The company is widely believed to be examining several possible acquisitions, but would give no details.

But the board also said it would be willing "to receive inquiries from any other parties interested in the possible acquisition of the company."

A spokeswoman for Charter would not comment on the possible acquisition.

Some $4m will also be used for capital expenditures and the rest for possible acquisitions.

The remainder will be used for general corporate purposes, including possible acquisitions, the company said.

The main item on the agenda will be the possible acquisition of larger premises for our services.

The other reason to hope for a high price would be a possible future acquisition of the station.

He declined to say when a possible acquisition might be made or indicate any potential target company.

Four firms expressed interest in a possible acquisition and reviewed financial records for the division.

Even so, Borden said it had not ruled out a possible acquisition.