two years. Bond renegotiation and rights issue Some bond holders proposed an immediate repayment of the bonds, but this was rejected by a majority of bond holders. Instead, a proposal that the bond holders appoint a trustee to negotiate the terms on the bonds with Matomy was accepted. The new bond terms were provisionally agreed in January 2019. These terms increased the interest rate to 7%, delayed the payment schedule and enabled prepayment without penalty. In return, the main shareholders agreed to invest $10 million by way of a rights issue, with a promise to invest a further $2 million in bonds if the rights issue to the other shareholders raised less than $2 million. The owners of Team Internet, Rainmaker, also agreed to reduce their expected payment from $18.5 million to $13.5 million. Cost reductions In March 2019, the management structure was slimmed down, with the CEO Liam Galin being replaced by Sami Totah, a partner at Viola Group, a shareholder of Matomy. The company also replaced its in house legal advisor with the law firm Meitar Liquornik Geva Leshem Tal. The company office was closed and the company address was changed to that of the law firm. To reduce costs, the market maker for their Tel Aviv securities was discharged from the end of June 2019. Offers for Team Internet In April 2019, after no progress had been made by Matomy towards a bond renegotiation and rights issue, the minority shareholders of Team Internet exercised their option to buy back all their shares from Matomy at a 40% discount to the price paid. This totalled $36 million, which would first be used to repay the bondholders. Bondholders approved the offer and also approved bond repayment at par value, totalling NIS 101 million ($28 million), leaving a surplus of $10 million for Matomy. Matomy also confirmed that a German tax refund of approximately $4 million would remain payable to Matomy rather than Team Internet. The deal would leave Matomy with a cash balance of approximately $19 million and no business activities. In June 2019, Matomy reported that the minority shareholders of Team Internet wanted to re-assess their offer for the whole of Team Internet after a handful of accounts were deactivated by Team Internet due to quality issues. Whilst the offer was in jeopardy, the company proposed that current and former executives should be awarded bonuses. These proposals were