred Czech crowns), and the amount of CZK 130 (in words: one hundred and thirty Czech crowns) shall be paid in favour of the share in the nominal value of CZK 1,000 (in words: one thousand Czech crowns). Basic rules of the payment process are described in the provisions below.

The full wording of general meeting’s resolution on reduction of the registered capital can be downloaded here.

• Notification on registration of General Meeting resolution on the reduction of registered capital in the Commercial Register and publication of the first notification to creditors in the Commercial Gazette (16 May 2012)
• Notification on publication of the second notification and call to creditors in the Commercial Gazette (21 June 2012)

Notification of registration of the registered capital reduction in the Commercial Register and of payment to shareholders

The Board of Directors of Telefónica Czech Republic, a.s. (hereinafter the “Company”), in accordance with the rules approved in the General Meeting resolution from 19 April 2012 on reduction of the Company’s registered capital (hereinafter the “General Meeting Resolution”), notifies that on 17 October 2012, a resolution of the Municipal Court in Prague took legal effect on the basis of which the reduction of the Company’s registered capital pursuant to the General Meeting Resolution shall be registered in the Commercial Register on 14 November 2012 (see also below).

In accordance with the General Meeting Resolution, the date decisive for determining persons entitled to payment of the amount corresponding to the reduction of nominal values of Company’s shares shall be 14 November 2012.

In accordance with the General Meeting Resolution, the Company’s Board of Directors also notifies the following details for the purposes of payment of the aforementioned amount:

1. The amount to be paid: CZK 13 per share (before tax) per share with the nominal value of CZK 100 and CZK 130 per share (before tax) to each share with the nominal value of CZK 1,000.
2. The respective amount will be paid to persons who will be identified as Company’s shareholders according to the state in the excerpt from the statutory register as of the date of registration of the reduction of the Company’s registered capital in the Commercial Register (i.e. as of 14 November 2012), which excerpt is to be ensured by the Company (unless it is proven that the record in the register fails to comply with reality).
3. The payments shall commence starting on 14 December 2012.
4. The payment (including the calculation of the tax securement to be deducted in case of certain Czech tax non-resident shareholders) will be effected by Česká spořitelna, a.s., Company Registration No. 45244782, based at Olbrachtova 1929/62, 140 00 Praha 4 (hereinafter “Česká spořitelna”).

The full wording of the notification of registration of the registered capital reduction in the Commercial Register and of payment to shareholders dated 19 October 2012 can be downloaded here.

Following the notification dated on 19 October 2012 Telefónica Czech Republic, a.s. advises that on 14 November 2012, the reduction of the Company’s registered capital has been registered in the Commercial Register.

Information on the change of approach for refunding tax securement withheld from the payment associated with the reduction of the nominal value of shares of Telefónica Czech Republic, a.s. is available here:

• Information for shareholders
• The position of the Specialised Tax Office (available in Czech language only)
• Diagram

 

Payout of the amount corresponding to the reduction of the registered capital was terminated on 13. 12. 2017 by the Board of Directors’ resolution; since that day, the company will apply the limitation clause to the claimants for amount corresponding to the reduction of the registered capital payment.

Reduction of the registered capital in 2013

The Annual General Meeting held on 22nd April 2013 adopted a resolution, which approved a reduction of the registered capital.

1. The reason of the registered capital reduction:
   1. On 9th May 2012, the Board of Directors approved and announced its intention to submit a proposal to the General Meeting to cancel the acquired shares of the Company after the completion of the acquisition of shares, together with the proposal to reduce the registered capital by the amount of the nominal value of the acquired shares.
   2. The acquired shares shall be cancelled with respect to the capital structure optimization.
2. The manner and the scope of the registered capital reduction:
   1. The Company’s registered capital shall be reduced by cancellation of its own shares.
   2. The Company’s registered capital shall be reduced by CZK 560,436,426 (in words: five hundred sixty million four hundred thirty-six thousand four hundred twenty-six Czech crowns) in total, i.e. from CZK 28,021,821,300 (in words: twenty-eight billion twenty-one million eight hundred twenty-one thousand three hundred Czech crowns) to CZK 27,461,384,874 (in words: twenty-seven billion four hundred sixty-one million and three hundred eighty-four thousand eight hundred seventy-four Czech crowns).
   3. After the registered capital reduction, the amount of 6,441,798 (in words: six million four hundred and forty-one thousand and seven hundred and ninety-eight ordinary shares) own shares with the nominal value of CZK 87 (in words: eighty-seven Czech crowns) (hereinafter “Cancelled Shares”) shall be cancelled by their deletion from the statutory register, where Company’s shares are registered and which replaces the list of shareholders. The total amount of the nominal value of the Cancelled Shares is equal to the amount of the registered capital reduction, i.e. CZK 560,436,426 (in words: five hundred sixty million four hundred thirty-six thousand four hundred twenty-six Czech crowns.
3. Utilisation of the sum corresponding to the amount of the registered capital reduction:
   1. Given the Cancelled Shares are the own shares of the Company, the respective sum corresponding to the total amount of the registered capital reduction, i.e. CZK 560,436,426 (in words: five hundred sixty million four hundred thirty-six thousand four hundred twenty-six Czech crowns) can neither be paid out to the Company’s shareholders nor transferred into any other equity account, but shall reduce the balance of the registered capital. Thus, the sum corresponding to the amount of the registered capital reduction shall be captured in terms of accounting only.

