Ann: Proposed Sale of Syntonic US Companies, page-54

Here is a chart of the US Tech Stocks index over 5 years. You can see the significant growth during/after Covid-19 which indicates SYT ultimately relied on successes of a developing economy facing crisis over the last few years. Suggests to me that management were assuming the tech stock sector to push up company value.



Here is a composite chart of Phillipines, Indonesia, Vietnam currencies (companies SYT did business in - couldn't find Turkey, sorry) opposed to the Australian dollar. You can clearly see the AUD weaker against those currencies.




Now here is what happens when you add in Brazil.



Essentially SYTs major business focus was on a developing economy facing a declining currency against the AUD for the last 12 years. I don't think Covid-19 had a lot to do with this strategic failure.