Annual Report
2016
2
Contents
2016: A Year in Numbers
Chairman and CEO’s Report
Operations Review
- Detach™
- Partnering and Commercialisation
- Key Elements of the APVMA Submission
- Human Applications
- Anatara’s Commercialisation Strategy: From Pigs to People
Directors’ Report
Auditors’ Independence Declaration
4
6
10
14
33
ANATARA LIFESCIENCES Annual Report 2016
3
4
A Year in Numbers
CLINICAL TRIALS
PR
PARTNERING/LICENSING OPPORTUNITIES
R&D
41.4%
44.5%
Weaner Trial
(SE QLD)
reduction in
scour incidence
reduction in
scour severity
501
Anatara media mentions
12 – number of major animal
in licensing discussions
health companies we engaged
$430,000
R&D tax refund
HUMAN RESOURCES
INDUSTRY DATA1
27
25
22
Major US
restaurants
Major US food
producers
Major US
supermarkets
offering “responsibly raised meat and poultry”
6 new staff/
contractors
100%
increase in Anatara
team members
MANUFACTURING
3 batches
of Detach™
manufactured
10,344 bottles
139.65kg
1,034,444
sucker doses
IP
2
$4.8 billion
annual revenue (2015)
10,000 staff
including 3600+
field force
5 product
categories
SOCIAL MEDIA
@AnataraANR
Tweets 61
2678
Twitter profile visits
patents filed
1 Provisional
& 1 PCT
species8
animal
1. source: http://www.pewtrusts.org/en/multimedia/data-visualizations/2016/major-food-companies-committed-to-reducing-antibiotic-use
Executed “Option to License”
agreement with
#1
global
animal health
company
60+ years
of experience in animal health
120+
countries in which
Zoetis products are sold
42
Pork CRC participants
(key pork industry partners) -
Anatara has executed a
commercial collaboration
agreement with the Pork CRC
ANATARA LIFESCIENCES Annual Report 2016 A Year in Numbers
41.4%
44.5%
Weaner Trial
(SE QLD)
reduction in
scour incidence
reduction in
scour severity
501
Anatara media mentions
HUMAN RESOURCES
INDUSTRY DATA1
27
25
22
Major US
restaurants
Major US food
producers
Major US
supermarkets
offering “responsibly raised meat and poultry”
6 new staff/
contractors
100%
increase in Anatara
team members
MANUFACTURING
5
CLINICAL TRIALS
PR
PARTNERING/LICENSING OPPORTUNITIES
R&D
12 – number of major animal
health companies we engaged
in licensing discussions
$430,000
R&D tax refund
Executed “Option to License”
agreement with
#1
global
animal health
company
60+ years
of experience in animal health
120+
countries in which
Zoetis products are sold
42
Pork CRC participants
(key pork industry partners) -
Anatara has executed a
commercial collaboration
agreement with the Pork CRC
3 batches
of Detach™
manufactured
10,344 bottles
139.65kg
1,034,444
sucker doses
IP
2
$4.8 billion
annual revenue (2015)
patents filed
1 Provisional
& 1 PCT
species8
animal
10,000 staff
including 3600+
field force
5 product
categories
SOCIAL MEDIA
@AnataraANR
Tweets 61
2678
Twitter profile visits
1. source: http://www.pewtrusts.org/en/multimedia/data-visualizations/2016/major-food-companies-committed-to-reducing-antibiotic-use
6
Chairman and CEO’s Report
Dear Shareholders,
It is my pleasure to present Anatara’s 2016 annual report,
following a year of significant progress for your company.
In a world where consumers are increasingly demanding
antibiotic free meat, the need for products like Detach™ – our
natural treatment for gastrointestinal diseases in production
animals - continues to build.
At the time of writing, world leaders had just committed to
working at national, regional and global levels to address
the growing threat of antimicrobial resistance (AMR). This
commitment came via the 71st meeting of the United Nations
(UN) General Assembly. It was only the fourth time the UN
had held a meeting to address a health issue, a fact that
coherence at the international, regional, and national levels”
and one which is gravely challenging many 20th century
achievements.
In line with this thinking, during the year, international
governments introduced tighter legislation around the use
of antibiotics in livestock farming, actively promoting the
judicious use of therapeutic antimicrobials. A global ‘One
Health’ collaborative effort from human and veterinary
medicine, has created a funding and policy environment
which is encouraging the development of new medicines,
including antibiotic alternatives. These things combined see
Detach™ positioned strongly to have an impact on the global
animal health market and ultimately, on the health of humans.
At a time when scientists have confirmed the discovery
of a new mechanism of resistance in bacteria to the “last
ditch” human antibiotic, colistin, there has never been a
greater imperative for antibiotic alternatives.
underscores how seriously world leaders are viewing drug
resistance from overuse of antibiotics.
Detach™ moves closer to market
Before the meeting, delegates agreed to a draft political
declaration
in which they undertook to develop and
implement national action plans to address the growing issue
of drug resistance. The declaration stated “…that resistance
of bacterial, viral, parasitic, and fungal microorganisms to
antimicrobial medicines that were previously effective for
treatment of infections, is mainly due to inappropriate use of
antimicrobial medicines in human, animal, food, agriculture
and aquaculture sectors; lack of access to health services,
including to diagnostics and laboratory capacity; as well as
residues of antimicrobials into soil, crops and water.”
It stated that resistance to antibiotics was “…the greatest and
most urgent global risk that requires increased attention and
Our naturally derived, lead product, Detach™ continues to
advance rapidly towards regulatory approval and product
launch in Australia.
In order to return Detach™ to market, Anatara must submit
an application (or dossier) to the Australian Pesticides and
Veterinary Medicines Authority (APVMA). While much has been
achieved during the year, the dossier has been our primary
point of focus and one which has required considerable effort
from the whole Anatara team. I am delighted that we are well
positioned to submit the dossier shortly.
The APVMA dossier is the culmination of a significant amount
of work by the Anatara team and encompasses data and
ANATARA LIFESCIENCES Annual Report 2016 7
reports across the following areas: Occupational Health and
Safety; Environmental Risk Assessments; Metabolism and
kinetics; Chemistry and Manufacture; Toxicology assessment;
Residues and metabolism and Efficacy and safety.
The submission of our application to the APVMA for regulatory
approval will be a significant milestone in the Detach™
development program and brings the Company closer to
market launch in Australia.
Under the guidance of Dr Tracey Mynott, our Chief Scientific
Officer and Company co-founder, Anatara has now
completed several successful trials on Australian commercial
pig farms, with a further Detach™ trial successfully completed
in weaner piglets in September 2015.
Through trials, Detach™ continues to show an almost 50%
reduction in mortality among young pigs whilst increasing the
average weight of each piglet at time of weaning.
These improvements have the ability to make a significant
impact on animal health and reduce the use of antibiotics.
At the time of writing, the pivotal Target Animal Safety (TAS)
study for Detach™ had just been completed. It demonstrated
that Detach™ was safe for pigs, even when administered at
much higher doses than recommended.
Data from this study reinforces Anatara’s pre-existing large
safety database, where through previous field trials, the
Company had proven the safe nature of the product.
The TAS study was conducted to the highest international
standard of major commercial territories and may reduce the
need for separate TAS studies in each global jurisdiction where
registration is needed. Long term, this strategy presents the
most efficient and cost effective way to prepare for the global
roll out of Detach™.
The appointment in June 2016 of Dr Mike West as Chief
Operating Officer, has been of enormous benefit in readying
our Sydney-based pharmaceutical manufacturer, Sphere
Healthcare, for commercial supply. With Mike’s input, Sphere
now has the ability to manufacture commercial scale batches
of Detach™ reproducibly, and to produce the necessary
documentation for the APVMA registration.
We expect to submit our dossier for Australian registration to
the APVMA well before the end of 2016.
Zoetis licensing option
Anatara was pleased to kick off the 2016 calendar year with
the significant announcement that the Company had entered
into an exclusive agreement with leading global animal health
company, Zoetis Inc.
Under the agreement, Zoetis would have the exclusive right to
evaluate the potential applications of Detach™ for veterinary
use in food production animals in all countries aside from
Australia and New Zealand.
As the world’s largest international animal health company,
Zoetis has access to substantial research resources and
facilities. Zoetis has already begun an aggressive evaluation
program of Detach™.
Discussions have been held with the Zoetis researchers at their
facilities in the USA and they have already received material
with which to begin their evaluation. In return we have already
received an upfront payment, but importantly have retained
the intellectual property protecting our technology. In this
context, it should be noted that we have applied for two new
patents covering both the formulation and active ingredient.
Your Company independently will continue to conduct our
own proof of principle studies in other livestock species and
other delivery methods.
The financial terms of the Zoetis agreement are confidential,
however included both an upfront and subsequent cash
milestone payments during the Option period, providing early
validation of Anatara’s strategy to use Detach™ in animals
as a revenue generating pre-clinical model for our human
program.
8
Commercial focus
In closing
Anatara’s initial focus remains on the pork industry globally,
however with the pending Australian APVMA submission, the
team is increasingly focussing on other livestock applications
and pursuing lucrative human applications for our technology.
In June 2016, we announced a research and development
collaboration with The La Trobe Institute for Molecular Science
at La Trobe University (Melbourne) to explore the potential of
the active components within Detach™ for the treatment of
inflammatory diseases in humans and companion animals.
While this collaboration is in its infancy, we are excited about
working with La Trobe to explore our human program in
earnest.
The geographical concern around the overuse of antibiotics in
both livestock and humans continues to escalate.
Taco Bell, In-N-Out Burger, Subway, Perdue Farms and Cargill
have joined the ever growing list of major US food companies
looking to provide antibiotic free meat.
Furthermore, the U.S. Food and Drug Administration (FDA)
in May 2016 finalised its antimicrobial sales rule requiring
that drug companies report species-specific sales data for
all antimicrobials intended for food-producing animals. It is
anticipated that this data will assist to ensure the judicious
use of medically important antimicrobials in the animal health
industry.
resistance to antibiotics was “…the greatest and most urgent
global risk that requires increased attention and coherence at
the international, regional, and national levels” and one which is
gravely challenging many 20th century achievements.
Investor relations
During the year, the Company continued an active market
awareness program with presentations being delivered to the
Brisbane Investors group, CommSec’s “Executive Series”, the
Gold Coast Investment Showcase, ASX’s “The CEO Sessions”
and the Financial News Network, as well as participation in
the 12th Bioshares Biotech Summit. In addition, Anatara has
presented to a combination of new and existing institutional
investors.
On behalf of my fellow directors, I thank all our shareholders
for their support throughout the year. We look forward to
seeing those shareholders who can make it to the Anatara
AGM at 11am on Tuesday, 15th November 2016 at the offices
of McCullough Robertson, Level 11, 66 Eagle Street, Brisbane.
At a time when scientists have confirmed the discovery of a new
mechanism of resistance in bacteria to the “last ditch” human
antibiotic, colistin, there has never been a greater imperative
for antibiotic alternatives. Finding this startling new superbug,
in meat, animals and humans, now confirmed in more than
twenty countries, completes the link between agricultural use
of antibiotics and antibiotic resistance in animals and humans.
Anatara’s naturally derived substances offer a safe but effective
alternative to antibiotics for gastrointestinal diseases and the
Company is uniquely positioned to fulfil a currently unmet
need in the huge, global animal health market.
The increasingly supportive macro-environment and progress
at a company level combine to make this an exciting time to
be a shareholder in Anatara.
ANATARA LIFESCIENCES Annual Report 2016 9
Finally, the small Anatara team has accomplished much
throughout the year. My thanks to the team for their ongoing
dedication and commitment to bringing Detach™ through to
commercialisation. Thanks also to my fellow Directors for the
discipline applied to guiding the Company during the year.
I look forward to keeping shareholders updated as we move
our important products to market.
Yours sincerely,
Dr Mel Bridges
Chairman and CEO
10
Operations Review
Detach™
Significant progress was made during the year transitioning
Anatara’s lead product, Detach™, towards commercialisation
in livestock, initially with pigs and importantly this year with
human applications for the technology.
