Very satisfying investment for Apax

Central European Media Enterprises Ltd. (CME) (NASDAQ/Prague Stock Exchange: CETV) today announced financial results for the quarter and nine months ended September 30, 2006.

THIRD QUARTER
- Net Revenues Increase 29% - 388,825
- Operating Income Increases 38% -
- Segment EBITDA Increases 34% -

NINE MONTHS
- Net Revenues Increase 56% - From US$ 248 Mn. to US$ 388Mn.
- Operating Income grows $57.5 million to $66.8 million -
- Segment EBITDA Increases 39% -

Profits have been turned into a loss as grants of shares have been poreviously been incoretcly handled and there has consequently been a restatement of the accounting for share grants.

The shares have risen from US$62 to US$77 in the last 3 months.Lord Patel looked at them last here.Since Jan. 2, 2003, CME shares have risen 1,100 %.

Since then on August 29, 2006 it was announced that Central European Media Enterprises Ltd entered into an agreement with funds advised by Apax Partners Inc (Prop Lord Cohen the Tresury Knight and Noo Labour fundee)who acquired a minority stake of 15.7% in CME for approximately US$190 million in cash. As part of this Apax will become a limited partner in a partnership holding all of the Lauder interests in CME. The remaining 50.3% interest in the partnership will be beneficially owned by Ronald Lauder and his family.

Ronald S. Lauder, bought Gustav Klimt’s portrait of Adele Bloch-Bauer for US$135 million in June 2006.

Apax Partners - an interesting Private Venture Capital Company

In 1998 Mr Cohen, Chairman and Founder of Apax Partners & Co. Ltd, received the Jubilee Award by the Israeli Prime Minister Netanyahu. This is the highest tribute ever awarded by the "State of Israel" in recognition of those individuals and organizations, that through their investments and trade relationships, have done the most to strengthen the Israeli economy.

Allan Barkat, managing director of Apax Europe (Israel) told The Jerusalem Post. (Nov 14 2000) "Over the last six months, Apax Partners has invested a total US$100m. - $25m. from the Apax Israel fund, and the rest from other Apax funds - in 10 Israeli companies, including Compugen (genomics-based drug and diagnostic discovery company), OnePath(provider of fiber optic transmission systems), and Kamoon(management software products in the financial services.)," he said. "I don't think any other fund, local or international, can make this claim for the period from May until now. Certainly, no other fund has as strong a commitment to Israel as Apax.".

Apax also announced that it plans to invest US$600 million in Israeli companies over the next three years.

Panorama exposes the corruption at the heart of European football ...again.

BBC Panorama are going to expose more of the shady dealings in bringing cheap , but superb African footballers to Europe through surrogate football clubs in Belgium and then through a network of agents and bent managers , including the UK , to sell them on at a huge profit.

Lord Patel exposed the seamy side of Arsenal recently and the activities of David Dein. Nothing happens, UEFA carefully looks the other way, and lets young Africans get treated like whores.

In the Panorama fillum a Belgian from the Charleroi club says - we bring in 100 Africans, Burkina / Nigeria wherever make them play pick the best and say pick the 5 best and then send them back to Africa.

Lord Stevens , when he isn't discovering why the Daily Express isn't running more stories about Ladu Di's death is"investigating" . don't hold your breath.

For the truth about Arsenal and David Dein ...go here

Incidentally the day after the story broke 2nd June 2006 , Dein who then sat on the board of the FA as one of 4 representatives of the FA Premier League clubs on the Football Association board was replaced by David Gill CEO of Manchester United F.C.Dein continues to sit as representative of the FA Premier League on UEFA's committee for club competitions and is a member of the FA Council.

Dein is a leading member of the Jewish community in Totteridge, great friend of the Karaoke King, Lord Levy and also a major football agent and founder of Sports Entertainment and Media Group Ltd (SAM)whose clients include Dennis Bergkamp, Thierry Henry and Rio Ferdinand.

He also has family ties. Son Darren a trained solicitor, is a consultant for Sports Entertainment and Media Group Ltd and is married to the beautiful daughter Sara, of David Buchler ex-executive vice chairman of Tottenham Hotspur FC. SAM also represent Luiz Felipe Scolari, who Dein was keen to take over from Sven as England Manger, but finally refused the job.

No doubt there will be a few in English (and Scottish) football who will sleep none too well tonight.

POSTSCRIPT regarding the Totteridge Four

Keen eyed readers will recall that Langbar (formerly Crown Corporation) suspended from AIM in October last year is is currently led by recovery expert David Buchler, who was called in to salvage something for shareholders, principally £365 Mn said to be in Brazil.

On a stormy night in December 2003, a colourful group of international businessmen gathered at Villa Castagnola, a grand hotel on the shore of Lake Lugano in Switzerland.Among those present were Crown’s chairman Mariusz Rybak, a Canadian technology executive, and Jean-Pierre Regli, a Swiss-Italian banker and the company’s co-founder.Present were Barry Townsley and Simon Fox of stockbroker Insinger Townsley. Read on how £150MN of the company's money was handled.

Well since then Barry Townsley has lent £1Mn at least to the Labour Party, been refused a peerage, and his very good friend Lord Levy arrested by the Police (and his computers arrested as well). Jean Pierre Regli is currently in Pentonville working out a six months sentence.(see link above to Langbar)... for coughing up neither the required information or the money.

Long way from football, but how lucky David Buchler, father in law of Darren Dein, also a friend to bouffant haired, stack heeled Lord Levy, Townsley et al is acting as insolvency practitioner... something to talk about in the match interval in the cosy intimacy of the Directors box no doubt.