ECM (1 666 CZK, ) announced yesterday that is summons EGM on 28 August. The agenda includes approval to increase capital of the company and thus prepare for future issue of new shares and conversion of the existing warrants and convertible bonds. Our view: We see this step as technical given that company started to look at possible redemption of its warrants (1,728,000 possible shares) and has step-up program in place (1,500,000 shares). We see this news as neutral.