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  1. I get the feeling I am in the minority when I say management has made the right decision, that they have not sold good assets at the bottom of a market. In my mind, and a simplistic one it is, the valuation of 31c has dropped, if at all, to around 27c. They now have cash flow of around USD$4.5mill per month and a stronger balance sheet whilst oil prices are rising. Oil should continue to rise now Lehmans paper has dissipated, demand destruction is running at 4% a year against around 9% for depletion, Mexico will be down 18% this year, and the report out over night that car sales in China hit new records in March HERE. So don't be too short sighted, I am expecting 20c by June as the Dragon stirs before finally sleeping.
  2. Would they not sell at Tapis prices??
  3. A quick look at some bits: Cashflow increases over the last twelve months: Dec '06 - $6,989,000 March '07 - $8,378,000 June '07 - $17,396,000 - Synergy taken into fold. Sept. '07 - $16,227,000 Dec. '07 - $17,835,000 March '08 - $21,945,000 Given that the past quarter was cashflow positive to the tune of $3,319,000 and the current rate of growth in revenue between Dec.'07 and March'08 was roughly 23%, I am hoping for at least a $1,500,000 increase in revenue and the same increase in operating cashflow. As for EBITDA, given the bulk of the redundancey packages should have been paid out in the first quarter I figure the low end of the scale would be to hope for a $1,500,000 or at best around $2,300,000. If all goes well and they consolidate and do not buy anything (hopefully), FY08/09 would bring a EBITDA profit of around $9,200,000 on total cashflow of $92,000,000. These figures do not include the announced cost savings of $8,000,000 ($2,000,000 announced in Feb.2008 and another $6,000,000 announced in March'08 quarterly). Synergy has been the obvious driving force behind the large revenue growth through 2007 so it's good to see that Hyro is now being ran by Synergys' management team. With 531,078,797 shares on issue the current value of the company is $24,429,624, it would be fair to say it is currently half price. IF all goes well and EBITDA is around $2,000,000 at the end of the current quarter, (I think) that would increase the value of the company to around 12c plus a cent or to for the value of the new managment. Fingers crossed all goes well. Regards.
  4. chris


    There has been a sharp reduction in the queensland bottle neck over the laswt twelve months, as reported in the weekend AFR. Ships waiting have been reduced from and average list of seventy down to thiry. <b>QR delivers on coal investment projects QR has delivered a range of significant coal infrastructure projects as highlighted in a progress report released today for the 2006 COALRAIL Infrastructure Master Plan. The Plan outlines a range of projects, approved by industry, that make up the $850 million capital investment QR is managing to meet the required future capacity and performance of the Queensland coal rail network. (Media-Newswire.com) - QR has delivered a range of significant coal infrastructure projects as highlighted in a progress report released today for the 2006 COALRAIL Infrastructure Master Plan. The Plan outlines a range of projects, approved by industry, that make up the $850 million capital investment QR is managing to meet the required future capacity and performance of the Queensland coal rail network. Minister for Transport John Mickel said QR had achieved some major outcomes since the plan was launched in September 2006, including the completion of 102 kilometres of new track capacity. “QR released the original Master Plan last year to improve the consultation process across the supply chain and re-shape the business to capitalise on surging infrastructure investment and the resources and export boom,” Mr Mickel said. “One of the most significant projects we have delivered is the completion and commissioning of the Dalrymple Bay Coal Terminal third rail loop on 8 November 2007. “We have also made significant investments in the Goonyella, Blackwater and Moura systems that are adding to capacity on those networks. “By the end of November 2007, we had commissioned five major track duplications on the Blackwater System which will help achieve a 30% increase in haulage by mid-2008. “QR has also successfully delivered all infrastructure works in the Moura System before schedule and within budget. “Overall, delivery of the COALRAIL Program is within budget and on time across all systems,” he said. QR’s Executive General Manager Network Access Mike Carter said the 2006 COALRAIL Infrastructure Master Plan was an innovative agreement with industry to deliver a focused and phased pathway to expand rail infrastructure within the Central Queensland Coal Network. “In delivering these projects, we have worked with our supply chain partners and other QR divisions to face