Final Word from Tuesday, June 2, 2015



Imagine if a farmer tried to sell his cow at market without telling anyone how much it weighed, or if a pensioner offered an old coin to a numismatic shop without revealing the date or grade. Such neophytes would be sent packing. Yet PPF has split up O2 CR and is offering it shares on the Prague Stock Exchange without revealing some key details. Analysts say it's impossible to put a fair value on either Cetin or the rump O2 CR without knowing the exact division of assets, dividend policies, buyout prices and loan terms (for Cetin). You don't have to be a capital-markets expert to deduce that PPF has done this intentionally to give it the upper hand. Petr Kellner's high-priced lawyers have no doubt followed the letter of the law, but that doesn't mean the Stock Exchange had to be so forthcoming in providing a platform for such price manipulation. But what can we expect from an institution that still has Martin Roman at its helm? [Czech Republic infrastructure telecommunications telecoms]

Glossary of difficult words

grade - (in this context) a particular level of quality;

neophyte - a person who is new to a subject, skill or belief;

to send someone packing - to send someone away, usually in a rude manner;

rump - a small or unimportant part of something originally larger;

forthcoming - (in this context) candid and willing to cooperate.

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