It’s as good a result as they could have expected, … More than 17 percent of BT was in the hands of private investors who typically don’t all subscribe to rights issues.

I think it makes more of a difference for Vodafone than it does for the others,

I think the worry for investors is that they can’t see an end to this process. They see that the level of debt has risen and risen yet BT seems not to be doing anything...

If the company were to continue in the way it is going it is possible it could run into difficulties so we can’t write that out — but frankly it is unlikely,

The main problem seems to be a chronic skepticism over the company’s strategy — people are not prepared to invest in it until they’ve seen the results.

People have been focusing on the cost of subscriber acquisitions, especially in Germany in the first half, we think that will be less of an issue overall from now on.