On 16 September 2015, the Company reported it had
completed a second field trial with Detach™ in nearly 500
piglets. The study saw Detach™ reduce the incidence
and frequency of diarrhoea in weaner piglets - resulting in
significant health benefits to the piglets.
Specifically, under the trial, Detach™ reduced the number of
pigs with scour by 41% and reduced the severity of scour by
45%. The data was consistent with earlier registration trials on
commercial pig farms, and further supported Anatara’s plans
to re-register and launch Detach™ in Australia.
Results from the second field trial led to formalising a
collaboration with the Pork Collaborative Research Council
(CRC). Pork CRC Chief Executive, Dr Roger Campbell
remarked at the time:
“the latest results confirm our decision to work with Anatara
to pursue Detach as an alternative to antibiotics for control of
diarrhoea in young pigs.”
“The results are typical of what we see with post-weaning
scour. It can be severe or mild but it always has been and
always will be present in the industry. Given the increasing
global pressure to reduce antibiotic use and resistance in
animal agriculture Anatara’s technology would seem to have
a role in helping achieve these objectives. We are encouraged
by the latest results.”
At the time of writing, results of a Target Animal Safety Study
(TAS) study had just been reported. The purpose of the
study was to provide detailed safety data on Detach™ when
administered orally to piglets at dose rates higher than the
recommended single dose. It demonstrated that Detach™
was safe for pigs, even when administered at much higher
doses than recommended.
The study was conducted in accordance with VICH, a trilateral
(EU-Japan-USA) program aimed at harmonising the technical
requirements for veterinary product registration. It will support
the global roll out of Detach™ and forms an important
component of the Company’s submission to re-register
Detach™ for sale in Australia with the Australian Pesticides and
Veterinary Medicines Authority (APVMA).
Partnering and Commercialisation
The collaboration with the Pork CRC will provide Anatara with
services to locate key clinical trial sites and ongoing test sites
and promote the results of these trials; with the relationship
opening the door for Anatara to work closely with key players
in the Australian pork industry. Active partners and participants
in the CRC include the largest Australian pork producers, feed
manufacturers, key government and farmer industry bodies,
including the CSIRO.
On 18 January 2016, Anatara announced an Exclusive Research
Evaluation and License Option Agreement with the leading
animal health company, Zoetis Inc. Anatara granted Zoetis an
option to license Detach™ for worldwide development and
commercialisation, with the exception of Australia and New
Zealand.
Under the terms of the agreement, Zoetis will have exclusive
rights to evaluate the potential applications of Detach™ for
veterinary use in food production animals. Anatara retains all
intellectual property rights.
The financial terms of the Zoetis agreement are confidential,
however they did include an upfront and subsequent cash
payments during the Option period.
On 1 April 2016, Anatara announced it had shipped an
evaluation batch of Detach™ to Zoetis, triggering the start of
the evaluation period.
ANATARA LIFESCIENCES Annual Report 2016 11
Key Elements of the Australian Regulatory
APVMA Submission
While there have been many highlights in the 2016 financial
year, Anatara’s submission to register the new formulation of
Detach™ with the APVMA has been of core significance.
All members of Anatara’s small team contributed to the
compilation of the APVMA dossier. The registration is pivotal
to seeing Detach™ return to the Australian market, which we
expect will occur in 2017.
Environmental
Risk Assessments
Metabolism
and kinetics
Chemistry and
Manufacture
Occupational
Health
and Safety
Toxicology
assessment
Residues and
metabolism
Efficacy and safety
12
Human Applications
Livestock producers have traditionally relied upon antibiotics
to treat scour (diarrhoea), a leading cause of death in piglets.
Scour costs the Australian pig industry more than $7 million
each year, but it has a greater implication for the cost to
human health. The high use of antibiotics in meat production
has led to the rise of multi-drug resistant bacteria, known as
superbugs, and these superbugs affect humans.
Data from the US Centers for Disease Control and Prevention
and the World Health Organisation indicate that tens of
thousands of people die every year due to the antibiotic
resistant superbugs, with many millions falling ill with resistant
infections introduced through the food chain.
Furthermore, with 4 billion episodes of human diarrhoea in the
world annually and no one product available that prevents all
causes of gastro-intestinal disease, the need for better human
therapeutics is clear.
On 16 June 2016, it was announced that Anatara had entered
into a research and development collaboration with The La Trobe
Institute for Molecular Science at La Trobe University (Melbourne)
to explore the potential for active components within Detach™
for the treatment of inflammatory diseases in humans and
companion animals. The agreement is for the production,
validation and pre-clinical evaluation of a specific active
components isolated from the active ingredient in Detach™.
Anatara’s commercialisation strategy
From Pigs to People
$$
Pigs =
pre-clinical for
humans & clinical
for animals
Clinical
Trials
Human
Regulatory
Market
end user
Discovery
Bromelain X
Detach™
- From Pigs
to People
• Same mechanism of action for treatment of disease in pigs and humans
• Pre-clinical program for animals complete therefore development
for humans de-risked
• Revenue already secured
• Clinic ready (CMC, Toxicology, Pharmacology well developed)
• Ready to Partner/Develop
Animal
Regulatory
$
To Market
Organisms that cause disease in pigs
are very similar to those that cause
disease in humans, which opens
plenty of doors for us. It means our
work with pigs forms our
pre-clinical trials for human
medicine. From a business
perspective it’s quite clever because
it means our animal testing model is
revenue generating – that’s very
different to a drug development
program where rats and mice are
used for testing.”
Dr Tracey Mynott, Anatara CSO
ANATARA LIFESCIENCES Annual Report 2016 13
Speaking about the collaboration, Professor Rob Pike of La
Trobe University said,
Pike. “We hope it will open up new avenues for the treatment
of diarrhoea in humans.”
“There are three important molecules in the extract, and two
are critical to the treatment of scour.
“Using recombinant DNA technology, we are working to
develop methods for testing the components, to isolate
and produce the two beneficial proteins, and to learn more
about how these molecules interact with gut cells to prevent
inflammation and diarrhoea.
“This research is a wonderful opportunity to treat scour in a
way that doesn’t cause antibiotic resistance,” said Professor
that addressing antimicrobial
Experts agree
resistance
requires measures that will ensure the judicious use of
existing pharmaceutical treatments in combination with a
robust pipeline of new drugs. Anatara’s naturally derived
active components will provide a safe, novel approach to the
treatment of diarrhoea and other gastrointestinal diseases in
humans, without contributing to antimicrobial resistance.
$$
Pigs =
pre-clinical for
humans & clinical
for animals
Clinical
Trials
Human
Regulatory
Market
end user
Anatara’s commercialisation strategy
From Pigs to People
Discovery
Bromelain X
• Same mechanism of action for treatment of disease in pigs and humans
• Pre-clinical program for animals complete therefore development
Detach™
- From Pigs
to People
for humans de-risked
• Revenue already secured
• Ready to Partner/Develop
• Clinic ready (CMC, Toxicology, Pharmacology well developed)
Animal
Regulatory
$
To Market
Organisms that cause disease in pigs
are very similar to those that cause
disease in humans, which opens
plenty of doors for us. It means our
work with pigs forms our
pre-clinical trials for human
medicine. From a business
perspective it’s quite clever because
it means our animal testing model is
revenue generating – that’s very
different to a drug development
program where rats and mice are
used for testing.”
Dr Tracey Mynott, Anatara CSO
14
Directors’ Report
30 June 2016
Your directors present their report on the consolidated entity consisting of Anatara Lifesciences Ltd and the entities it controlled
at the end of, or during, the year ended 30 June 2016. Throughout the report, the consolidated entity is referred to as the Group.
Directors and company secretary
The following persons held office as directors of Anatara Lifesciences Ltd during the financial year:
Dr Mel Bridges, Non-Executive Chairman
Mr Iain Ross, Non-Executive Director
Dr Jay Hetzel, Non-Executive Director
Dr Tracie Ramsdale, Non-Executive Director
Mr Paul Grujic, Non-Executive Director
Dr Paul Schober, Chief Executive Officer and Managing Director
On 27 June 2016 the Company announced that Dr Paul Schober plans to move to retirement over the next three months and
Dr Mel Bridges will transition into a combined CEO/ Chairman role.
And the following person held office as company secretary of Anatara Lifesciences during the financial year: Mr Stephen
Denaro, Company Secretary
Principal activities
The Company is an Australian listed entity that focuses on developing oral solutions for gastrointestinal diseases in production
animals and humans and the development and commercialisation of DetachTM, a non-antibiotic therapy that prevents and treats
diarrhoea (also known as scour) in piglets.
Review of operations
Remain on track – moving forward on all fronts
Progress
During FY16, significant progress was made transitioning Anatara’s lead program, Detach™ towards commercialisation in
livestock, starting with pigs and importantly this year with human applications for the technology.
On 16 September 2015, the Company reported it had completed a second field trial with Detach™ in nearly 500 piglets. The
ANATARA LIFESCIENCES Annual Report 2016 15
study saw Detach™ reduce the incidence and frequency of diarrhoea in weaner piglets - resulting in a significant commercial
benefit to the producer.
At the time of writing, the Safety Study (TAS) study was well underway. The purpose of this study is to provide detailed safety data
on Detach™ when administered orally to piglets at dose rates higher than the recommended single dose. The study is being
conducted in accordance with VICH, a trilateral (EU-Japan-USA) program aimed at harmonising the technical requirements for
veterinary product registration. It will support the global roll out of Detach™.
Partnering and commercialisation
On 11 August 2015, the Company announced it had signed a Commercial Collaboration Agreement with the Pork Cooperative
Research Centre (Pork CRC). The Pork CRC will provide the Company with services to locate key clinical trial sites and ongoing
test sites, assist with the APVMA approval of Detach™, and promote the results of these trials. Active partners and participants
in the CRC include the largest Australian pork producers, feed manufacturers, key government and farmer industry bodies,
including the CSIRO.
On 18 January 2016, Anatara announced an Exclusive Research Evaluation and License Option Agreement with the leading
animal health company, Zoetis. Anatara granted Zoetis an option to license Detach™ for worldwide development and
commercialisation, with the exception of Australia and New Zealand.
Under the terms of the agreement, Zoetis will have exclusive rights to evaluate the potential applications of Detach™ for
veterinary use in food production animals. Anatara retains all intellectual property rights.
The financial terms of the Zoetis agreement are confidential, however they did include an upfront and subsequent cash
payments during the Option period.
On 1 April 2016, Anatara announced it had shipped an evaluation batch of Detach™ to Zoetis, triggering the start of the evaluation
period.
Other Indications
On 16 June 2016, it was announced that Anatara had entered into a research and development collaboration with The La
Trobe Institute for Molecular Science at La Trobe University (Melbourne) to explore the potential for active components within
Detach™ for the treatment of inflammatory diseases in humans and companion animals. The agreement is for the production,
validation and pre-clinical evaluation of a specific active components isolated from the active ingredient in Detach.
Intellectual Property (IP)
Anatara continued to strengthen its IP with further patents filed during the financial year.
Corporate
On 27 June 2016, Anatara announced changes to the executive team, with Dr Paul Schober retiring from the position of CEO
and Managing Director, and Dr Mel Bridges to transition to CEO whilst retaining the Chairman role. Dr Michael West was
16
appointed Chief Operating Officer and Ms Kylie Davis was appointed Clinical Trials Manager.
Financial results and position
The Group reported a loss for the full-year ended 30 June 2016 of $723,934 (2015: $1,795,228). The loss is after fully expensing
all research and development costs.
The Group’s net assets increased by $7,994,527 ($146%) compared with the previous year to $13,475,343. As at 30 June 2016,
the Group had cash reserves of $6,387,041 and financial assets of $7,437,669 an increase of
$8,273,752 on the previous financial year end.
