First of all, Matthew, thank you for all your efforts. However, as a long-term shareholder I'm not very optimistic that you will succeed. I have been with this company long enough to realize that they don't really care about minority shareholders and that they are not by any means bound by the fiduciary duty to always maximize shareholder value. I believe they have their own plans which, of course, cannot be shared with us. As you can see from the latest filing (note 11), even though the company's posting a loss for the quarter and definitely for the year, that hasn't prevented them from paying themselves hefty management fees and bonuses. Last year also they could have easily shown a profit of over $1 million if they really wanted to. The note does not include bonuses and fees paid to other members of the board and employees which are hidden in the selling and administrative expenses. But why pay Uncle Sam its share and draw attention to the company being profitable when the strategy is to stay under the radar and keep the share price as low as possible. Management are definitely not hurting by the slowing down of business: high salaries that we don't know about because again, they are buried under selling and administrative expenses, bonuses, fees, whatever. I find it strange though that a company that consistently wins the award of “Best media agency” in Sweden is losing large clients left and right and they're not able to make up for those clients with new big ones. Also, they do not have any of the large Swedish multinationals as their client??? Maybe it’s just a coincidence but it seems that ever since Niclas stepped down as CEO of Tre Kronor and that Hakan guy took over, things started going south. Often times it’s not easy to find the right successor when one of the founders relinquishes operational control. However, they are probably stuck with him after granting him many millions of shares and in my opinion, intentionally not promoting the stock to keep the pps low so that he can buy many millions more on the open market. I believe he now owns close to 150 million shares. Even if they let him go, they cannot get the shares back. Maybe it’s just me being a little paranoid with frustration. Even with the slowdown the pps should be around 4 cents, but they will do nothing to bringing it up because at this time they do not want the increased scrutiny that comes with notoriety. God forbid an analyst would start covering the company and they have to file audited financial statements. I’m sure though that when Niclas and Lars will be ready to retire and sell, we will see the pps at its fair market value, but that might be many years away. In the meantime, like I said before, I commend you for your efforts and I hope you're successful for all of us but, I'm not holding my breath.
