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Good morning Pviews.

One thing I have noticed, is that HFA management have been very tight lipped since their share price tanked.

I have a few theories on this, all of them positive for current owners, and in part the reason for me buying a responable sized holding myself.

Are you able to point me to where they have stated that the dividend was being suspended due to a Westpac requirement as per debt roll over? I have seen no evidence of this. To my knowledge, that is speculation.

Just as my statement that I believe they will reinstate the dividend sooner than most here believe....my speculation.

Interst costs for the previous year were $2.8m. This will be larger this year. EBITDA before normalised items of between $48-54m...with a NPAT of between $28-32m.

I attended a presentation in February where Spencer Young made comment about how easily the company can service such a relatively small gearing cost....so he clearly didnt see it as an issue.

Reinstating the dividend will be the quickest strategy for them to get the shareprice back towards $1.
Also, since management own a bucket load of stock, this would be in their interest from a cashflow perspective as well.

Lets see where we are at the end of the year.

I recently sold at parcel at around 19c, because I wanted to buy some more INT, but the balance is in my bottom draw, not selling for the next 2 years.

Kiril.

I hold.