Following the exercise of 491,964 warrants and the conversion of 177,798 convertible bonds (5.5%; 2011) and 55,000 stock options, there have been 396,786 new shares issued and created, hence to total number of shares increased by 5% to 7,842,565. We regard the news as neutral as we use the fully diluted numbers of share for our valuation assuming full convergence of all warrants and convertible bonds. We reiterate our Buy recommendation.