retirement of debt., page-14

I'll try and do this as unbiased as I can.

Hyro, as a cash generating company should be doing fine, it should be cash flow+ to the tune of around $1mill+ for the quarter with a EBITDA of around $823,000 (all these numbers are effectively hypothetical as its to anyone's guess what the results will be but going on past performance and a falling AUD which is a positive), so the company should be operating profitably.

The segments of Synergy and Digital Media should be broken up and Digital Media should be sold off (this is my speculation as digital media could be used to retire debt, and if the Lehmans deal still goes through in whatever form, a sale could be used to start an on market buy back of the new shares). Synergy makes significantly more money than the Digital media side. China and Thailand, as I've never seen them running at a profit, should also be sold.

As for Joe Calavassy, he should be sued for professional negligence.

Bill Votsaris and the executive team should do a great job going forward as he is from Synergy, and Synergy always did well.

As for the Lehmans debacle, this is out of their hands and I would suspect/hope that Bill, who I take as a smart man, rightly or wrongly, would have a plan B.

In the direct future I think the share price would languish at these levels until the current situation resolves itself. It may well turn out to be a blessing in disguise.

I encourage everyone if they have any questions to contact the company:


Company Secretary: Leanne Ralph on 1300 139 308

Regards.