Ann: Renounceable Rights Issue , page-11

Chris
your expectations could be correct in the short term but I hope its a dip rather than a collapse, there is the possibility that the end of the rights issue may be followed by news of more long term business for Hyro and as you appreciate the company will be in a stronger position to move forward, I think we have to support the management for tackling the problem in this way, to get what is potentially a good business back on its feet.

Never the less the offer for we holders of 3 for 1 at the price of one, is too good to miss as I dont expect the share price will fall to anything like 20c the company will be worth much more that that after the rights, its also worth
noting that the directors are committed to the offer and
to any shortfall.