BXRM, NWR’s majority shareholder with 64.3%, has decided that it is willing to make available to the market up to ca. 16 million A shares of NWR (265 CZK, -3,28%) (ca. 6.1%) in order to enhance trading liquidity in the shares following NWR's re-incorporation in the UK. With FTSE UK Index inclusion anticipated to occur in June 2011, BXRM has now made this decision to make shares available in order to accommodate interest from investors. There’s no assurance that BXRM will dispose of this number of shares as the transaction is subject to price.Our view: On a longer term we see the news as positive as higher free float improves liquidity and may further diversify NWR’s capital sources. Nevertheless, the news is negative for those who were betting on the good demand related to the FTSE inclusion. The event together with the JSW IPO may provide a downward pressure on the share price in the following days.