Topicus ($TOI): And there we have it, Asseco’s ($ACP) AGM adopted the resolution for the distribution of the PLN 1,050m dividend, to be paid out on May 22nd. Topicus owns 23.1%, and so will get PLN 243m.

Just to re-illustrate how beautiful this transaction is for Topicus shareholders (all figures in PLN):

• Topicus bought their shares for 85 each

• 43 per share was paid with debt, so they put down 42 per share from their own equity

• They’re now getting a dividend of 13 per share, or 15.3% of the gross entry price

• Topicus’ equity per share has gone 42 → 152 (post-dividend and debt), or a 3.6x

Not bad for a year’s work.

And the operational improvements and growth acceleration at Asseco haven’t even started.