For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 2
Contents
Page
Corporate Directory
3
Chairman’s Report
4
Review of Operations
5
Directors’ Report
7
Remuneration Report - Audited
13
Auditor’s Independence Declaration
18
Corporate Governance Statement
19
Consolidated Statement of Profit or Loss and Other Comprehensive Income
32
Consolidated Statement of Financial Position
33
Consolidated Statement of Changes in Equity
34
Consolidated Statement of Cashflows
35
Notes to Financial Statements
36
Declaration by Directors
70
Independent Auditors’ Report
71
Shareholder Information
73
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 3
CORPORATE DIRECTORY
Hudson Investment Group Limited
ACN 004 683 729
ABN 25 004 683 729
Registered and Corporate Office
Level 5
52 Phillip Street
Sydney NSW 2000
Australia
Telephone: +61 2 9251 7177
Fax:
+61 2 9251 7500
Email:
corporate@higl.com.au
Website:
www.higl.com.au
Board of Directors
John W Farey (Non-Executive Chairman)
Alan Beasley (Managing Director)
Wei Huang (Executive Director)
John J Foley
Pin Chua
Warren Wen-Shih Choo
Joint Company Secretaries
Henry Kinstlinger
Mona Esapournoori
Chief Financial Officer
Francis Choy
Risk & Compliance
Allan Scadden
Auditors
K.S. Black & Co
Level 1
251 Elizabeth Street
Sydney NSW 2000
Telephone: +61 2 8839 3000
Share Registry
Computershare Investor Services Pty Limited
GPO Box 2975
Melbourne VIC 3001
Telephone: 1300 850 505 (within Australia)
Lawyers
Piper Alderman
Level 23, Governor Macquarie Tower
1 Farrer Place
Sydney NSW 2000
Telephone: +61 2 9253 9999
Bankers
St George Bank Limited
Level 14, 182 George St
Sydney NSW 2000
Telephone: +61 2 9236 2230
Commonwealth Bank of Australia
Corporate Financial Services
Business & Private Banking
Level 9, Darling Park 1
201 Sussex Street
Sydney NSW 2000
Telephone: +61 2 9118 7031
ASX Code – HGL
Hudson Investment Group Limited shares are listed
on the Australian Securities Exchange.
This financial report covers the Consolidated Entity
consisting of Hudson Investment Group Limited
and its controlled entities.
Hudson Investment Group Limited is a company
limited by shares, incorporated and domiciled in
Australia.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 4
CHAIRMAN’S REPORT
I present to you the Annual Report for Hudson Investment Group Limited ASX: HGL, (the Company) for the twelve
months to 31 December 2024. The Company recorded a consolidated net loss after tax of $3.76 million for the
year ending 31 December 2024.
The Company has sold the property at 43 Regent Street Woolloongabba for $4.0 million on a delayed
settlement basis by 30 June 2025.
During the course of the year, the Company continued to concentrate on its current property portfolio.
Through the Company’s wholly owned subsidiary Hudson Bowen Hills Pty Ltd exploring potential Residential
Development Application (DA) to unlock more options for the Company. In addition, the approval of the strata
subdivision of the Warnervale property has allowed for more flexibility for the Company to further develop and
add value to its assets.
Looking to the future, the focus of the Company is to continually develop its property portfolio to achieve its dual
objectives of capital appreciation and to increase revenue to strengthen its strategic positioning for future
growth.
On behalf of the Board of Directors, I would like to thank the Company’s management team and staff for their
contributions and dedication. Their loyal support together with the continuing involvement of shareholders of
the Company is both highly valued and appreciated.
John W Farey
Non-Executive Chairman
28 March 2025
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 5
REVIEW OF OPERATIONS
ABOUT HUDSON INVESTMENT GROUP LTD
Hudson Investment Group Ltd (HGL) is an ASX-listed Company focusing on industrial, residential and commercial
property development, and currently owns the following properties:
•
Unit 2, 171-175 Sparks Road, Halloran, New South Wales
•
59 Mountain Road, Halloran, New South Wales
(both collectively the Warnervale Properties);
•
47 Brookes Street, Bowen Hills, Queensland; and
•
41-43 Brookes Street, Bowen Hills Queensland
(both collectively the Bowen Hills Properties); and
CORPORATE HIGHLIGHTS
•
HGL wholly owned subsidiary Hudson Regent Development Pty Ltd entered into a Contract of Sale for
43 Regent Street, Woolloongabba QLD with purchase price of $4 million. An initial amount has been
received with the balance to be paid by end of June 2025.
•
HGL has increased lease income and a long-term tenant for Unit 2, 171-175 Sparks Road, Halloran New
South Wales.
•
Exploring potential Residential Development Application (DA) for the Bowen Hills QLD properties in
addition to the mix use DA, approved in 2021, to provide the Company with additional options with
regard to the best use development of the property.
