English Translation

96 - 9 - large silent reserves in the company, which according to Hašek are increased from year to year, the price is extremely low. The real value of the company is estimated at 100 to 120 million crowns. In the course of time, if it emerges that the absolute majority cannot be achieved through the purchase of shares by small shareholders, it is generally agreed that a capital increase will then be necessary to achieve this majority. In the next few days, the three-men's college of the three large shareholders will submit a specified asset statement with valuation documents from the Böhmisches Escompte Bank. I have agreed with Director Novodny that he will first prepare and send me the draft syndicate contract on the basis of the project. The examined draft syndicate contract is then to form the basis for the conclusion of the negotiations in the direction outlined above. Berlin, 13 April 1939. mm 04A33