the challenge of keeping pace with export demand and expansion in other parts of the coal supply chain,” Mr Carter said. “The successful delivery of these projects in 2006/07 is a credit to all involved and a great result for the coal industry and the Queensland economy as we continue to work together to increase coal transport capacity. “We are now looking to the future with the second edition of the Coal Rail Infrastructure Master Plan. A draft version of this document is being distributed today, with the progress report, to industry for comment, with consultation meetings to be conducted through February 2008.” Mr Carter said QR had carried 165 million tonnes of coal in Central Queensland in 2006/07, a record level for the supply chains. “The second edition of the Master Plan builds on that success and includes a number of improvements based on industry feedback,” Mr Carter said. “The new plan has a longer-term focus, identifying preferred expansion options to 2027 that have the potential to increase export coal capacity up to 450 mtpa, which is three times the 2006/07 export levels. “Feedback and comments are being sought from members of the Central Queensland coal supply chains, and a final plan is expected to be released in April 2008. “Key projects proposed in the draft second edition include new links, passing loops and duplications for the Goonyella and Newlands systems, early works and duplications for the Southern Bowen Basin and a coal loss management project for the entire coal supply chain. “Communicating and building relationships with stakeholders will remain a key priority to ensure the timely delivery of these new projects. “We are extremely excited about the new plan and the opportunities it will provide for further expansion of both the coal industry and Queensland communities. “QR Network Access looks forward to working with all parties to deliver rail infrastructure that will provide and ensure a strong future for Queensland’s economy.” </b> Also; <b> Asciano to Spend A$529 Million on Queensland Coal (Update2) By Robert Fenner Dec. 11 (Bloomberg) -- Asciano Ltd., Australia's largest port and rail operator, will spend A$529 million ($468 million) expanding into coal transport in Queensland state as Asia's demand for the fuel surges. Talks are being held with ``multiple'' coal miners in Queensland, where annual production is forecast to rise more than 10 percent during the next five years, the Melbourne-based company said in statement today. Asciano is seeking a share of the 165 million metric tons currently moved by government-owned Queensland Rail, the only transporter of the fuel in a state that produces more than half of Australia's coal. Bottlenecks in the rail system and at the Dalrymple Bay port are being blamed for delays in exports to steel companies and power utilities in Asia. ``Asciano has seen an opportunity,'' said Peter Rudd, a Melbourne-based analyst at Carroll, Pike & Piercy Pty, which manages the equivalent of $755 million. ``There are problems with delivering the coal to the ports, there is the demand but there isn't the infrastructure.'' Shares of Asciano rose 25 cents, or 3.3 percent, to A$7.93 at the 4:10 p.m. close of trading in Sydney. The stock has fallen 26 percent since the company was spun off from Toll Holdings Ltd. on June. 7. Monopoly Market Asciano owns Pacific National, Australia's second-biggest coal haulage company, which transports about 92 million metric tons of the fuel a year and dominates coal rail transportation in New South Wales, the nation's most-populous state. ``As we push into those monopoly markets held by QR, they've got significant growth potential for the company,'' Chief Executive Officer Mark Rowsthorn said on a conference call with analysts. Asciano plans to begin hauling coal in Queensland within two years, with volumes to rise to 30 million tons by 2011. Rio Tinto Group, the world's third-biggest mining company, said Nov. 26 it may not be able to meet contracts to export coal from two mines in Queensland because of congestion in the rail and port system. The construction of new sections of railroad in Queensland will open up export opportunities for inland mines and may help Asciano win contracts, said Clyde Henderson, a Sydney-based coal analyst at Barlow Jonker Pty, a unit of Wood Mackenzie Consultants Ltd. ``Anybody that brings capital to the equation and some degree of management expertise should be welcome,'' he said. ``The whole system is being stretched.'' </b> The negetive news you have been floundering for is this: <b>High seas put Queensland coal terminal out of action Radio New Zealand, New Zealand - Dec 28, 2007 Strong winds and high seas have forced operators of Queensland's largest coal terminal at Dalrymple Bay, south of Mackay, to suspend operations</b> The impact of the SPP on EPS is minimal as funds were used to pay down debt, a move praised by analyst as very astute. Regards.
