Based on CEZ’s request, the board of Severoceske Doly (SD) called for EGM which takes place on 21st of February. The agenda includes replacement of members of board, members of supervisory board, their bonuses and business strategy. Note that CEZ holds 93.1% stake in SD and plans to buy reminding shares and de-list SD from Prague Stock Exchange. We believe that information will not impact today’s trading. We reiterate our Buy recommendation.