Hyro has just announced that the Fixed and Floating Charge previously held by Lehman Brothers has been removed and that the convertible note has been settled. If you take the sahre price on the day the shares were issued (6/8 - let's call it 2.2c) plus the cash paid, this means the debt and interest obligations to maturity were settled for under 15 cents in the dollar.
Without a fixed and floating charge, with the business looking like it is throwing cash (according to the last 4C) and the proceeds from the sale of the Synergy business due to come in, this looks like Hyro is in the strongest position it has been in for a few years.
Well done to Bill Votsaris and his team for the excellent work they have done to turn this business around.
With growth continuing in digital (despite economic conditions) as advertising and marketing spend shifts online, the inability of the big ad agencies to be able to handle the complex technical requirements of industrial grade digital, and Hyro's improved financial position, let's hope they can grab a firm hold on the digital space.
------------------------- These are the ramblings of a poorly informed and misguided fool. Do your own research and don't rely on them.
HYO Price at posting:
2.7¢ Sentiment: Buy Disclosure: Held
