impairment charges 69.5mil for fy 2008, page-6

Its actually a good announcement...

The music divisions are losing money hand over fist... Itunes has this market wrapped...

Destra Media is where the EBIT is. destra Entertainment losing money.

They have cleaned the board, the previous management errors, looking for where the value is and also cleaned out the melbourne office, staff has reduced significantly.

This beast should be generating in FY09 bigger profits than before with huge cost cutting.

Its clear the new board want this company run well and properly. Its clear alot was hidden with the previous management and board.

Prime are heavily promoting destra Media throughout the Prime Network, and resulting in much larger traffic (double according to hitwise) to all of the destra Media Portals.

I also hear a few aquistions overseas on the cards as well for destra Media, so FY09 will tell.

If I can pick up stock between 3 - 3.5 cents, I will be very happy in 12 months time.

I also assume now market cap has come down, that destra has to announce quarterly results, rather than 6 monthly, so wont stay at these levels long.

BUY BUY BUY... Next weeks results will be BAD, but this is FY2008 with old management. Take a long term 12 month view.