Completion of offering of shares to present and former employees
Following announcements on 17 March 2008 and 23 May 2008 regarding the sale of T-Hrvatski Telekom (T-HT) shares owned by the Government of Croatia to present and former employees of T-HT, the Company today issues the following update.
The Government of the Republic of Croatia held 9.5% of the total share capital of HT - Hrvatske telekomunikacije d.d, of which 7% (or 5,732,197 shares) was earmarked for sale at preferential terms to present and former employees.
Following its invitation to subscribe for shares, the Government received applications from 14,942 eligible employees and former employees. As a result, the Government allocated a total of 3,449,439 shares in the sale, representing 4.21% of the total share capital of the Company.
Ownership of shares sold in the offer will be transferred from the Government account to employee accounts by 30 June 2008. The new shareholders must hold these shares for a minimum of six to 12 months, depending on their length of service.
The Government will transfer dividends of HRK 29.56 per share, accrued on those shares for the 2007 financial year, to the new shareholders by 30 June 2008.
The remaining 2,282,758 shares not sold in the offer will remain in the ownership of the Government. Accordingly, following the sale, the Government has reduced its holding to 4,329,973 shares, representing 5.29% of the total share capital of the Company. Of this holding, up to 2.5% (2,047,215 shares) may be allocated as “bonus shares” to investors who subscribed for shares in the Initial Public Offering on 5 October 2007, and who have held them for a minimum of 12 months.