Ann: Renounceable Rights Issue , page-13

I think this is very positive for HYO. I like the dilution since it will reduce any overhang in the market (perceived or real) from the stock held by the Lehman Brothers Liquidator (I just can't see them participating) and thus it reduces their holding from 17% to around 5%. I like the idea that they are cleaning the slate and moving ahead.

The way I see it, we'll end up with a very experienced company in a very important growth space (see the local retailers jump now that the big international chains like John Lewis from the UK are targeting Australia - SMH 10/3). The reality is that Aussie companies are significantly underinvested in digital / eCommerce and Hyro is the last, specialised and experienced listed player in this space.

Of course, this is my opinion and you should do your own research.