the advertising website www.akcie.as is run by a group of Czech private investors whose investment interest is focused on the Czech issues of shares, and among others on joint stock companies established during the voucher privatisation which took place in the CR at the beginning of the 1990s.

Nearly all of the companies privatised in such a way are not publicly marketable at capital markets since public marketability of their shares was cancelled, often with a subsequent change of bookshares into documentary shares. The process of the change of shares to the documentary form is hardly ever sensitive to minority shareholders since these have to approach this matter actively (that is they have to follow information connected with the process of change, remember to collect the documentary shares from authorised security traders and if needed be get information about public sale of uncollected documentary shares), which has been experienced by many such shareholders. Moreover, such shares are not, by operation of law, publicly marketable and thus owners of publicly unmarketable shares have to look for potential purchasers themselves, outside the official market.

National private investors are prepared to purchase a number of small as well as larger blocks of publicly unmarketable shares from Czech joint-stock companies, and this interest is based their free will and they bear all the investment risk. Potential purchase of selected issues of shares is subject to individual contractual terms arranged by the seller and the purchaser.

At the same time, national investors are able to intermediate sale or purchase of small as well as large volumes of publicly unmarketable issues of shares according to individual contractual terms. Such cooperation can be practically useful for example for security traders, company liquidators, administrators of the bankruptcy assets, auctioneers of company assets, specialist in law offices and consulting companies as well as private investors from the Czech Republic and other countries.