  5. chris


    7th January 2008: Scigen Limited (ASX:SIE) announces that it has entered into a Commercialization Agreement with Julphar for the distribution and marketing of Sci-B-Vac, its third generation hepatitis B vaccine in the Middle East, parts of Africa and Asia. The countries include all the Arab speaking countries in addition to Malaysia, Bangladesh, Pakistan and Afghanistan. In the Middle East where the prevalence of hepatitis B is over 8%, such as in Saudi Arabia, and significantly more in Tropical Africa, the market potential offers great opportunities for Sci-B-Vac. Julphar is committed to aggressively pursue these markets. Sci-B-Vac was presented to all of Julphar�s delegates and marketing personnel at their annual meeting that took place November 2007 in Dubai and was enthusiastically received. First commercialization is expected in the first quarter of 2009. This partnership will greatly enhance SciGen�s global marketing penetration of Sci-B-Vac and pave the way for stronger partnership together with Julphar in the Biotechnology sector. About SciGen: SciGen Ltd is a biopharmaceutical company involved in commercializing later stage research. It co-develops and markets biopharmaceutical products for human healthcare. SciGen focuses in the areas of gastroenterology, endocrinology and immunology. Its product portfolio includes vaccines and therapeutics. SciGen acquires rights to manufacture, distribute and market biopharmaceutical products under exclusive licensing arrangements. SciGen�s portfolio currently includes proprietary biotechnology-derived products, and Biosimilar products, which allow for faster entry into the market, as Biosimilar products have undergone much of the clinical development and trials required to bring drugs to market. This minimizes the risks associated with early stage product development. SciGen currently undertakes R&D activities in collaboration with strategic partners and institutions. SciGen�s competitive advantage is in identifying research with commercial potential at an early stage to which it adds its expertise in clinical development, gaining regulatory approval and bringing products to market. SciGen is a Singaporean biotechnology company, established in 1988 and listed on the Australian Stock Exchange (ASX code SIE). SciGen is headquartered in Singapore, with subsidiary companies in the USA, Australia, S. Korea, Hong Kong, Philippines, Vietnam, Israel and India, a Joint Venture in China, commercial partners in Europe and collaborative partners in the USA and the Netherlands.
  6. chris


    In reply to: chris on Saturday 27/10/07 08:17pm RE: CARBON ENERGY – LETTER OF INTENT WITH THOMAS AND COFFEY Metex Resources Limited (ASX: Code MEE) is pleased to advise that a Letter of Intent for works to commence on the Carbon Energy Pty Ltd (Carbon Energy) Underground Coal Gasification (UCG) demonstration at Bloodwood Creek, 55km west of Dalby in southeast Queensland, has been executed with leading engineering and project management company, Thomas and Coffey of Brisbane, whereby they are to be appointed construction and project managers for the Bloodwood Creek development. This will enable Thomas & Coffey to commence preliminary works pending receipt of all necessary permits and approvals. The development is budgeted to cost approximately $20 million and entails the construction of a 1PJ (petajoule) per annum syngas module. Further details of the objectives sought and the significant commercial outcomes that may be achieved from the demonstration are included in the Company’s recent September 2007 Quarterly Report to the ASX. The Bloodwood Creek trial site is within a defined coal resource of over 100 million tones of high quality coal, which is estimated to contain approximately 2,000 petajoules of energy, with approximately 1,000 petajoules being potentially recoverable utilizing Carbon Energy’s UCG process. Carbon Energy is in the process of becoming a wholly owned subsidiary of Metex, with Metex evolving into a significant energy company specializing in the development of UCG as a source of economic quantities of syngas suitable for power generation and coal for liquids opportunities following the successful completion of the UCG Demonstration at Bloodwood Creek development. A related Media Release is attached hereto. For and on behalf of the Board
  7. chris


