NWR (72 CZK, 0,00%) wants shareholder approval to issue new shares but has no plans to actually raise the equity, the company wrote yesterday in the Notice of AGM. NWR asked shareholders to renew director’s power to issue new shares up to nominal value of 34.9 mln. EUR, or 33% of capital. AGM is to hold on April 26. / We do not expect any „immediate“ raise of the capital as we see no reason to do so. We understand NWR is aiming to gain more flexibility in case of a significant deterrioration of its business. We expect NWR is to suffer a net loss of about 50 mln. EUR this year and as coking coal benchmark prices has been falling back to beg. of this year levels (155-160 USD/t), we see increasing downside risk for our earnings estimate. NWR should give us an Update on 2Q12 Prices in the mid-April.