Information on directors
Dr Mel Bridges Non-Executive Chairman
Experience
and expertise
Dr Bridges has a Bachelor Degree of Science (Chemistry), Honorary Doctorate from Queensland
University of Technology and Fellow of the Australian Institute of Company Directors.
Dr Bridges has extensive experience as a CEO/Managing Director and Company Director in
healthcare, agricultural technology, drug development, pathology, diagnostics and medical
devices. Related experience in retail. He has successfully raised in excess of $300 million
investment capital in the healthcare/biotech sector and been directly involved in over $1 billion in
M&A and related transactions. He is the Co-Founder and former Chairman of PanBio Limited and
ImpediMed Limited. He has been awarded an Australian Export Award, Australian Quality Award,
Business Bulletin “Business Star of the Year”, Ernst & Young “Entrepreneur of the Year”, AusBiotech
Gold Medal Award and BRW Top 100 Fastest Growing Companies Award.
Dr Bridges is currently a director of ASX 100 Company ALS Ltd, and is Chairman and Non-Executive
Director of Oventus Medical Ltd.
Date of appointment
15 July 2010
Special responsibilities
Chairman of the Nominations Committee, Member of the Remuneration Committee
and Member of the Audit and Risk Management Committee
Interests in shares
and options
Interest in shares
Interest in options
5,906,870
80,000
ANATARA LIFESCIENCES Annual Report 2016 17
Mr Iain Ross Non-Executive Director
Experience
and expertise
Mr Ross joined the Company as a Director in November 2013. Following a career with multinational
companies including Sandoz, Fisons plc, Hoffman La Roche and Celltech Group plc for the last
20 years. Mr Ross has undertaken a number of company turnarounds and start-ups as a board
member on behalf of private equity groups and banks including Quadrant Healthcare plc, Allergy
Therapeutics Ltd, Eden Biodesign Ltd, Phadia AB, and Silence Therapeutics plc.
Currently he is Executive Chairman of e-Therapeutics plc and a Non-Executive Director at Premier
Veterinary Group plc each of which are listed on the London Stock Exchange. In addition he is
Chairman of Biomer Technology Limited, a private UK Company.
During the period he was Non-Executive Director of Benitec Biopharma Limited, and is currently
Non-Executive Director of Novogen Limited, each of whose shares are traded on the Australian
Securities Exchange and the NASDAQ. He is a Qualified Chartered Director of the UK Institute of
Directors and Vice Chairman of the Council of Royal Holloway, University of London.
Date of appointment
17 February 2014
Special responsibilities
Chair of the Remuneration Committee, Member of the Audit and Risk Management Committee
and Nomination Committee
Interests in shares
and options
Interest in shares
Interest in options
Dr Jay Hetzel Non-Executive Director
1,377,942
65,000
Experience
and expertise
Dr Hetzel has a background in technology commercialisation, animal genetics R&D and product
development. During a scientific career with CSIRO spanning 20 years, he was an internationally
recognised pioneer in cattle genomics and genetics and played a key role in establishing the
foundations for beef industry applications of DNA technology. In 1998 he co-founded Genetic
Solutions Pty Ltd which commercialised genomics technology in livestock. The company was
sold to Pfizer Animal Health in 2008. Subsequently, he has been involved in the development and
commercialisation of a range of life science technologies.
Dr Hetzel has been a Director of Anatara Lifesciences Ltd since August 2014 and is currently
Non-Executive Chairman of Leaf Resources Ltd. Dr Hetzel is a Fellow of the Australian Academy
of Technological Sciences and Engineering and a Fellow of the Australian Institute of Company
Directors. He holds a Bachelor of Agricultural Science (Hons) from the University of Melbourne and
a Ph.D in Animal Genetics from the University of Sydney.
Date of appointment
4 August 2014
Special responsibilities Member of the Audit and Risk Management Committee, Remuneration Committee and
Nomination Committee
Interests
and options
in shares
Interest in shares
Interest in options
456,109
65,000
18
Dr Tracie Ramsdale Non-Executive Director
Experience
and expertise
Dr Ramsdale holds a PhD in Biochemistry from the University of Queensland, a Master of
Pharmacy from the Victorian College of Pharmacy and a Bachelor of Applied Science (Chemistry)
from the Royal Melbourne Institute of Technology.
Following a successful career as a Principal Investigator and Commercial Manager of the Centre
for Drug Design and Development at the University of Queensland, Tracie co-founded Alchemia
Limited, a drug discovery and development company and led the company’s development as
its General Manager and Chief Executive Officer from 1998 to 2007. During this time, she was
responsible for multiple financing transactions including a successful IPO, licensing the company’s
technology to major international pharmaceutical and manufacturing partners and the acquisition
of a publicly listed biotech to strengthen the company’s product pipeline.
Dr Ramsdale has served on a number of industry and government advisory groups including
the Australian Federal Government Advisory Council on Intellectual Property, the Queensland
Biotechnology Advisory Council, and the Industry Research and Development Board’s Biological
Committee.
Dr Ramsdale is a Fellow of the Australian Academy of Technological Sciences and Engineering
and a member of the Australian Institute of Company Directors. She currently provides
independent consulting advice to the biotechnology industry, academia and government.
Date of appointment
4 August 2014
Special responsibilities
Chairman of the Audit and Risk Management Committee and Member of Nominations Committee
Interests in shares
and options
Interest in shares
Interest in options
Mr Paul Grujic Non-Executive Director
45,614
65,000
Experience
and expertise
Mr Grujic is a graduate in Applied Biology and in Marketing with more than 30 years’ experience in
the Animal Health industry. His roles have included Sales, Marketing, Business Development and
General Management in the UK, USA and Australia.
He was previously the President of CSL Animal Health with 250 staff and operations in the USA,
Australia and New Zealand. He has also held senior positions with Glaxo, Pitman-Moore, Webster
Animal Health, American Cyanamid and Fort Dodge(Wyeth). In addition he has worked as an advisor
to several Animal Health companies and was a Non-Executive Director of Catapult Genetics, an
Executive Director of Peptech Animal Health and a Director of NOAH the UK Animal Health trade
association.
Mr Grujic has wide experience in acquisition, divestment and integration of companies and played
a major role in the sale of CSL Animal Health and Catapult Genetics to Pfizer and Peptech Animal
Health to Virbac, a global Animal Health company.
Date of appointment
24 February 2015
Special responsibilities Member of the Audit and Risk Management Committee, Remuneration Committee and
Nomination Committee
Interests in shares
and options
Interest in shares
Interest in options
71,219
65,000
ANATARA LIFESCIENCES Annual Report 2016 19
Dr Paul Schober Chief Executive Officer and Managing Director
Experience
and expertise
Dr Schober has extensive global experience in the animal health field encompassing
R&D, clinical trial management, regulatory affairs, manufacturing, sales and
marketing as well as in ASX investor relations. In his most recent position, Paul
was General Manager of Peptech Animal Health Pty Limited, now owned by the
Australian Division of global animal health company Virbac SA.
Dr Schober’s achievements include approval of the first Australian biotechnology
product by the FDA (Ovuplant in 1998); launch of Ovuplant in the US & the EU;
regulatory approval and launch of animal health product Suprelorin in Australia
and the EU and worldwide distribution agreements with leading animal health
companies including Dechra, Fort Dodge Animal Health and Virbac. He was
also instrumental in the successful positioning and trade sale of an animal health
company.
Dr Schober has a BSc (Hons), PhD and MBA from the University of Sydney.
Date of appointment
2 March 2015
Special responsibilities
-
Interests in shares
and options
Interest in shares
Interest in options
Mr Stephen Denaro Company Secretary
212,038
375,000
Experience
and expertise
Stephen has extensive experience in mergers and acquisitions, business valuations,
accountancy services, and income tax compliance gained from positions as
Company Secretary and Chief Financial Officer of various public companies and
with major chartered accountancy firms in Australia and the United Kingdom. He
provides company secretarial services for a number of start-up technology and ASX
listed and unlisted public companies.
Stephen has a Bachelor of Business in accountancy, Graduate Diploma in Applied
Corporate Governance and is a member of the institute of Chartered Accountants
in Australia and the Australian Institute of Company Directors.
Date of appointment
24 February 2014
20
Meetings of directors
The numbers of meetings of the Company’s board of directors and of each board committee held during the year ended 30
June 2016, and the numbers of meetings attended by each director were:
Dr Mel Bridges
Mr Iain Ross
Dr Jay Hetzel
Dr Tracie Ramsdale
Mr Paul Grujic
Dr Paul Schober
Full meetings of
directors
Meetings of committees
Audit
Nomination
Remuneration
A
11
11
11
11
11
11
B
11
11
11
11
11
10
A
-
4
4
4
4
-
B
-
4
4
4
4
-
A
1
1
1
1
1
-
B
1
1
1
1
1
-
A
2
2
2
-
2
-
B
2
2
2
-
2
-
A = Number of meetings attended
B = Number of meetings held during the time the director held office or was a member of the committee during the year
Unissued shares under option
Unissued ordinary shares of Anatara Lifesciences Ltd under option at the date of this report are:
Expiry date
Exercise price of shares
($)
Number under option
Issue of options to Pork CRC
18 September 2017
Issue of options to Pork CRC
18 September 2018
Issue of options to Directors
11 November 2018
Issue of options under ESOP
14 December 2020
0.50
0.50
1.35
1.45
125,000
250,000
340,000
1,265,000
1,980,000
During or since the end of the financial year, the Company issued ordinary shares as a result of the exercise of options as
follows (there were no amounts unpaid on the shares issued):
Shares issued
22 December 2015
11 March 2016
Issue price of shares
($)
Number of shares issued
0.50
0.50
50,000
75,000
125,000
ANATARA LIFESCIENCES Annual Report 2016
21
Remuneration report
The Remuneration report, which has been audited, outlines the key management personnel remuneration arrangements for the
Group, in accordance with the requirements of the Corporations Act 2001 and its Regulations.
The Remuneration report is set out under the following main headings:
A. Principles used to determine the nature and amount of remuneration
B. Details of remuneration
C. Service agreements
D. Share-based compensation
E. Relationship between the remuneration policy and Group performance
F. Key management personnel disclosures
A. Principles used to determine the nature and amount of
remuneration
Remuneration governance
The objective of the remuneration committee is to ensure that pay and rewards are competitive and appropriate for the
results delivered. The remuneration committee charter adopted by the Board aims to align rewards with achievement of
strategic objectives and the creation of value for shareholders. The remuneration framework applied provides a mix of
fixed and variable pay and a blend of short and long-term incentives as appropriate. Issues of remuneration are considered
annually or otherwise as required.
Non-executive Directors
Fees and payments to non-executive Directors reflect the demands which are made on, and the responsibilities of, the
Directors. The Company’s policy is to remunerate non-executive Directors at market rates (for comparable companies)
for time commitment and responsibilities. Fees for non-executive Directors are not linked to the performance of the
Company, however to align Directors’ interests with shareholders’ interests, Directors are encouraged to hold shares in
the Company.
Non-executive Directors’ fees and payments are reviewed annually by the Board of Directors. The Board of Directors
considers advice from external sources as well as the fees paid to non-executive Directors of comparable companies
when undertaking the annual review process. Each director receives a fee for being a director of the company.
The Chairman’s fees are determined independently to the fees of other non-executive Directors based on comparative roles
in the external market. The chairman is not present at any discussions relating to determination of his own remuneration.
Retirement benefits and allowances
No retirement benefits are payable other than statutory superannuation, if applicable to the Directors of the Company.
22
Other benefits
No motor vehicle, health insurance or other similar allowances are made available to Directors (other than through salary-
sacrifice arrangements).
Executive pay
Executive pay and reward consists of base pay, short-term performance incentives, long-term performance incentives
and other remuneration such as superannuation. Superannuation contributions are paid into the executive’s nominated
superannuation fund.
Base pay
Executives are offered a competitive level of base pay which comprises the fixed (unrisked) component of their pay and
rewards. Base pay for senior executives is reviewed annually to ensure market competitiveness. There are no guaranteed
base pay increases included in any senior executives’ contracts. Base pay was increased during the year.