    This is a very strong and robust diversified engineering services company for the Oil, Gas, Mining, building and Construction industries. • Third consecutive year of earnings growth • Revenue increased 25% to $219 million • Profit after tax increased 51% to $5 million • Earnings per share grew 50% to 6.6cps • Fully franked dividend increased 40% to 3.5cps • Net assets increased 28% to $18.2 million • Cash at bank increased 56% to $12.2 million • Stronger position to consider further bolt-on acquisitions http://www.thomascoffey.com.au/web/wwd_index.html
  8. Wingellina Drilling Results: 156m @ 1.14% Ni, 0.08% Co from 2m 80m @ 1.33% Ni, 0.15% Co from Surface 96m @ 1.15% Ni, 0.09% Co from Surface 66m @ 1.45% Ni, 0.08% Co from Surface 102m @ 1.16% Ni, 0.05% Co from Surface 82m @ 1.39% Ni, 0.11% Co from Surface 106m @ 1.29% Ni, 0.08% Co from 4m 100m @ 1.22% Ni, 0.11% Co from Surface 102m @ 1.28% Ni, 0.12% Co from Surface Ni cut off .7% 154,748,137 tonnes @ 1.04%Ni, .07% Co, 47.37% Fe2O3 A look at Tin and other bits: Collingwood Mine production increased over 260% on previous quarter with December ore production of 39,879 tonnes at 1.30% Sn against a target of 31,734 tonnes at 1.21% Sn. Collingwood tin metal produced rose 300% over the previous quarter to 606.2 tonnes. Royalty receipts for the quarter are estimated to be $2.85m taking the rolling 12 month average to $8.2 million. A significant discovery of calcrete rocks (containing calcium carbonate) capable of fulfilling acid neutralisation functions for HPAL nickel limonite processing has been made within 3km of the deposit. The Wingellina Scoping Study suggests that the most optimal process route would be a 4 million tonne per annum HPAL plant producing 40,000t of Ni metal per annum as a nickel hydroxide product. Studies to recommence tin production from the Tasmanian Tin Projects advance, including Mt Bischoff entering the final mining approval phase. At the Wingellina Prospect, Nickel Limonite mineralisation is substantial in scale, occurring over widths of up to 600m, along a strike length of some 9 kilometres and to depths of up to 200 (typically 80 – 100m). The mineralised system remains open along strike and there is significant potential for depth extensions in many areas of the deposit that were only previously tested by shallow drilling. In the main, high grade nickel values are associated with yellow-brown to red-brown ochre-stained limonitic Fe-rich clays that are developed over the ultramafic (primarily dunite) units in the layered sequence. Depth and intensity of weathering appears to be associated with both rock-type and the presence of shears on the contacts with adjacent foliated mafic rocks. High grade cobalt values are associated with discrete horizontal bands of manganese oxides within the Ni oxide profiles. The Renison Project is built around the Renison Bell underground mine and the Renison Tin Concentrator. These were both extensively refurbished during 2005 and operated until October 2005 before being placed on care & maintenance due to low tin prices. They remain on an advanced state of care & maintenance in preparation for a re-start. Project New Blue, being the strategic plan to recommence mining and ore processing from the Renison Project and integrate the planned Mt Bischoff Tin Project progressed during the quarter. The Rentails Project is a project aimed at the re-processing and recovery of tin from an estimated 18.17 million tonnes of tailings at an average grade of 0.42% Sn (containing over 76,000 tonnes of tin metal) that remain at the site from the historic processing of tin ores from the Renison Bell mine. Mt Bischoff is a site of significant historic tin production and the Metals X plan is to develop a conventional open pit mine to extract approximately 750,000 tonnes of ore at approximately 1.2% Sn over a three year period. This ore will be transported to Renison by road and form part of a blended feedstock for the Renison Tin Concentrator. All this plus $6.5 mill in cash......
  9. chris


    Volumes a little too light at the moment. I'd say it's their Zinc interests not the lead interests that people are like the look of.
  10. chris


    At 1400x say on average $70 thats $98,000, a month or $294,000 per quarter, add a couple of bucks for growth taking it to $250,000. At a cash burn of $600,000 a quarter minus $294,000, they are down $306,000 a quarter, with $2millish in the bank. Adding 200 patients a month is $14,000. The above monthly income falls off sharply as patients go from $70 to $45. They need to get a hell of a lot of patients on board to make alot of money, two years minumum before any real cashflow. Money best invested else where at the moment.
