AGM conducted with a level of disclosure that was reassuring – financials of target MHB disclosed and M&A expected to conclude briskly in May. Govt to receive healthy cash dividend of VND1020/share for FY14 and then subsequently see their holdings diluted in an essential CAR boosting renounceable rights issue of roughly 1:10, done at par value of VND10,000/share. We estimate BIDV’s YE15 CAR of 9.7% and govt will hold 88%.