Short-term and long-term incentives
Contractual agreements with key management personnel provide for the provision of incentive arrangements should
these be introduced by the Company. There are currently both an STI and LTI scheme in place. The STI component
is performance based for Dr Schober and Dr Mynott and represents up to 30% of their respective base salaries, and is
awarded on the basis of performance to a set of board approved Key Performance Indicators (KPI’s).
Executive KPI’s are based on:
the APVMA approval process;
•
• EU and USA regulatory pathway partnering and financial performance; and
• Completion of in-feed pilot trial.
The CSO has the following additional KPI’s:
• KPI’s around clinical trials; and
• New patent applications.
Long term incentives relate to director share option and executive share option plans put in place this year. The options
vest up to two to three years with a service requirement.
Directors options are subject to the following service conditions: 1/3 of the options will vest immediately on grant date; 1/3
of the options will vest 12 months after the grant date; and 1/3 will vest 24 months after the grant date. If the employment
is terminated or the director resigns, unvested options will be considered forfeited.
Executive options options are subject to the following service conditions: 1/3 of the options will vest 12 months after the
date of issue; 1/3 of the options will vest 14months after the grant date; and 1/3 will vest 36 months after the grant date. If
the employment is terminated or the executive resigns, unvested options will be considered forfeited.
Both directors and executive options are not subject to additional performance criteria. Given the nature of the Company’s
activities and the small management team responsible for its running, the Company considers that the performance of the
executives and the performance and value of the Company are closely related.
ANATARA LIFESCIENCES Annual Report 2016 23
Securities trading policy
The trading of Company’s securities by employees and Directors is subject to, and conditional upon, the Policy for Trading
in Company Securities which is available on the Company’s website (www.Anatara Lifesciences.com).
Voting and comments made at the company’s 2015 Annual General Meeting
The Company did not vote on its remuneration report for the 2015 financial year. The Company did not receive any
specific feedback at the AGM or throughout the year on its remuneration policies.
Use of remuneration consultants
If remuneration consultants are to be engaged to provide remuneration recommendations as defined under section
9B of the Corporations Act 2001, then they are engaged by, and report directly to, the remuneration committee. No
remuneration consultants were engaged to provide remuneration services during the financial year.
B. Details of remuneration
Amounts of remuneration
Key Management Personnel (KMP) of the Company are defined as those persons having authority and responsibility
for planning, directing and controlling the major activities of the Company, directly or indirectly, including any director
(whether executive or otherwise) of the Company receiving the highest remuneration. Details of the remuneration of the
KMP of the Company are set out in the following tables.
The key management personnel of the Company consisted of the following Directors of Anatara Lifesciences Ltd:
Dr Mel Bridges
Mr Iain Ross
Dr Jay Hetzel
Non-Executive Chairman*
Non-Executive Director
Non-Executive Director
Dr Tracie Ramsdale
Non-Executive Director
Mr Paul Grujic
Non-Executive Director
And the following persons:
Dr Paul Schober
Chief Executive Officer and Managing Director, retiring September 2016*
Dr Tracey Mynott
Chief Scientific Officer
*On 27 June 2016 the Company announced that Dr Paul Schober plans to move to retirement over the next three months
and Dr Mel Bridges will transition into a combined CEO/ Chairman role.
24
30 June 2016
Short-term benefits
Cash
salary
and
fees
Annual
leave
Non-
monetary
Cash
bonus
(1)
Post-
employ-
ment
benefits
Superan-
nuation
Long-
term
benefits
Share-
based
payments
Long
service
leave
Equity
settled
shares
Total
% of total
remuneration
At
risk
STI
At
risk
LTI
not
related
to
perfor-
mance
$
$
$
$
$
$
$
$
%
%
%
Non-executive
directors:
Dr Mel Bridges
Mr Iain Ross
Dr Jay Hetzel
Dr Tracie
Ramsdale
131,152
71,608
66,667
71,666
Mr Paul Grujic
66,126
Other key
management
personnel:
-
-
-
-
-
Dr Paul Schober
220,000
2,118
Dr Tracey Mynott
220,000
16,923
Total
847,219
19,041
-
-
-
-
-
-
-
-
-
-
-
-
- 90,000
- 90,000
-
-
6,333
6,808
6,102
20,578
20,900
60,721
-
-
-
-
-
-
-
-
7,331
138,483
5,956
5,956
5,956
77,564
78,956
84,430
95%
92%
92%
93%
-%
-%
8%
-%
5%
8%
8%
7%
5,956
78,184
92%
-%
8%
44,827
287,523
84%
-% 16%
26,999
374,822
64% 24%
7%
102,981
1,119,962
90k bonus granted to Tracey Mynott: 40k relates to meeting FY2016 performance KPI, and 50k relates to meeting
FY2015 performance KPI which was approved by the Board during FY2016.
ANATARA LIFESCIENCES Annual Report 2016
30 June 2015
Short-term benefits
Post-
employ-
ment
benefits
Long-
term
benefits
Share-
based
payments
Cash
salary
and fees
Annual
leave
Non-
monetary
Superan-
nuation
Long
service
leave
Equity
settled
shares
Total
25
% of total
remuneration
At
risk
STI
At
risk
LTI
not
related
to
perfor-
mance
$
$
$
$
$
$
$
%
%
%
Non-executive
directors:
Dr Mel Bridges
116,700
Mr Iain Ross
Dr Jay Hetzel
Dr Tracie Ramsdale
Mr Paul Grujic
Executive directors:
57,066
49,973
54,087
16,346
Dr David Venables
117,000
-
-
-
-
Other key
management
personnel:
Dr Paul Schober
64,086
5,393
Dr Tracey Mynott
214,905
22,316
Total
690,163
27,709
-
-
-
-
-
-
-
12,050
-
3,927
4,617
1,553
-
14,425
20,416
56,988
-
-
-
-
-
-
-
-
-
-
-
-
-
-
128,750
57,066
53,900
58,704
17,899
100
100
100
100
100
-%
-%
-%
-%
-%
-%
-%
-%
-%
-%
117,000
100
-%
-%
83,904
257,637
774,860
100
100
-%
-%
-%
-%
26
C. Service agreements
Executives
The employment conditions of the Chief Executive Officer and Director, Dr Paul Schober is formalised in a contract of
employment which commenced on the 2 March 2015. This contract stipulates a salary of $220,000 pa, exclusive of
superannuation and any salary sacrifice items. The base salary may increase up to a maximum of 10% based on agreed
key performance indicators (KPI) in the first year of employment. Up to 30% of the salary is to be paid for each financial
year subsequent to the completion of the first year of employment upon meeting KPI’s at the Board’s discretion. This
component will be reviewed annually by the Board. The Executive will be permitted to participate in the Company’s Share
and Option Plan. The contract term is continuing, termination benefits are as prescribed by statutory entitlements.
Similarly, the employment conditions of the Chief Science Officer, Dr Tracey Mynott, is formalised in a contract of
employment which commenced on the 1 August 2014. The agreement stipulates that at the absolute discretion of the
Board, upon meeting key performance indicators set in accordance with this Agreement, and subject to tax as required by
law, the Executive may be paid an additional gross amount up to 30% of the Salary, to a maximum of $54,000, for each
financial year of this Agreement, commencing from the financial year 2014 - 2015. The Executive will be permitted to
participate in the Company’s Share and Option Plan. The contract term is continuing, termination benefit are as prescribed
by statutory entitlements and an additional six months.
Key management personnel are entitled to receive on termination of employment their statutory entitlements of accrued
annual and long service leave, together with any superannuation benefits.
Non-Executive Directors
In accordance with best practice corporate governance, the structure of non-executive Directors and executive
remunerations is separate and distinct. Directors’ fees cover all main board activities and committee memberships.
The current base fees, plus superannuation and GST (as applicable), for each non-executive Director is $70,000 per annum
(plus a further $5,000 per annum for acting as chair of a Board committee). The Chairman’s fee is $140,000 per annum.
The maximum amount of fees that can be paid to non-executive Directors is subject to approval by shareholders at a
General Meeting and is currently at a maximum aggregate of $500,000 per annum.
Director agreements are continuing. Key management personnel have no entitlement to termination payments in the
event of removal for misconduct.
D. Share-based compensation
During the financial year, options were issued to Directors and other key management personnel as part of compensation
under the company’s directors and executive option plan (2015: $nil). The options vest subject to the employee continuing
to be employed by the company at the vesting date. Should the employee leave, the options are forfeited.
ANATARA LIFESCIENCES Annual Report 2016 27
Details of options granted to directors and other key management personnel as compensation during the reporting period
are as follows:
Grant date
No.
options
granted
No.
options
vested
Fair value
per option at
grant date
Exercise
price
Expiry date
$
$
Value of
options at
grant date
$
Non-executive
directors:
Dr Mel Bridges (1)
13 November 2015
80,000
26,667
Mr Iain Ross (1)
13 November 2015
65,000
21,667
Dr Jay Hetzel (1)
13 November 2015
65,000
21,667
Dr Tracie Ramsdale
(1)
13 November 2015
65,000
21,667
0.142
0.142
0.142
0.142
1.35
11 November 2018
1.35
11 November 2018
1.35
11 November 2018
1.35
11 November 2018
11,360
9,230
9,230
9,230
Mr Paul Grujic (1)
13 November 2015
65,000
21,667
0.142
1.35
11 November 2018
9,230
Other key
management
personnel:
Dr Paul Schober (2)
14 December 2015
375,000
Dr Tracy Mynott (2)
14 December 2015
500,000
-
-
0.171
0.171
1.45
14 December 2020
1.45
14 December 2020
Total
1,215,000
113,335
64,125
85,500
197,905
Executive options options are subject to the following service conditions: 1/3 of the options will vest 12 months after the
date of issue; 1/3 of the options will vest 24 months after the grant date; and 1/3 will vest 36 months after the grant date.
If the employment is terminated or the executive resigns, unvested options will be considered forfeited. Executive options
are not subject to any performance conditions.
E. Relationship between the remuneration policy and group
performance
As detailed under headings a & b, remuneration of executives consists of an unrisked element (base pay) and cash bonuses
based on performance in relation to key strategic, non-financial measures linked to drivers of performance in future
reporting periods. As such, remuneration is not linked to the financial performance of the Company in the current or
previous reporting periods.
Details of the short-term incentive cash bonuses awarded as remuneration to each key management personnel, the
percentage of the available bonus that was paid in the financial year, and the percentage that was forfeited because the
person did not meet the service and performance criteria is set out below. No part of the bonus is payable in future years.
28
Non-Executive Directors:
Dr Mel Bridges
Mr Iain Ross
Dr Jay Hetzel
Dr Tracie Ramsdale
Mr Paul Grujic
Other key management personnel:
Dr Paul Schober
Dr Tracey Mynott (1)
Entitled as
remuneration ($)
% vested during
the year
% forfeited during
the year
-
-
-
-
-
-
100,000
-%
-%
-%
-%
-%
-%
90%
-%
-%
-%
-%
-%
-%
10%
(1) 90k bonus granted to Tracey Mynott: 40k relates to meeting FY2016 performance KPI, and 50k relates to meeting
FY2015 performance KPI which was approved by the Board and paid during FY2016.
F. Key management personnel disclosures
Shareholding
The number of shares in the parent entity held during the financial year by each director and other members of key
management personnel of the Company, including their personally related parties, is set out below:
30 June 2016
Balance
at start of
year
Balance
at date of
appointment
Received
as part of
remuneration
Additions Disposals/
other
Balance
at date of
resignation
Balance at
end of year
Non-executive
directors:
Dr Mel Bridges
5,853,230
Mr Iain Ross
1,332,500
Dr Jay Hetzel
Dr Tracie
Ramsdale
444,495
44,000
Mr Paul Grujic
29,605
Other key
management
personnel:
Dr Paul Schober
188,810
Dr Tracey
Mynott
Total
5,002,635
12,895,275
Option holding
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
53,640
45,442
11,614
1,614
41,614
23,228
-
177,152
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,906,870
1,377,942
456,109
45,614
71,219
212,038
5,002,635
13,072,427
ANATARA LIFESCIENCES Annual Report 2016
29
The number of options over ordinary shares in the company held during the year by each Director and other Key
Management Personnel, including their personally related parties, are set out below.
