The bid is not generous and the battle between shareholders, management and the (venture capital firms) will continue.

The company has expanded in the right countries and is now reaping the benefits of booming ad markets such as Spain, Russia and Eastern Europe. As the German market seems to come back on track, growth could even accelerate.

It will be hard for our management team to select a starting eleven,

We will have good, sound management decisions made,

Effective cash management has again added to the earnings delivery and our share buyback program will continue while we seek value-creating acquisitions,

The NAPOCOR board and management is confident that we will be in the black and all other debts will be wiped out next year.