WYTOMIC LIMITED(WYT)

name changed to Sultan Corporation Limited

the Directors advise that the Prospectus has closed fully subscribed

the resolutions contained in the Notice of General Meeting and Notice of Annual General Meeting were approved at the meeting of shareholders held today on a show of hands - the company also releases its new Constitution

provides notice of a general meeting to consider a recapitalisation proposal and notice of the annual general meeting, both for 22 November 2006

the Australian Securities and Investment Commission made an order dated 29 September 2006 relieving the company from the requirement to comply with Part 2M.3 (financial reporting) in relation to the financial year commencing on 1 July 2005 and ending on 30 June 2006

existing directors (except for Peter Remta) and company secretary are replaced by Hugh Warner and Ian Hobson (secy)

Deed of Company Arrangement is wholly effectuated and Deed Administrator retires

we understand the outcome of the shareholders meeting on 9 January 2006 was that all resolutions for the restructure and re-listing of the meeting were passed by shareholders - the next step will be for the Administrators to pay all relevant classes of creditors their entitlements under the DOCA - the Company should shortly move from a DOCA to a Creditors Trust to enable the Company to be re listed on the ASX

provides a company update in relation to the preparation of company accounts

a meeting of shareholders is to be held on 9 January 2006 to consider proposals for recapitalising the company

the company is preparing the documentation necessary to convene a meeting of shareholders to consider proposals to recapitalise the company - that documentation should reach shareholders during December 2005

at a meeting of creditors today, the creditors agreed to vary the Deed of Company Arrangement to approve the restructure of the Company (a report detailing the restructure proposal was issued prior to a meeting of creditors on 28 September) - a meeting of shareholders is now scheduled to take place prior to 30 November 2005 to present the proposal to the shareholders in order to finalise the restructure - once shareholder approval has been obtained, payments to creditors of the company can begin

administrators are in the final stages of negotiations with secured creditors - delays are largely due to the fact that there are a number of first ranking secured creditors, so getting approval from all of them takes time - we understand if an agreement cannot be reached in the short term, administrators will have no option but to place the company into liquidation (which is not their preferred option)

administrators report they have this week reviewed a second draft Memorandum of Understanding (MOU) for the restructure of the Company - they are meeting with the interested parties next week and anticipate having the MOU finalised next week - a meeting of creditors will be called shortly thereafter to discuss the proposal

the administrators have negotiated a deal for the restructure of the Company, which is currently in the process of being finalised before submitting to both creditors and shareholders for their approval - upon completion of the proposal, a report will be issued by the Administrators to creditors which outlines the major points of the proposal and likely return to creditors of the Company

B Hughes and V Smith of Pitcher Partners appointed administrators - there is talk of a restructure proposal and if that does eventuate it is likely to be at least three months away - administration is never a good sign for shareholders

three directors resign, one new director is appointed

agreement with Original Spin has been terminated - board now working on raising capital and assessing other opportunities

name changed from Quadtel Limited (see that company for background)