  11. chris


    FINANCIAL POSITION ACE’s operating financial position improved substantially this year. Sales revenue was 46% higher than in 2005 even though commercial sales to China only commenced in the last quarter of the 2006 financial year. Sales margins are being maintained at an acceptable level and will improve as the proportion of NGVS components sourced from China increases. For the fourth year in a row ACE has reported a reduced loss having improved from a loss of $6.4 million in 2002 to a loss of $1.3 million in 2006. The reduced loss is after incurring additional costs in the establishment of staff and infrastructure in China, an increased number of engine development programmes and approximately $120,000 additional costs in AIFRS accounting for amortisation of convertible note equity and expensing employee share options. Net assets of the group decreased from $203,000 at 30 June 2005 to $48,000 at 30 June 2006. The major reason for the decrease was the requirement to amend the accounting treatment of Convertible Notes in accordance with AASB 132. The new accounting standard requires $1,165,000 of the Convertible Note value to be transferred from equity to non- current liabilities. Without this change of accounting standards the net assets would have increased from $203,000 at 30 June 2005 to $1,213,000 at 30 June 2006. During the 2006 Financial Year the Company issued 17,934,922 ordinary shares to raise $1.5 million cash, to convert $750,000 debt to equity and to satisfy $150,000 of the $300,000 acquisition cost of Gas Torque Engines Pty Ltd. The Group’s working capital improved from $377,000 at 30 June 2005 to $982,000 at 30 June 2006. Orders from our major customers in China and our continuing supply of spare parts and services to France and Australia are expected to provide revenue which will see AEC be cash flow positive and post a maiden profit in 2007. SUMMARY The key drivers for the demand for natural gas vehicles, in particular: • the price of oil; • environmental concerns, especially in big cities; and • security of energy supplies, are increasingly becoming more important. Oil prices continue to hit record highs and urban pollutionand energy supply concerns continue to be major issues, particularly in the Asian region. The Asian region also has abundant natural gas resources. Thus the natural gas vehicle market in China and the Asian region is enormous and expanding as national and provincial governments focus on cleaning up the pollution caused by buses and trucks by using secure local supplies of natural gas. AEC has firmly established itself as an international frontrunner in the race to supply this booming market.
  12. chris


    Drill and blast specialist, Brandrill Limited, announced today their $8.0 million net profit result for 2005-06 and released their audited annual accounts. The $8.0 million net profit result is after a positive tax adjustment of $1.9 million. Pre-tax profit for FY2006 is $6.2 million, some 280% above the comparable FY2005 trading result of $1.6 million. Sales revenues for FY2006 were $103 million, an increase of 43% over last year’s $71 million. Revenue growth has been through increasing the number of rigs employed, expanding the contractual base of the company and increasing numbers of staff. Profit margins and revenues grew significantly from the first to the second half of the year driven by a number of factors: ? Ongoing incremental improvements in operational productivity, efficiency and improved purchasing terms following the completion of our restructuring; ? Increases in rig reliability and mechanical availability stemming from upgraded maintenance performance; ? The commencement of the major overhaul and maintenance workshop at Henderson allowing rigs to be returned more quickly and cost effectively to work; ? Some increases in rates reflecting a tightening of demand for our services; and ? The benefit through economies of scale from growth in revenues against our largely fixed overhead structure. The balance sheet has positioned the company for further growth. As at 30 June 2006, the net debt to equity ratio was 32%, working capital stands at $10 million and the interest cover ratio is five times. Managing Director, Ken Perry, commented “This is a very pleasing result. With $100 million work already locked in for this year, and four big rigs to be delivered in the next six months, the foundation has been laid for further strong growth in 2007 in both revenue and profit. The industry outlook for both iron ore and coal is very healthy for the foreseeable future”. The strategy remains to focus on growing the drill and blast business in Australia. The major objectives are to obtain more trained staff, acquire additional cost effective drill rigs and secure long production related contracts with reputable clients. For further information: Mr Philip Werrett, Company Secretaryi