The full wording of general meeting’s resolution on reduction of the registered capital can be downloaded here.

• Notification on registration of General Meeting resolution on the reduction of registered capital in the Commercial Register and publication of the first notification to creditors in the Commercial Gazette (10 June 2013)
• Notification on publication of the second notification and call to creditors in the Commercial Gazette (18 July 2013)

Notification of registration of the registered capital reduction in the Commercial Register

The Board of Directors of Telefónica Czech Republic, a.s. in accordance with the rules approved in the General Meeting resolution on reduction of the registered capital on 22 April 2013 notifies that on 22 October 2013, a resolution of the Municipal Court in Prague took legal effect on the basis of which the reduction of the Company’s registered capital pursuant to the General Meeting Resolution shall be registered in the Commercial Register on 15 November 2013.

The notification of registration of the registered capital reduction in the Commercial Register and of payment to shareholders dated 1 November 2013 can be downloaded here.

Following the notification dated on 1 November 2013 Telefónica Czech Republic, a.s. advises that on 15 December 2013, the reduction of the Company’s registered capital has been recorded in the Commercial Register.

Reduction of the share capital in 2020

The General Meeting, which took the form of voting in writing outside the meeting with a vote from 11th May 2020 to 2nd July 2020, adopted a resolution, which approved a reduction of the registered capital.

1. Reason and purpose of the share capital reduction:
   1. By its resolution of 8 December 2015 (hereinafter referred to as the “2015 Resolution”), the General Meeting of the Company agreed to acquire its own shares under the specified conditions, in connection with the Board of Directors' intention to flexibly manage the Company's capital structure. At the same time, this procedure was to increase the possibility for cash payment in favour of those shareholders who decide to use this option, or to increase value for those shareholders who keep their shares.
   2. Pursuant to the 2015 Resolution, the Company has so far acquired its own shares in the number corresponding to 9,337,910 shares (in words: nine million three hundred and thirty-seven thousand nine hundred and ten) with a nominal value of CZK 10 (in words: ten Czech crowns; "Cancelled Shares").
   3. By repurchasing its own shares, the Company reduced its equity, which led to the desired increase of the debt to equity ratio. With regard to the fact that the Company already holds shares exceeding 3% of all shares and the program period according to the 2015 Resolution is already approaching 5 years, the Board of Directors considers the optimal solution to cancel shares with a subsequent share capital reduction, thus completing the purpose of buying back the Company’s own shares.
2. The manner of the share capital reduction:
   1. The share capital of the Company will be reduced by the cancellation of the Cancelled Shares.
   2. The Canceled Shares will be cancelled by deleting them from the statutory register of book-entered securities. The aggregate nominal value of the Cancelled Shares corresponds to the amount of the share capital reduction, i.e. CZK 93,379,100 (in words: ninety-three million three hundred and seventy-nine thousand one hundred Czech crowns).
3. The manner in which the amount corresponding to the reduction in share capital will be treated:
   1. As the Cancelled Shares are the Company's own shares, the relevant amount corresponding to the total amount of the share capital reduction, i.e. CZK 93,379,100 (in words: ninety-three million three hundred and seventy-nine thousand one hundred Czech crowns), cannot be paid to the Company's shareholders nor transferred to another equity account of the Company. The share capital account will be reduced by this amount. The amount corresponding to the reduction in share capital will therefore effected only in the accounting sense.
   2. The total acquisition price at which the Company acquired the Cancelled Shares amounts to CZK 2,347,554,154.72 (in words: two billion three hundred and forty-seven million five hundred and fifty-four thousand one hundred and fifty-four Czech crowns seventy-two hellers). The share premium will be reduced by the difference between the acquisition price and the nominal value of the Cancelled Shares, i.e. by the amount of CZK 2,254,175,054.72 (in words: two billion two hundred and fifty-four million one hundred and seventy-five thousand fifty-four Czech crowns seventy-two hellers). For the avoidance of doubt, this amount cannot be paid to the Company's shareholders.

The full wording of general meeting’s resolution on reduction of the share capital can be downloaded here.