30 June 2016
Non-executive
directors:
Dr Mel Bridges
Mr Iain Ross
Dr Jay Hetzel
Dr Tracie
Ramsdale
Mr Paul Grujic
Other key
management
personnel:
Dr Paul Schober
Dr Tracey Mynott
Total
Balance
at start of
year
Granted as
compensation
Option
expired
Net
change
other
Balance at
end of year
Vested &
exercisable
Escrowed &
unvested
-
-
-
-
-
-
-
-
80,000
65,000
65,000
65,000
65,000
375,000
500,000
1,215,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
80,000
65,000
65,000
65,000
26,667
21,667
21,667
21,667
53,333
43,333
43,333
43,333
65,000
21,667
43,333
375,000
500,000
-
-
375,000
500,000
1,215,000
113,335
1,101,665
END OF REMUNERATION REPORT
Related party transactions
There are no related party transactions during the year ended 30 June 2016.
30
Event since the end of the financial year
No other matter or circumstance has arisen since 30 June 2016 that has significantly affected, or may significantly affect the
Company’s operations, the results of those operations, or the Company’s state of affairs in future financial years.
Significant changes in the state of affairs
There have been no significant changes in the state of affairs of the Group during the period.
Likely developments and expected results of
operations
The likely developments in the Group’s operations, to the extent that such matters can be discussed upon, are covered in the
Review of operations of this annual report.
Environmental regulation
The Group is not affected by any significant environmental regulation in respect of its operations.
Insurance of officers and indemnities
(a) Insurance of officers
The Company has indemnified the Directors and executives of the Company for costs incurred, in their capacity as a director
or executive, for which they may be held personally liable, except where there is a lack of good faith.
During the financial year, the Company paid a premium in respect of a contract to insure the Directors and executives of the
company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure
of the nature of liability and the amount of the premium.
(b) Indemnity of auditors
The Company has not, during or since the financial year, indemnified or agreed to indemnify the auditor of the Company or
any related entity against a liability incurred by the auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the company
or any related entity.
ANATARA LIFESCIENCES Annual Report 2016 31
Proceedings on behalf of the company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of
the Company, or to intervene in any proceedings to which the Company is a party, for the purpose of taking responsibility on
behalf of the Company for all or part of those proceedings.
Non-audit services
The following non-audit services were provided by the entity’s auditor, Grant Thornton. The Directors are satisfied that
the provision of non-audit services is compatible with the general standard of independence for auditors imposed by the
Corporations Act 2001. The nature and scope of each type of non-audit service provided means that auditor independence was
not compromised.
Consolidated entity
Taxation services
Grant Thornton Audit Pty Ltd firm: Tax compliance services
Total remuneration for taxation services
year ended
2016
$
2015
$
31,590
31,590
51,335
51,335
Auditor’s independence declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on
page 33.
Auditor
Grant Thornton Audit Pty Ltd, appointed 20 November 2014, continue in office in accordance with section 327 of the
Corporations Act 2001.
This report is made in accordance with a resolution of Directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
32
Corporate governance statement
In accordance with ASX Listing Rule 4.10.3, the Company’s 2016 Corporate Governance Statement can be found on its website
at http://anataralifesciences.com/investors/corporate-governance.
This report is made in accordance with a resolution of directors.
Dr Mel Bridges
Chairman
Date: This Day 29th of August 2016
Melbourne
ANATARA LIFESCIENCES Annual Report 2016 33
The Rialto, Level 30
525 Collins St
Melbourne Victoria 3000
Correspondence to:
GPO Box 4736
Melbourne Victoria 3001
T +61 3 8320 2222
F +61 3 8320 2200
E info.vic@au.gt.com
W www.grantthornton.com.au
Auditor’s Independence Declaration
To the Directors of Anatara Lifesciences Ltd
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead
auditor for the audit of Anatara Lifesciences Ltd for the year ended 30 June 2016, I
declare that, to the best of my knowledge and belief, there have been:
a
b
no contraventions of the auditor independence requirements of the Corporations Act
2001 in relation to the audit; and
no contraventions of any applicable code of professional conduct in relation to the
audit.
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
M.A. Cunningham
Partner - Audit & Assurance
Melbourne, 29 August 2016
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
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context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm
is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and
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Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current
scheme applies.
34
Consolidated Statement of Profit or
Loss and Comprehensive Income
For the year ended 30 June 2016
Consolidated entity
Licensing (evaluation) revenue
Interest received
Other income - R&D tax incentive
Expenses from operating activities
Depreciation and amortisation expense
Research and development expenses
Patent expenses
Consultancy expenses
Staff expenses
Travel and accommodation
ASX and share registry fees
Other expenses
Loss before income tax
Income tax expense
Loss for the period
Other comprehensive income for the period, net of tax
Total comprehensive loss for the period
Losses per share:
Basic losses per share
Diluted losses per share
Notes
3
5
year ended
30 June
2016
$
30 June
2015
$
2,283,095
-
352,144
165,246
140,904
61,383
(15,125)
-
(735,071)
(143,789)
(760,671)
(1,411,746)
(261,709)
(70,085)
(126,223))
(128,672)
(84,893)
(496,699)
(774,860)
(257,605)
(139,227)
(115,559)
(723,934)
(1,795,228)
-
-
(723,934)
(1,795,228)
-
-
(723,934)
(1,795,228)
Cents
Cents
(0.01)
(0.01)
(0.05)
(0.05)
The above consolidated statement of profit or loss and comprehensive income should be read in conjunction with the
accompanying notes.
ANATARA LIFESCIENCES Annual Report 2016
35
Consolidated Statement of
Financial Position
As at 30 June 2016
Consolidated entity
ASSETS
Current assets
Cash and cash equivalents
Other receivables
Financial assets - term deposits
Other current assets - prepayments
Total current assets
Non-current assets
Property, plant and equipment
Total non-current assets
Total assets
LIABILITIES
Current liabilities
Trade and other payables
Employee entitlements
Total current liabilities
Total non-current liabilities
Total liabilities
Net assets
EQUITY
Share capital
Other reserves
Accumulated losses
Total equity
Notes
7
8
9
10(a)
10(b)
year ended
30 June
2016
$
30 June
2015
$
6,387,041
60,272
7,437,669
18,720
1,497,539
52,060
4,053,419
-
13,903,702
5,603,018
16,259
16,259
24,776
24,776
13,919,961
5,627,794
403,377
41,241
444,618
119,268
27,710
146,978
-
-
444,618
146,978
13,475,343
5,480,816
16,941,392
8,420,555
197,624
-
(3,663,673)
(2,939,739)
13,475,343
5,480,816
The above Consolidated statement of financial position should be read in conjunction with the accompanying notes.
36
Consolidated Statement of Changes
in Equity
For the year ended 30 June 2016
Notes
10(a)
10(a)
10(a)
10(a)
Attributable to owners of Anatara Lifesciences
Ltd
Share capital
$
1,971,292
-
7,000,000
(550,737)
6,449,263
8,420,555
8,420,555
-
9,106,685
(585,848)
-
8,520,837
16,941,392
Share-based
payment
reserve
$
-
-
-
-
-
-
-
-
-
-
197,624
197,624
Retained
earnings
$
(1,144,511)
(1,795,228)
Total equity
$
826,781
(1,795,228)
-
-
-
(2,939,739)
(2,939,739)
(723,934)
-
-
-
7,000,000
(550,737)
6,449,263
5,480,816
5,480,816
(723,934)
9,106,685
(585,848)
197,624
8,718,461
197,624
(3,663,673)
13,475,343
Consolidated entity
Balance at 1 July 2014
Profit for the period
Transactions with owners in their
capacity as owners:
Shares issued
Capital raising cost
Balance at 30 June 2015
Balance at 1 July 2015
Profit for the period
Transactions with owners in their
capacity as owners:
Shares issued
Capital raising cost
Share-based payment expense
Balance at 30 June 2016
ANATARA LIFESCIENCES Annual Report 2016
37
Consolidated Statement of Cash
Flows
For the year ended 30 June 2016
Consolidated entity
Cash flows from operating activities
Receipts from customers
Payments to suppliers and employees
Interest received
Research and development concessions grant
Net cash (outflow) from operating activities
Cash flows from investing activities
Payments for purchases of plant and equipment
Investments in term deposits
Net cash (outflow) from investing activities
Cash flows from financing activities
Proceeds from issues of shares and other equity securities
Proceeds from calls on shares and calls in arrears
Net cash inflow from financing activities
Net increase in cash and cash equivalents
year ended
30 June
2016
$
30 June
2015
$
Notes
2,283,095
-
(2,996,563)
(2,073,898)
267,856
165,246
87,904
61,383
(280,366)
(1,924,611)
(6,608)
(24,776)
(3,300,000)
(3,306,608)
(4,053,419)
(4,078,195)
9,062,324
7,000,000
(585,848)
8,476,476
(550,737)
6,449,263
4,889,502
446,457
15
9
10(a)
10(a)
Cash and cash equivalents at the beginning of the financial year
Cash and cash equivalents at end of period
1,497,539
6,387,041
7
1,051,082
1,497,539
The above Consolidated statement of cash flows should be read in conjunction with the accompanying notes.
38
Notes to The Consolidated
Financial Statements
1. Summary of significant accounting policies
(a) Corporate information
The financial report of Anatara Lifesciences Ltd (the “Company”) and its subsidiaries (together the “Group”) for the
year ended 30 June 2016 was authorised for issue in accordance with a resolution of the Directors on 29 August
2016. The financial report is for the Group consisting of Anatara Lifesciences Ltd and its subsidiaries.
Anatara Lifesciences Ltd is a listed public company limited by shares incorporated and domiciled in Australia whose
shares are publicly traded on the Australian Securities Exchange. The principal activities of the Group are to develop
oral solutions for gastro-intestinal diseases in animals and in humans.
(b) Basis of preparation
The financial report is a general-purpose financial report, which has been prepared in accordance with the requirements
of the Corporations Act 2001 and Australian Accounting Standards, required for a for-profit entity.
The financial report has been prepared on an accruals basis and is based on historical costs. The financial report is
presented in Australian dollars, which is the Group’s functional and presentation currency. All values are rounded to
the nearest dollar unless otherwise stated.
Management is required to make judgements, estimates and assumptions about carrying values of assets and
liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be reasonable under the circumstance, the results
of which form the basis of making the judgements. Actual results may differ from these estimates. The estimates
and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and
future periods if the revision affects both current and future periods.
Judgements made by management in the application of Australian Accounting Standards that have significant
effects on the financial statements and estimates with a significant risk of material adjustments in the next year are
disclosed, where applicable, in the relevant notes to the financial statements.
Accounting policies are selected and applied in a manner which ensures that the resulting financial information
satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions
or other events is reported.
(c) Statement of compliance
The financial report complies with Australian Accounting Standards as issued by the Australian Accounting
Standards Board and International Financial Reporting Standards (“IFRS”) as issued by the International
Accounting Standards Board.
ANATARA LIFESCIENCES Annual Report 2016 39
(d) New and amended standards adopted by the group
The were no adoption of new standards that had a material impact on the Company.
(e) New standards and interpretations not yet adopted
Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2016
reporting periods and have not been early adopted by the Group. The Group’s assessment of the impact of these
new standards and interpretations is set out below.
There are no other standards that are not yet effective and that would be expected to have a material impact on the
Group in the current or future reporting periods and on foreseeable future transactions.
Title of standard
Nature of change
Impact
The Group is yet to
undertake a detailed
assessment of the impact
of AASB 9. However,
based on the Group’s
preliminary assessment, the
Standard is not expected
to have a material impact
on the measurement of
transactions and balances
recognised in the financial
statements when it is
first adopted for the year
ending 30 June 2019.
There is no impact on
current revenue.
AASB 9
Financial
Instruments
AASB 15 Revenue
from Contracts
with Customers
AASB 9 introduces new requirements
for the classification and measurement
of financial assets and liabilities and
includes a forward-looking ‘expected
loss’ impairment model and a
substantially-changed approach to
hedge accounting. These requirements
improve and simplify the approach
for classification and measurement
of financial assets compared with the
requirements of AASB 139.
AASB 15 − replaces AASB 118 Revenue,
AASB 111 Construction Contracts and
some revenue-related Interpretations−
establishes a new revenue recognition
model − changes the basis for
deciding whether revenue is to be
recognised over time or at a point in
time − provides new and more detailed
guidance on specific topics (e.g.
multiple element arrangements, variable
pricing, rights of return, warranties and
licensing) − expands and improves
disclosures about revenue.
Mandatory
application
date
Accounting
periods
beginning on or
after 1 January
2018
Accounting
periods
beginning on or
after 1 January
2018
40
AASB 16 Leases
AASB 16 − replaces AASB 117
Leases and some lease-related
Interpretations− requires all leases to
be accounted for
‘on-balance sheet’ by lessees, other
than short-term and low value asset
leases− provides new guidance on
the application of the definition of
lease and on sale and lease back
accounting− largely retains the existing
lessor accounting requirements in
AASB 117− requires new and different
disclosures about leases Interpretations.
The Group is yet to
undertake a detailed
assessment of the impact
of AASB 16. However,
based on the Group’s
preliminary assessment, the
Standard is not expected
to have a material impact
on the transactions and
balances recognised in the
financial statements when
it is first adopted for the
year ending 30 June 2020.
Accounting
periods
beginning on or
after 1 January
2019
(f) Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Anatara Lifesciences
Ltd as at 30 June 2016 and the results of all subsidiaries for the year ended.
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when they are
exposed to, or have rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the
asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency
with the policies adopted by the Group.
(g) Segment reporting
Identification and measurement of segments - The Group uses the “management approach” to the identification,
measurement and disclosure of operating segments. The “management approach” requires that operating segments
be identified on the basis of internal reports that are regularly reviewed by the entity’s chief operating decision maker
(comprising the Board of Directors), for the purpose of allocating resources and assessing performance.
(h) Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the
revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is
recognised.
Interest revenue is recognised as interest accrues using the effective interest method.
Research and Development Tax Incentive - is recognised when it has been established that the conditions of the tax
incentive have been met and that the expected amount of tax incentive can be reliably measured.
ANATARA LIFESCIENCES Annual Report 2016 41
Grant income is recognised when the Group determines that it will comply with the conditions attached to the grant
and that the grant will be received. The funding is recognised on a systematic basis over periods in which the entity
recognises as expenses the costs related to the grant.
License income is income that arises when the Group grants the licencee the right to use patented technology
owned by the Group Revenues are recognised when it has been established that the conditions under the agreement
have been met, there are no significant continuing obligations and that the income will be received.
(i) Research and development costs
Research costs are expensed as incurred.
An intangible asset arising from development expenditure on an internal project is recognised only when the Group
can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or
sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic
benefits, the availability of resources to complete the development and the ability to measure reliably the expenditure
attributable to the intangible asset during its development.
(j)
Income tax
Deferred income tax is provided on all temporary differences at the reporting date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences except where the deferred income
tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting loss nor taxable profit or loss.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax
assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilised
except where the deferred income tax asset relating to the deductible temporary differences arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time of transaction,
affects neither the accounting loss nor taxable profit or loss.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that
it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax
asset to be utilised.
Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss.
The Company and its wholly-owned Australian resident entities are members of a tax consolidated Group under
Australian taxation law. The Company is the head entity in the tax consolidated Group. Entities within the tax
consolidated Group have entered into a tax funding agreement and a tax-sharing agreement with the head entity.
Under the terms of the tax funding arrangement, the Company and each of the entities in the tax consolidated Group
have agreed to pay a tax equivalent payment to or from the head entity, based on the current tax liability or current
tax asset of the head entity.
42
(k) Earnings per share
Basic earnings per share is calculated as net loss attributable to members, adjusted to exclude costs of servicing
equity (other than dividends), divided by the weighted average number of ordinary shares, adjusted for any bonus
element.
Diluted earnings per share is calculated as net loss attributable to members, adjusted for:
•
•
costs of servicing equity (other than dividends);
the after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been
recognised as expenses; and
• other non-discretionary changes in revenues or expenses during the period that would result from the dilution
of potential ordinary shares; divided by the weighted average number of ordinary shares and dilutive potential
ordinary shares, adjusted for any bonus element.
(l) Cash and cash equivalents
Cash and short-term deposits in the Consolidated statement of financial position comprise cash at bank and in hand
and short-term deposits with an original maturity of three months or less.
For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents
as defined above.
(m) Trade receivables
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method, less an allowance for impairment, once they become over due by more than 60 days.
A separate account records the impairment.
An allowance for a doubtful debt is made when there is objective evidence that the Group will not be able to collect
the debts. The criteria used to determine that there is objective evidence that an impairment loss has occurred
include whether the financial asset is past due and whether there is any other information regarding increased credit
risk associated with the financial asset. Bad debts which are known to be uncollectible are written off when identified.
(n) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except:
• where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in
which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item
as applicable; and
•
receivables and payables are stated with the amount of GST included.
Cash flows arising from operating activities are included in the Statement of cash flows on a gross basis (i.e. including
GST) and the GST component of cash flows arising from investing and financing activities, which is recoverable
from, or payable to, the taxation authority are classified as operating cash flows. Commitments and contingencies
are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority. The net amount of
GST recoverable from or payable to, the taxation authority is included as part of the receivables or payables in the
Consolidated statement of financial position.
ANATARA LIFESCIENCES Annual Report 2016 43
(o) Financial instruments
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions
of the financial instrument, and are measured initially at fair value adjusted by transactions costs, except for those
carried at fair value through profit or loss, which are measured initially at fair value. Subsequent measurement of
financial assets and financial liabilities are described below.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or
when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when
it is extinguished, discharged, cancelled or expires.
(p) Held to maturity investments
Held to maturity investments are non-derivative financial assets with fixed or determinable payments and fixed
maturities that the Group’s management has the positive intention and ability to hold to maturity. If the Group were
to sell other than an insignificant amount of held to maturity financial assets, the whole category would be tainted
and reclassified as available-for-sale. Held to maturity financial assets are included in non-current assets, except for
those maturities less than 12 months from the end of the year, which are classified as current assets.
(q) Plant and equipment
Plant and equipment are measured at cost or fair value less any accumulated depreciation and any impairment
losses. Such assets are depreciated over their useful economic lives as follows:
Plant and equipment
3-5 years
Straight line
Life
Method
(r)
Intangible assets
Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure
is charged against profits in the year in which the expenditure is incurred.
(s) Intellectual property costs
Amounts incurred for rights to or for acquisition of intellectual property are expensed in the year in which they are
incurred to the extent that such intellectual property is used for research and development activities.
(t)
Impairment of assets
The carrying values of non-financial assets are tested for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. Recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes
of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash
inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units).
Non-financial assets that suffer impairment are tested for possible reversal of the impairment whenever events or
changes in circumstances indicate that the impairment may have reversed.
44
Impairment exists when the carrying value of an asset exceeds its estimated recoverable amount. The asset is then
written down to its recoverable amount.
(u) Trade and other payables
Trade and other payables are carried at amortised cost and represent liabilities for goods and services provided to
the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make
future payments in respect of the purchase of these goods and services.
(v) Employee benefits
Short term employee benefits
Provision is made for the Group’s obligation for short-term employee benefits. Short-term employee benefits are
benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of
the annual reporting period in which the employees render the related service, including wages, salaries and sick
leave. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the
obligation is settled.
The Group’s obligations for short-term employee benefits such as wages, salaries and sick leave are recognised as a
part of current trade and other payables in the statement of financial position. The Group’s obligations for employees’
annual leave entitlements are recognised as provisions in the Statement of financial position.
Long service leave
The liability for long service leave is recognised for employee benefits and measured as the present value of
expected future payments to be made in respect of services provided by employees up to the reporting date.
Consideration is given to expected future wage and salary levels, experience of employee departures, and periods
of service. Expected future payments are discounted using market yields at the reporting date on high quality
corporate bonds with terms to maturity and currencies that match, as closely as possible, to the estimated future
cash outflows.
Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange
for the rendering of services.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined
using the Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the
impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected
dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do
not determine whether the consolidated entity receives the services that entitle the employees to receive payment.
No account is taken of any other vesting conditions.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the
vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award,
the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The
amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less
amounts already recognised in previous periods.
ANATARA LIFESCIENCES Annual Report 2016 45
(w) Contributed equity
Ordinary shares are classified as equity. Any transaction costs arising on the issue of ordinary shares are recognised
directly in equity as a reduction (net of tax) of the share proceeds received.
(x) Foreign currency translation
The functional currency of the Group is based on the primary economic environment in which the Group operates.
The functional currency of the Group is Australian dollars.
Transactions in foreign currencies are converted to local currency at the rate of exchange at the date of the transaction.
Amounts payable to and by the Group outstanding at reporting date and denominated in foreign currencies have
been converted to local currency using rates prevailing at the end of the financial year.
All exchange differences are taken to profit or loss.
(y) Leases
The minimum lease payments of operating leases, where the lessor effectively retains substantially all of the risks and
benefits of ownership of the leased item, are recognised as an expense on a straight-line basis.
(z) Parent entity financial information
The financial information for the parent entity, Anatara Lifesciences Ltd, disclosed in note 16 has been prepared on
the same basis as the consolidated statement.
(aa) Significant accounting estimates and assumptions
The carrying amounts of certain assets and liabilities are often determined based on estimates and assumptions of
future events. The key estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of certain assets and liabilities within the next annual reporting period are:
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the
equity instruments at the date at which they are granted. The fair value is determined by using the Black-Scholes
model taking into account the terms and conditions upon which the instruments were granted. The accounting
estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying
amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.
Recognition of deferred tax assets
The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the
Group’s future taxable income against which the deferred tax assets can be utilised.
Capitalised development costs
Development costs are only capitalised by the Group when it can be demonstrated that the technical feasibility of
completing the intangible asset is valid so that the asset will be available for use or sale.
No development costs were capitalised during the current year.
46
Licence (evaluation) revenue recognition
The Group recognised the first payment under the licence (evaluation) agreement as revenue because the
payment was non-refundable, the conditions of the agreement were met and there were no significant continuing
obligations post 30 June 2016. As the evaluating party has discretion to cease the arrangement at any time during
the evaluation period, further receipts under the arrangement are not recognised as revenue until receipted.
2. Segment Information
Operating segments are reported in a manner consistent with the internal reporting provided to the Board of
Directors (Chief Operating Decision Makers), which make strategic decisions for the Group.
The Chief Operating Decision Maker evaluates the results on a Group wide basis and as such does not have
specific operating segments.
3. Income Tax Expense
(a) Income tax expense
Consolidated entity
Income tax expense
year ended
30 June
2016
$
-
30 June
2015
$
-
(b) Numerical reconciliation of income tax expense to prima facie tax payable
Consolidated entity
Profit from continuing operations before income tax expense
Tax at the Australian tax rate of 30.0% (2015 - 30.0%)
Tax effect of amounts which are not deductible (taxable) in
calculating taxable income:
Research and development tax concession refund
Adjustment to provision of tax from prior year
Benefit of tax (benefit)/losses not brought to account
Income tax expense
year ended
30 June
2016
$
30 June
2015
$
(723,934)
(217,180)
(1,795,228)
(538,568)
(49,574)
-
266,754
-
(18,415)
(148,034)
705,017
-
ANATARA LIFESCIENCES Annual Report 2016
(c) Tax losses
Consolidated entity
47
year ended
30 June
2016
$
30 June
2015
$
Unused tax losses for which no deferred tax asset has been recognised
4,202,753
3,478,821
(d) Deferred income tax benefit
Deferred tax assets arising from tax losses are, to the extent noted above, not recognised at reporting date as
realisation of the benefit is not regarded as probable. This deferred income tax benefit will only be obtained if:
•
•
future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be
realised;
the conditions for deductibility imposed by tax legislation is complied with, including Continuity of
Ownership and/or Same Business Tests; and
• no changes in tax legislation adversely affect the Group in realising the benefit.
4. Remuneration of Auditors
During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its
related practices and non-related audit firms:
Grant Thornton Audit Pty Ltd
Consolidated entity
Audit and other assurance services
Audit and review of financial statements
Other assurance services
Other services
Total remuneration for audit and other assurance services
Taxation services
Tax compliance services
Total auditors remuneration
year ended
30 June
2016
$
30 June
2015
$
51,000
50,000
-
51,000
31,590
82,590
2,950
52,950
51,335
104,285
48
5. Loss Per Share
Both the basic and diluted earnings per share have been calculated using the profit attributable to shareholders of
Anatara Lifesciences Ltd as the numerator, i.e. no adjustments to profits were necessary during the year ended 30 June
2016 and 2015.
The weighted average number of shares for the purposes of the calculation of diluted earnings per share can be
reconciled to the weighted average number of ordinary shares used in the calculation of basic earnings per share as
follows:
(a) Basic earnings per share
Consolidated entity
Basic losses per share
Diluted losses per share
year ended
30 June
2016
cents
30 June
2015
cents
(0.01)
(0.01)
(0.05)
(0.05)
(b) Reconciliation of earnings used in calculating earnings per share
Consolidated entity
year ended
30 June
2016
$
30 June
2015
$
Net loss used in the calculation of basic and diluted loss per share
(683,934)
(1,795,228)
(c) Weighted average number of shares used as the denominator
Consolidated entity
year ended
30 June
2016
Nmber
30 June
2015
Number
Weighted average number of ordinary shares used as the denominator in
calculating basic earnings per shar
48,587,665
33,722,603
There have been no other conversions to, call of, or subscriptions for ordinary shares, or issues of potential
ordinary shares since the reporting date and before the completion of this financial report.
ANATARA LIFESCIENCES Annual Report 2016
49
6. Dividends
No dividends were paid and no dividends are expected to be paid during the year ended in 30 June 2016
(2015: Nil).
7. Cash and Cash Equivalents
Consolidated entity
Cash at bank and in hand
Term deposits
8. Other Receivables
Consolidated entity
GST receivable
9. Property, Plant and Equipment
Consolidated entity
Year ended 30 June 2016
Opening net book amount
Additions
Depreciation charge
Closing net book amount
year ended
30 June
2016
$
30 June
2015
$
1,387,041
497,539
5,000,000
1,000,000
6,387,041
1,497,539
year ended
30 June
2016
$
30 June
2015
$
60,272
52,060
year ended
Plant and
equipment
$
Total
$
24,776
6,608
(15,125)
16,259
24,776
6,608
(15,125)
16,259
50
Consolidated entity
Year ended 30 June 2015
Opening net book amount
Additions
Closing net book amount
10. Equity
(a) Share capital
Ordinary shares
Ordinary shares - fully paid
Total share capital
Movements in ordinary share:
year ended
Plant and
equipment
$
Total
$
-
(24,776)
24,776
-
(24,776)
24,776
30 June
2016
Shares
30 June
2016
$
30 June
2015
Shares
30 June
2015
$
49,413,236
49,413,236
16,941,392
16,941,392
37,750,000
37,750,000
8,420,555
8,420,555
Details
Notes
Number of shares
(thousands)
$
Opening balance 1 July 2014
Subversion of shares, 5 shares for every 1 share
Transaction costs relating to share issues
Shares issued
Balance 30 June 2015
Shares redeemed and capital raised
Transaction costs relating to share issues
Balance 30 June 2016
10(a)(i)
10(a)(i)
10(a)(ii)
10(a)(ii)
4,750,000
1,971,292
19,000,000
-
-
(550,737)
14,000,000
7,000,000
37,750,000
8,420,555
11,663,236
9,106,685
-
(585,848)
49,413,236
16,941,392
(i) Details of shares issued during the prior year are as follows
Date
14 October 2014
16 October 2014
Details
Capital raising from IPO
Number
Issue price
14,000,000
7,000,000
Subdivision of shares, 5 shares for every 1 share
19,000,000
-
Transaction cost
-
(550,737)
33,000,000
6,449,263
ANATARA LIFESCIENCES Annual Report 2016
(ii) Details of shares issued during the current year are as follows
Date
9 July 2015
29 July 2015
17 August 2015
22 December 2015
11 March 2016
Details
Placement of ordinary shares
Placement of ordinary shares
Placement of ordinary shares
Options exercised
Options exercised
Transaction cost
51
Number
Issue price
5,641,025
2,563,878
3,333,332
50,000
75,000
11,663,235
4,400,000
1,999,825
2,599,986
42,750
64,124
(585,848)
8,520,837
Ordinary shares participate in dividends and the proceeds on winding up the Company in proportion to the number
of shares held. At shareholder meetings each ordinary share is entitled to one vote when a poll is called, otherwise
each shareholder has one vote on a show of hands. The ordinary shares have no par value.
(b) Share-based payment reserve
Consolidated entity
Balance at 30 June 2015
Transactions with owners in their capacity as owners
Share-based payment expenses
Exercise of options
At 30 June 2016
Share based
payments
$
Total
$
-
241,999
(44,375)
197,624
-
241,999
(44,375)
197,624
As at 30 June 2016, the Company maintained two (2) share-based payment scheme, Executive Option Plan and
Directors Option Plan. It also issued options under a collaboration agreement with Pork CRC.
Executive Option Plan
The Executive Option Plan is part of the remuneration package of the Company’s Senior Management. The maximum
term of the options granted under the plan ends on 14 December 2020. The options will vest as follows:
•
•
•
1/3 of the options will vest and be exercisable at any time from the date that is 12 months after the date of issue
of the options;
1/3 of the options will vest and be exercisable at any time from the date that is 24 months after the date of issue
of the options; and
1/3 of the options will vest and be exercisable at any time from the date that is 36 months after the date of issue
of the options.
The Executive Options are subject to an employment requirement.
52
Directors Option Plan
The Directors Option Plan is part of the remuneration package of the Company’s Directors. The maximum term of the
options granted under the plan ends on 11 November 2018. The options will vest as follows:
•
•
•
1/3 of the options will vest immediately;
1/3 of the options will vest and be exercisable at any time from the date that is 12 months after the date of issue
of the options; and
1/3 of the options will vest and be exercisable at any time from the date that is 24 months after the date of issue
of the options.
The Directors Options are subject to an employment requirement.
Pork CRC
The maximum term of the options granted ends on 18 September 2018. The options issued to Pork CRC have the
following vesting terms:
•
125,000 options have been issued on 18 September 2015;
• 250,000 options will vest on 18 September 2016; and
•
125,000 options will vest on 18 September 2017.
Upon vesting, each option allows the holder to purchase one ordinary share at the exercise price. The weighted fair
value of the options granted during the year was $0.10.
The fair value of the options were calculated by using a Black-Scholes model applying the following inputs:
Executive Options
Directors Options
Options issued to
PORK CRC
Expected volatility
Risk-free interest rate
Expected life of option (years)
Option exercise price
Share price at grant date
33%
2.13%
5
$1.45
$0.94
33%
2.15%
3
$1.35
$1.00
33%
1.93%
3
$0.50
$0.78
The expected price volatility is estimated based on the volatility of comparable publicly traded companies. Set out
below are summaries of option movements for the year:
Opening balance at 1 July 2015
Granted:
Executive Option Plan
Directors Option Plan
Issued to Pork CRC
Exercised:
Exercise of option by Pork CRC
Closing balance at 30 June 2016
Exercisable at the end of 30 June 2016
Number of options
Fair value per option
Weighted Average
Exercise price
($)
-
1,265,000
340,000
500,000
(125,000)
1,980,000
238,334
0.171
0.142
0.32
1.45
1.35
0.50
0.50
1.25
0.90
ANATARA LIFESCIENCES Annual Report 2016
53
The weighted average share price at the date of exercise for share options exercised during the period was
$1.30. The options outstanding at 30 June 2016 had an exercise price range from $0.50 to $1.45, and weighted average
remaining contractual life of 3.25 years.
During or since the end of the financial year, the Company issued ordinary shares as a result of the exercise of options
as follows (there were no amounts unpaid on the shares issued):
Date option granted
Issue price of shares ($)
Number of shares issued
22 December 2015
11 March 2016
0.50
0.50
50,000
75,000
125,000
Share options at the end of the year had the following features:
Grant date
Expiry date
Number of options
Exercise price
18 September 2015
18 September 2015
13 November 2015
14 December 2015
18 September 2017
18 September 2018
11 November 2018
14 December 2020
125,000
250,000
340,000
1,265,000
1,980,000
0.50
0.50
1.35
1.45
11. Related Party Transactions
There were no related party transactions for the year ended 30 June 2016 (2015: nil).
12. Key Management Personnel Compensation
Consolidated entity
Short-term employee benefits
Post-employment benefits
Share-based payments
year ended
30 June
2016
$
30 June
2015
$
847,220
60,722
102,983
717,872
56,988
-
1,010,925
774,860
54
13. Commitments
Capital commitments
Significant capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as
follows:
Consolidated entity
Lease expenditure commitments
- not later than 12 months
Other commitments
- not later than 12 months
year ended
30 June
2016
$
30 June
2015
$
-
20,176
65,385
-
14. Contingent Liabilities and Contingent
Assets
The Group had no contingent liabilities at 30 June 2016 (2015: nil).
15. Cash flow information
Reconciliation of profit after income tax to net cash inflow from operating activities
Consolidated entity
Profit for the period Adjustment for
Depreciation and amortisation
Share-based payment expense Change in operating assets and liabilities:
Movements in accounts receivable
Movements in other current assets
Movements in accounts payable
Movements in employee entitlements
Net cash flow from operating activities
year ended
30 June
2016
$
30 June
2015
$
(723,934)
(1,795,228)
15,125
241,985
(8,212)
(102,970)
284,209
13,431
-
-
(51,604)
2,860
(108,348)
27,709
(280,366)
(1,924,611)
ANATARA LIFESCIENCES Annual Report 2016
55
16. Parent Entity Financial Information
(a) Summary financial information
The parent entity financial statements resemble the consolidated financial statements as the Company’s subsidiary,
Sarantis Pty Ltd, is a dormant entity.
(b) Guarantees entered into by the parent entity
The parent entity has not entered into any guarantees in the current or prior financial year in relation to debts of its
subsidiaries.
(c) Significant accounting policies
The accounting policies of the parent entity are consistent with those of the Group as disclosed in note 1.
17. Subsidiaries
Name of entity
Place of business/ country of
incorporation
Ownership interest held by the group
Sarantis Pty Limited
Australia
2016
%
2015
%
100
100
18. Financial Risk Management
The Group’s principal financial instrument is cash and cash equivalents and financial assets - term deposits.
The main purpose of these financial instruments is to finance the Group’s operations. The Group has various other
financial assets and liabilities such as receivables and trade payables, which arise directly from its operations. It is, and
has been throughout the entire period, the Group’s policy that no trading in financial instruments shall be undertaken.
The main risk arising from the Group’s financial instruments is liquidity risk. Other minor risks are summarised below.
The Board reviews and agrees policies for managing each of these risks.
(a) Liquidity risk
Liquidity risk is the risk that the Group might be unable to meet its obligations. The Group manages its liquidity needs
by monitoring forecast cash inflows and outflows due in day-to-day business. The data used for analysing these cash
flows is consistent with that used in the contractual maturity analysis below. Liquidity needs are monitored in various
time bands. Long-term liquidity needs for a 180-day and a 360-day lookout period are identified monthly. Net cash
requirements are compared to available funding in order to determine headroom or any shortfalls.
