Manaris (AVNY)

[walterc]

Regarding your concern relative to a “hostile” acquisition, we would like to make the following comments:

1. If anybody tries to accumulate sufficient shares on the open market to constitute a substantial holding,

1. first the price will go up,

2. second once the buyer has accumulated 5%, the buyer must publicly state its intentions,

3. and thirdly at 10% the buyer becomes an affiliate and must file a Form 3 disclosing its shareholding and thereafter file a Form 4 every time the buyer buys or sells shares.

2. Also, we have a very experienced board. If we are approached by somebody who wants to buy a majority stake, the board will need to consider very carefully whether the offer values the company fairly, and whether there might be other interested parties who want to tender an offer. The board can always say No if it believes the company is being undervalued. And at current prices we certainly believe the company is undervalued.

I hope that this addresses your concerns,"


Sherine Attia: