The Supervisory Board formed an internal commission to investigate excessive payments to certain former management members in the form of dubious “innovation bonuses” in years 2001 – 2005, which are estimated to have reached PLN 40m annually. Since we have not heard about any initiative to cut similar payments to the current managers, we view it as plain revenge. We expect neutral market reaction to the news, with the stock trailing rising copper and silver prices. We reiterate our Hold rating for the stock.