The Group’s non-derivative financial liabilities have contractual maturities as summarised below:
56
Maturities of financial liabilities
Contractual maturities
of financial liabilities
Less than
6 months
6 - 12
months
Between
1 and 2
years
Between
2 and 5
years
Over 5
years
Total
contractual
cash
flows
Carrying
amount
(assets)/
liabilities
At 30 June 2016
Non-derivatives
Trade payables
At 30 June 2015
Non-derivatives
Trade payables
(b) Interest rate risk
403,377
119,268
-
-
-
-
-
-
-
-
403,377
403,377
119,268
119,268
The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s cash deposits
with floating interest rates which expose the Group to interest rate risk. All other financial assets and liabilities in the
form of receivables and payables are non-interest bearing. The Group does not engage in any hedging or derivative
transactions to manage interest rate risk.
In regard to its interest rate risk, the Group continuously analyses its exposure. Within this analysis consideration is
given to potential renewals of existing positions, alternative investments and the mix of fixed and variable interest rates.
The following tables set out the Group’s financial instruments and its exposure to the type of interest rate risk and the
effective weighted average interest rate for each class of these financial instruments. Also included is the effect on
profit and equity after tax if interest rates at that date had been 10% higher or lower with all other variables held constant
as a sensitivity analysis.
At 30 June 2016
Financial assets
Non-interest
bearing
$
Floating
interest
rates
$
Fixed interest
rates
$
10% of
current rate
$
-10% of
current rate
$
Effect on profit
Other receivables
60,272
-
Cash and cash equivalents
Financial assets - term deposits
-
-
6,387,041
-
Total
60,272
6,387,041
-
-
7,437,669
7,437,669
-
-
15,968
(15,968)
-
-
15,968
(15,968)
Financial liabilities, amortised
cost
Trade and other payables
Total
Total
(403,377)
(403,377)
-
-
-
-
-
-
-
-
(343,105)
6,387,041
7,437,669
15,968
(15,968)
ANATARA LIFESCIENCES Annual Report 2016 57
At 30 June 2015
Financial assets
Non-interest
bearing
$
Floating
interest
rates
$
Fixed interest
rates
$
10% of
current rate
$
-10% of
current rate
$
Effect on profit
Other receivables
52,060
-
-
Cash and cash equivalents
Financial assets - term deposits
-
-
Total
52,060
497,539
497,539
1,000,000
-
4,053,419
5,053,419
Financial liabilities, amortised
cost
Trade and other payables
Total
Total
(119,268)
(119,268)
(67,208)
-
-
-
-
497,539
5,053,419
1,244
(1,244)
-
1,244
-
1,244
-
-
(1,244)
(1,244)
-
-
-
-
A sensitivity of 10% of current prevailing interest rates has been selected as this is considered conservative and
reasonable given the current level of both short term and long term Australian interest rates. A 10% sensitivity would
move short term rates from 2.50% to approximately 2.75% representing a 25 basis points shift. This would represent an
interest rate increase, which are reasonably possible in the current environment.
Based on the sensitivity analysis only interest revenue from variable rate deposits and cash balances is impacted
resulting in a decrease or increase in overall income.
(c) Foreign exchange risk
Foreign exchange risk arises when future commercial transactions and recognised assets and liabilities are denominated
in a currency that is not the Group’s functional currency. Payments under the license agreement are denominated in
USD. There are no USD amounts receivable at year end.
(d) Credit risk
Credit risk arises from cash and cash equivalents and outstanding trade and other receivables. The cash balances are
held in financial institutions with high ratings. The Group has assessed that there is minimal risk that the cash and trade
and other receivables balances are impaired.
19. Events Occurring After the Reporting
Period
No matter or circumstance has occurred subsequent to period end that has significantly affected, or may significantly
affect, the operations of the Group, the results of those operations or the state of affairs of the Group or economic
entity in subsequent financial years.
58
20. Capital Management
The Group’s objectives when managing capital are to ensure that the Group has sufficient funds to be a going concern.
This is achieved by ensuring that the Board is focussed on cash flow management through periodic Board reporting.
The Board reviews financial accounts on a monthly basis and reviews actual expenditure against budget on a monthly
basis.
The Group could also raise additional capital if necessary by issuing new shares so as to fund the development of its
key products. The total capital is shown as the equity in the Statement of Financial Position. There is expected to be
no debt in the next 12 months and there are no external restrictive agreements on the Group for the use of its capital.
Management also maintains a capital structure that ensures the lowest cost of capital available to the entity. The Group
does not have a defined share buy-back plan.
No dividends were paid in 2016 and no dividends are expected to be paid in 2017.
There is no current intention to incur debt funding on behalf of the Group as on-going development expenditure is
expected to be funded via equity or partnerships with other companies. The Group is not subject to any externally
imposed capital requirements.
ANATARA LIFESCIENCES Annual Report 2016 59
Directors’ Declaration
30 June 2016
The Directors’ of the Company declare that;
•
•
•
•
the attached financial statements and notes thereto comply with the Corporations Act 2001, the Australian Accounting
Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes thereto comply with International Financial Reporting Standards as issued
by the International Accounting Standards Board as described in note 1 to the financial statements;
the attached financial statements and notes thereto give a true and fair view of the Group’s financial position as at 30
June 2016 and of its performance for the financial year ended on that date; and
there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due
and payable.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the Directors
Dr Mel Bridges Chairman
Date: This Day 29th of August 2016 Melbourne
Independent Auditor’s Report
To the Members of Anatara Lifesciences Ltd
The Rialto, Level 30
525 Collins St
Melbourne Victoria 3000
Correspondence to:
GPO Box 4736
Melbourne Victoria 3001
T +61 3 8320 2222
F +61 3 8320 2200
E info.vic@au.gt.com
W www.grantthornton.com.au
Report on the financial report
We have audited the accompanying financial report of Anatara Lifesciences Ltd (the
“Company”), which comprises the consolidated statement of financial position as at
30 June 2016, the consolidated statement of profit or loss and other comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for
the year then ended, notes comprising a summary of significant accounting policies and
other explanatory information and the directors’ declaration of the consolidated entity
comprising the Company and the entities it controlled at the year’s end or from time to time
during the financial year.
Directors’ responsibility for the financial report
The Directors of the Company are responsible for the preparation of the financial report
that gives a true and fair view in accordance with Australian Accounting Standards and the
Corporations Act 2001. The Directors’ responsibility also includes such internal control as
the Directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or
error. The Directors also state, in the notes to the financial report, in accordance with
Accounting Standard AASB 101 Presentation of Financial Statements, the financial
statements comply with International Financial Reporting Standards.
Auditor’s responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We
conducted our audit in accordance with Australian Auditing Standards. Those standards
require us to comply with relevant ethical requirements relating to audit engagements and
plan and perform the audit to obtain reasonable assurance whether the financial report is
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial report. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial
report, whether due to fraud or error.
Grant Thornton Audit Pty Ltd ACN 130 913 594
a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the
context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm
is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and
are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its
Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current
scheme applies.
2
In making those risk assessments, the auditor considers internal control relevant to the
Company’s preparation of the financial report that gives a true and fair view in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Company’s internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the Directors, as well as evaluating the
overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion.
Independence
In conducting our audit, we have complied with the independence requirements of the
Corporations Act 2001.
Auditor’s opinion
In our opinion:
a
b
the financial report of Anatara Lifesciences Ltd is in accordance with the
Corporations Act 2001, including:
i
ii
giving a true and fair view of the consolidated entity’s financial position as at
30 June 2016 and of its performance for the year ended on that date; and
complying with Australian Accounting Standards and the Corporations
Regulations 2001; and
the financial report also complies with International Financial Reporting Standards as
disclosed in the notes to the financial statements.
Report on the remuneration report
We have audited the remuneration report included in pages 21 to 29 of the directors’ report
for the year ended 30 June 2016. The Directors of the Company are responsible for the
preparation and presentation of the remuneration report in accordance with section 300A of
the Corporations Act 2001. Our responsibility is to express an opinion on the remuneration
report, based on our audit conducted in accordance with Australian Auditing Standards.
Auditor’s opinion on the remuneration report
In our opinion, the remuneration report of Anatara Lifesciences Ltd for the year ended
30 June 2016, complies with section 300A of the Corporations Act 2001.
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
M.A Cunningham
Partner - Audit & Assurance
Melbourne, 29 August 2016
62
Corporate Directory
Auditors
Grant Thornton Audit Pty Ltd
The Rialto, Level 30, 525 Collins Street
Melbourne, Victoria, Australia 3000
Telephone
+61 (0)3 8320 2222
Solicitors
McCullough Robertson
Level 11, Central Plaza Two, 66 Eagle Street,
Brisbane Queensland 4000
Bankers
CBA
Melbourne Victoria
Website
www.anataralifesciences.com
Company
Anatara Lifesciences Ltd
ACN 145 239 872
ABN 41 145 239 872
Directors
Dr Mel Bridges
Non-Executive Chairman
Mr Iain Ross
Non-Executive Director
Dr Jay Hetzel
Non-Executive Director
Dr Tracie Ramsdale
Non-Executive Director
Mr Paul Grujic
Non-Executive Director
Dr Paul Schober
Chief Executive Officer and Managing Director
Company Secretary
Mr Stephen Denaro
Principal registered office in Australia
433 Logan Road, Stones Corner,
Brisbane, Queensland, Australia 4120
Telephone
+61 (0)7 3394 8202
Share and debenture register
Computershare Investor Services Pty Ltd
117 Victoria Street, West End
Queensland, Australia 4101
Telephone
1300 787 272 (local)
+61 (0)3 9415 4000 (international)
Facsimile:
+61 (0)3 9473 2500 (local and international)
ANATARA LIFESCIENCES Annual Report 2016 63
Shareholder Information
Below is the current shareholder information at 28 September 2016 based on available information:
Top 20 Security Holders
Rank
Name
No of Shares
% Issued Capital
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
PARMA CORPORATION
MYENG PTY LTD
UBS NOMINEES PTY LTD
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
IAIN ROSS
DAVID CHARLES VENABLES
JACOBY MANAGEMENT SERVICES
MORGAN STANLEY AUSTRALIA SECURITIES (NOMINEE) PTY LIMITED
BEEBEE HOLDINGS PTY LTD
MR JAMES PETER KALOKERINOS + MRS MARY-ANNE ELIZABETH
KALOKERINOS
AZALEA FAMILY HOLDINGS PTY LTD
MATTHEW TURNER
JONTRA HOLDINGS PTY LTD
PYLARA PTY LTD
MR MERVYN IAN LEO BASSETT + MRS SHIRLEY ETHEL BASSETT
MR JOHN DUGALD MACTAGGART
BUDUVA PTY LTD
JOHN SIEBERT
PICTON COVE PTY LTD
20.
GENETIC HORIZONS PTY LTD
Totals: Top 20 Holders - GROUPED
Total Remaining Holders Balance
Total
Distribution of Security Holders
5,789,128
5,002,635
2,507,773
2,424,240
1,316,328
1,125,000
940,731
690,880
690,614
591,219
535,246
464,102
405,614
400,000
350,000
311,614
300,000
300,000
286,386
279,495
24,711,005
24,702,231
49,413,236
11.72
10.12
5.08
4.91
2.66
2.28
1.90
1.40
1.40
1.20
1.08
0.94
0.82
0.81
0.71
0.63
0.61
0.61
0.58
0.57
50.01
49.99
100.00
No of Securities Held
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 – (max)
No of Shareholders
No of Securities
90
314
188
415
72
56,651
991,008
1,479,014
14,143,779
32,742,784
Total
1,079
49,413,236
ANNUAL REPORT 2016
Anatara Lifesciences Ltd
ABN 41 145 239 872
433 Logan Road, Stones Corner,
Brisbane, Queensland, Australia, 4120
Telephone:
+ 61 (0)7 3394 8202