• Notification on registration of General Meeting resolution on the reduction of registered capital in the Commercial Register and publication of the first notification to creditors in the Commercial Gazette (13 July 2020)
• Notification on publication of the second notification to creditors in the Commercial Gazette (11 August 2020)
• Notification of registration of the registered capital reduction in the Commercial Register (13 November 2020)

Following the notification dated on 13 November 2020 O2 Czech Republic a.s. advises that on 27 November 2020, the reduction of the Company’s registered capital has been recorded in the Commercial Register.

• Historical Share Price Download (MS Excel)

share capital	voting rights	owner	number of shares	nominal value per share	emission number	nominal value in CZK
			300,882,157	10	CZ0009093209	3,008,821,570
100 %	100 %	PPF Comco N.V.	Total stake value			3,008,821,570
			Total share capital			3,008,821,570

* Updated as of 1 July 2022

The Annual General Meeting held on 19^th April 2012 adopted a resolution, which approved the ordinary share acquisition (share buy-back) program with the following parameters:

1. The highest number of shares that may be acquired by the Company: 10 per cent of the total number of 322,089,890 of ordinary shares with a nominal value 100 CZK (before reduction), i.e. a maximum of 32,208,989 ordinary shares;
2. Allowed acquisition period: 5 years;
3. Minimum share price: 150 CZK and maximum share price: 600 CZK;
4. the Company may acquire the shares unless it infringes regulations set out by Sec. 161a (1)(b)(c) and (d) of the Commercial Code, as amended.

Acquisition in 2012

Acquisition in 2013

The Annual General Meeting held on 8th December 2015 adopted a resolution, which granted its consent to the Company to purchase own shares under the following conditions:

• The maximum number of shares that may be acquired by the Company: 31,022,005 ordinary booked shares of the Company, while the nominal value of each share as of the day of adoption of this resolution is CZK 10;
• Allowed acquisition period: 5 years commencing on the day of adoption of this resolution;
• Minimum acquisition share price: CZK 10;
• Maximum acquisition share price: CZK 297;
• Maximum total acquisition price of all shares, which the Company can acquire based on this resolution: CZK 8 billion,

This consent replaced the consent to purchase the Company’s own shares granted by the General Meeting on 19 April 2012.

Acquisition in 2016

Acquisition in 2017

Acquisition in 2018

Acquisition in 2019

Acquisition in 2020

The General Meeting, which took the form of voting in writing outside the meeting with a vote from 11 May 2020 to 17 June 2020, adopted a resolution, which granted its consent to the Company to purchase own shares under the following conditions:

• The maximum number of shares that the Company may acquire: 30,088,214 dematerialized (book-entered) ordinary shares of the Company, while the nominal value of each share as of the date of adoption of this resolution is CZK 10,
• the period during which the Company may acquire shares: 5 years from starting from 9 December 2020,
• the lowest price at which the Company can acquire individual shares: CZK 10,
• the highest price at which the Company can acquire individual shares: CZK 297,
• the highest aggregate price of all shares that the Company may acquire on the basis of this resolution: CZK 5.5 billion.

Acquisition in 2021

Acquisition in 2022

PPF completed its buyout of O2 shares from small investors

4 March 2015

PPF Group, which is the majority investor in O2 Czech Republic, has published the following notice earlier today:

PPF Group has acquired 362,164 shares in O2 Czech Republic a.s., comprising about 0.12% of O2’s share capital, after the settlement as of 27 February as a result of the share buyout from retail shareholders.

 

PPF will make an offer to small investors to buy their O2 shares for the June 2014 price

19 November 2014

PPF Group, which is the majority investor in O2 Czech Republic, has published the following notice earlier today:

PPF Arena 2 B.V., which together with PPF A3 B.V. owns 83,15% stake in O2 Czech Republic a.s. (O2), will offer to individuals that were shareholders on 15 August 2014 an option to sell their shares with a limit of two hundred shares per shareholder for the price of CZK277.15 per share, which is the price (after subtracting the dividend paid of CZK18 per share), for which the company carried out the so called mandatory tender offer in June. This offer is not a public tender offer to buy shares in accordance with § 322 of the Business Corporations Act and therefore is not subject to the rules for a public tender offer to buy shares from shareholders. For this reason PPF Arena 2 B.V. may in this way buy only up to 1% of all shares of O2. The law prohibits more; PPF nevertheless assumes that in practice the offer will be applicable to approximately 40,000 small shareholders.

The majority owner of PPF Group Petr Kellner has commented on the reasons of this exceptional move: "The offer is directed in particular to small shareholders, that obtained their shares in the voucher privatisation. We want to proceed with maximum correctness and we are therefore giving to these small shareholders, that are not professional investors, a second chance to sell their shares for the prices, that corresponds to the price in the so called mandatory offer."

Technically, the buyout will be processed similarly to the mandatory tender offer in June this year, that is via PPF bank and the same documents will have to be submitted as in the case of the manadatory offer. The period when the offer can be accepted is from 1 December 2014 to 16 January 2015.