with a difficult task to rebuild share value for the shareholders. Withdrawal from DAB and disposal of "non-core" stations In late December 2007 Fru Hazlitt was appointed CEO. Under pressure from a £313m share offer to the board from Global Radio (made possible by the low value of the shares), Hazlitt laid out her plans for the company's recovery to financial health on 11 February 2008. Cost-cutting lay at the heart of Hazlitt's statement, including divesting GCap of its costly involvement in DAB – directly turning her back on the 'digital future' policy of her predecessor. It was announced that GCap had sold its interest in Digital One to Arqiva and that "non-core" DAB stations Planet Rock and theJazz would be closing by the end of March 2008. theJazz ceased broadcasting as announced, but Planet Rock remained on air while negotiations took place with potential buyers, which were successfully concluded in June 2008. In addition, the non-London XFM stations would also be closed if they could not be sold, as the stations were forecast to make a combined loss of £800,000 in 2008. An improved offer from Global was finally accepted by GCap shareholders, resulting in the departure of the group's senior management. Fru Hazlitt resigned in May 2008. Takeover by Global Radio The Office of Fair Trading conducted an investigation into the takeover of GCap by Global and cleared it in August 2008, on the condition that BRMB, Beacon Radio, Mercia FM, Wyvern FM and Heart East Midlands were sold to satisfy competition concerns. On 23 September 2008, it was announced that Fun Radio had been sold to Folder Media, leaving Chill as GCap's only digital station. Stations owned National radio stations Classic FM XFM stations Xfm London Xfm Manchester Xfm Scotland – previously Beat 106 The One Network This was a network of local radio stations in various towns and cities around the UK. It comprised the local stations previously part of GWR's Mix Network and Capital Radio Groups local stations. 2CR FM 2-Ten FM Beacon Radio Beat 106 BRMB FM Radio Broadland Buzz 97.1 95.8 Capital FM (London) Champion 103 96.9 Chiltern FM 97.6 Chiltern FM Coast 96.3 Essex FM Fox FM Gemini FM GWR FM Bath GWR FM Bristol GWR FM Wiltshire Hereward FM Horizon Radio Invicta FM Lantern FM Leicester Sound (Leicester) Marcher Sound Mercia FM Mercury FM (Crawley) Northants 96 Ocean FM Orchard FM