The verdict surprised KGHM directors. "We have to read the justification of the ruling and then we will make a decision about further steps. We have the right to appeal against the verdict and we will definitely use it," said KGHM's deputy president Maksymilian Bylicki. The court verdict means that the second tranche of the dividend, amounting to zł.1.7 billion, will not be paid out. Analysts were also surprised by the ruling. "This is definitely bad news for KGHM shareholders," said Tomasz Krukowski, an analyst from Unicredit. (Parkiet, p. 1, 3; Rzeczpospolita, p. B3; Puls Biznesu, pp. 1, 12) E.B.
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