  13. Cardno is a heavily diversified Social Infrastructure company with strong earnings growth and high dividend. I think it has been abit lost until now as it's only now starting to show up as the water situation starts to bite world wide. Here are some of their water services: Waste Management Flood and Waterway Studies Environmental Impact Assessment Rehabilitation Water Quality Water Sensitive Urban Design Catchment Management Water and Wastewater Treatment Dams and Reservoirs Water and Sewer Distribution Catchment Management Strategic Planning Capital Works Scheduling Water Cycle Management Demand Management Here are some of their local and overseas water management projects: Noosa Heads wastewater treatment plant, Sunshine Coast, QLD Lae City Water Supply Project, Papua New Guinea Olympic Park storm water solutions, Sydney, NSW Warragamaba Dam floodplain modelling, NSW Bojonegara Water Supply, Indonesia Herehere Irrigation Scheme, Gulf Province, Papua New Guinea Rural Water Supply Project, Sarawak, Malaysia. Hinze Dam Stage 2, QLD http://www.cardno.com.au/capability_environment.htm http://www.cardno.com.au/capability_water.htm "Cardno Limited is a dynamic infrastructure services group with an operating track record extending over 60 years. Through organic growth and selected mergers and acquisitions, the firm now employs around 1400 people in Australia, the Asia-Pacific region, UK, Africa, Middle East and the USA. The company’s vision is to be a world leader in the provision of professional services for the improvement of physical and social infrastructure. We are an international company, listed on the Australian Stock Exchange" Credit Suisse Jul 06: The analysts have initiated coverage on the stock with an Outperform rating and a target of $6.20. Credit Suisse is of the view that the company will generate EPS growth of around 20% per year for the next two years, for FY06 EPS growth is expected to be 55%. UBS Jul 06: It rates Cardno (CDD) as Buy 2 with a price target of $5.20, noting the outlook for its primary business of engineering construction looks strong for at least the next two years. Over the last few years it notes management has demonstrated an ability to integrate new acquisitions into its existing operations, which is important not only because it has made a number of such acquisitions recently but because it looks set to continue expanding given the highly fragmented industry in which it operates. Factoring in additional expansion, the broker expects earnings per share of 33c this year, but sees this increasing to 38c in FY07 and 42c in FY08, which equates to a Price/Earnings (P/E) ratio of 13.6x earnings this year and 10.7x in FY08. This puts the broker ahead of median forecasts according to Thomson One Analytics, who sees earnings coming in at 30c this year, 35c in FY07 and 33c in FY08. The average price target is $5.48, while the median target according to Thomson One is $5.27. This compares to the broker's valuation range of $5.00-$5.50 and a last closing price of $4.50. I would expect Cardno to reach a target of around $5.50 by Jan-Feb07, which is slower than hoped with it's current strong earnings growth and dividend, but the market climate at the moment seems to be slowing things alittle.
  14. The current management is doing an excellect job of turning around this company, they have positioned it well in one of the largest growing sectors, new media and online advertising. SMH: August 3, 2006 "ONLINE advertising will continue its romp until at least 2010. By then it is expected to be the third biggest generator of advertising revenue in the Australian media sector - behind TV and newspapers - with $1.78 billion. The bullish internet growth, forecast by PricewaterhouseCoopers this week, will come at the expense of free-to-air TV, radio and newspapers. Collectively they will have 8.8 percentage points shaved from their market shares over the next five years in what will be a $13.5 billion media advertising sector returning an overall annual growth rate of 6 per cent, according to PWC." http://www.smh.com.au/news/technology/onli...4198205233.html With Hyro's recent aquisition of Fluoro the can now offer not only an extended creative approach for their clients through everything from E-Commerce, online gaming (In ten years time this will be a major player in entertainment knocking on the door of Cinema), database development, viral marketing and email campaigns, but they can also include Stratergy (very important in advertising), web services, wireless (mobile phone) and broadcast (interactive Tv). http://www.fluoro.com.au/ Looking at the numbers side, they have had an excellent year, revenue is projected to have doubled from last year to $22,300,000 with projected revenue growth for 2007 and 2008 to be around 50% (but with the sector hotting up I would have thought it to be closer to 60% for both years), they also recorded an operating profit for the second quater ahead of shedule. Top five clients demand has been increasing at a rate of 10%-12% quarter on quarter. Thailand has had an increase in billings of 124% this year and has remained profitable since the start of the year, they currently represent 10% of Hyros revenue. Looking forward they are looking to grow Thailand with a possible local float and the possible soft, low overhead, entrance into the North American market by bid support for Hyro Government IP. Looking at its major peers that we all know, PGA is probably where HYO want to be, and I expect will buy by the end of 2007. EMI is probably the closets comparision for HYO, EMI would be around nine months ahead of HYO on a growth basis. With EMI valued at $161Mill with 180Mill on issue, HYO valued at $30Mill with 280Mill on issue, I would say HYO was heavily undervalued and would expect to see the share price around 40c in twelve months, easy. With HYO starting moving into a strong growth phase, in a sector that has strong growth, that should last for the next ten years, HYO would be an ideal T/O target for any advertising agency that needs to grow out of the current traditional advetising mediums (most agencies, even the big ones, have been slow to captialise on the current growth in new media). One, more thing, HYO used to be owned by Fairfax when it went by the name Brainwave.
  15. If they find anything they are still 10yrs from production.
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