The Czech Securities Commission imposed a CZK 200,000 fine (some EUR 7,000, less than EUR 0.01/share) on Orco after it failed to meet informational duty on several issues. Orco failed to provide the Czech regulator with information on the execution of convertible bonds on a continuous basis. The company also failed to release the electronic version of its half year report within the specified time period. Finally, Orco failed to provide information regarding its stake acquisition in Croatian Suncani Hvar. As the fine is only marginal, we see this news as neutral and reiterate our Buy recommendation for Orco.