valuation / research / etc etc etc!, page-3

Thanks for the feedback andyno3. It is appreciated. Hope the calcs prove true soon enough!

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I also like the sentiments expressed in the recent announcement of Dec 5 2011 (interesting that just a few days later on the 9th, HYRO announced is had an initial offer on the table).


http://www.asx.com.au/asxpdf/20111205/pdf/42327bb018jyqh.pdf

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Dr Poiner starts out on $450K per year (not cheap - but as long as he brings in more than he costs.... that's OK).

Also worth noting, "Dr Poiner will be entitled to a maximum potential short-term incentive of $200,000 for the 2012
year subject to the financial performance of the Group".

I like the look of this crew - even a few little jokes in the CEO's address! Look like they are serious about the business - just immensely relieved they can get on an focus on the core of the business.

As they said in the 2010 annual report, the debt "proved a distraction for the management team and for the business during 2010"...

... mentioned in page 5 in link below...

http://www.asx.com.au/asxpdf/20110401/pdf/41xshbxxyb9gf6.pdf


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All very positive sounding - but one would hope the extra cash would be tempting to have this thing turn profitable, and for the reputation of Mr Votsaris and Dr Poiner.

Will let them get on and sell their product/services - and not worry about the ATO debt thing.

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Some recent HYRO quotes below...

5 December 2011
"Appointment of New CEO"

"....As Executive Director, Mr Votsaris will focus specifically on progressing a number of strategic initiatives both in Australia and overseas. He will also provide support and insight to Dr Poiner as he concentrates on the immediate operational matters in Australia."


"....Dr Poiner strong reputation and understanding in achieving customer focus, and embedding strong management processes and disciplines towards substantial business improvement..."

"...From 2005 to 2009 he led St George Automotive Finance in a successful business turnaround and lifted year on year profit growth from single digit to strong double digits..."

"...By mid 2011, Westpac Group brands (including the newly launched Bank of Melbourne) occupied first ranked
positions in customer advocacy against the major banks..."

"...senior partner with Bain & Company where he acquired extensive experience serving clients in Australia, Asia, UK and South Africa with a particular focus on financial services, services industries and private equity..."

"...Dr Poiner focused on supporting Chief Executives closely
through significant business transformations. These typically involved establishing or adjusting strategies,
operational improvements and embedding organisational processes and controls to delivered dramatic improvements in growth and profit performance over a 2 to 3 year period..."

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Time will tell! (noted that Dr Poiner holds no HYO shares yet...)

DYOR etc etc etc.

bsh