Netia announced that Mr. Nicholas Cournoyer has resigned from the position of member and chairman of the company’s supervisory board with immediate effect yesterday. We expect a neutral market reaction to the news, believing that Mr. Cournoyer resignation is not surprising, after ownership changes in Netia, with Novator becoming the largest shareholder in the company. We continue to rate Netia as a Sell, based on the unclear prospects of Netia's mobile venture. We advise investors to sell shares in the tender offer announced by Novator and currently under way.