WARNERVALE PROPERTY
•
Bunnings Frame and Truss business has leased the Warnervale site for over 20 years. Bunnings have a
strong reputation in the construction industry and there are plans to expand operations. HGL has
sufficient additional land to satisfy Bunnings growth ambitions
Warnervale Property – industrial land
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 6
BOWEN HILLS PROPERTIES
•
The site is located in Brisbane CBD fringe suburb of Bowen Hills
•
In April 2021, DA for a 24-storey mixed use building was approved by
the Minister for Economic Development Queensland (EDQ). HGL is
currently exploring potential Residential DA in addition to the
approved mix use DA to provide further opportunities and options
for development.
•
Land size – 2,022m2
•
Brookes Street frontage – 40.2 meters approximately
•
Exhibition Street – 40.2 meters approximately
Conceptual Commercial Design
COMPANY FOCUS
HGL remains focused on assessing the highest and best use for its current property portfolio, to optimise
cashflow, reduce costs, take advantage of opportunities to strengthen its strategic positioning for future
growth and enhanced returns to shareholders.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 7
DIRECTORS’ REPORT
Your Directors present their report together with the financial statements on the consolidated entity
(referred to hereafter as the Group) consisting of Hudson Investment Group Limited (the Company) and the
entities it controlled at the end of or during the year ended 31 December 2024.
Principal
activities
The principal activities of the Group during the financial year were investment and
development of properties in Australia.
Operating
results
The consolidated net loss after tax for the financial year ended 31 December 2024 was $3.76
million compared to a net profit after tax of $0.18 million for the previous corresponding
financial year.
Total Shareholders’ Funds as at 31 December 2024 were $19.37 million (2023: $23.14
million) and the Net Asset Value per share is 32.6 cents (2023: 38.9 cents).
Review of
Operations
Information on the operations of the Group and its business strategies and prospects is
disclosed in both the Chairman’s Report and the Review of Operations contained on pages 5
to 6 of this Annual Report.
Dividends
The Directors of the Company do not recommend that any amount be paid by way of
dividend (2023: nil).
Meetings of
Directors
The number of Directors’ Meetings and Directors’ Committee Meetings held, and the
number of these meetings attended by each of the directors of the Company during the
financial year were:
Directors Meetings
Remuneration
Committee Meetings
Audit Committee
Meetings
Director
Attended
Held
Whilst in
Office
Attended
Held
Whilst in
Office
Attended
Held
Whilst in
Office
J Farey
9
9
3
3
A Beasley
9
9
3
3
Wei Huang
9
9
3
3
J Foley
9
9
3
3
Dr Cheng
Fong Han*
9
9
3
3
Pin Chua
Warren
Choo*
9
9
3
3
* Dr Han resigned as director on 24 March 2025
* Warren Choo appointed as director on 24 March 2025
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 8
INFORMATION ON DIRECTORS AND MANAGEMENT
DIRECTORS
The following persons held office as Directors of the Company at any time during or since the end of the
financial year:
John W Farey
Non-Executive Chairman
Alan P Beasley
Managing Director
Wei Huang
Executive Director
John J Foley
Non-Executive Director
Dr Cheng Fong Han
Non-Executive Director Resigned 24 March 2025
Pin Chua
Non-Executive Director
Warren Choo Non-Executive Director Appointed 24 March 2025
All Directors have been in office since the commencement of the financial year unless otherwise stated.
John Farey, B. Com, FAIM, FAICD
Non-Executive Chairman - appointed on 1 February 2002
Experience and Expertise
John W Farey has over 45 years’ experience in financial services including
merchant and investment banking.
Other Current Directorships of
Listed Companies
Nil
Former Directorships in the Last
Three Years of Listed Companies
Nil
Special Responsibilities
Chairman of the Board
Member of the Audit Committee
Interests in Shares and Options
Direct interest in 1,000 shares
Indirect interest in 6,887,980 shares
Alan Beasley, B.Ec, CPA, FGIA, FAICD
Managing Director - appointed on 19 January 2015
Experience and Expertise
Mr Beasley is a Non-Executive Director and former Director of a number of
publicly listed and unlisted companies. Mr Beasley was educated at the
University of New England (BEc) and Stanford Graduate Business School,
USA.
Other Current Directorships of
Listed Companies
Epsilon Healthcare Limited (ASX: EPN)
Former Directorships in the Last
Three Years of Listed Companies
Nil
Special Responsibilities
Managing Director
Member of the Audit Committee
Interests in Shares and Options
Direct Interest – Nil
Indirect Interest – 160,000 shares
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 9
Wei Huang, B.Ec, MComm
Executive Director - appointed on 4 June 2019
Experience and Expertise
Wei Huang graduated with Bachelor of Economics from Macquarie
University and a Master of Commerce from the University of New South
Wales. He is a member of CPA Australia and has experience in financial
control, new business start-ups and development within the textile, retail,
financial services, construction and mining sectors in Australia and
internationally.
Other Current Directorships of
Listed Companies
Nil
Former Directorships in the Last
Three Years of Listed Companies
Nil
Special Responsibilities
Member of the Audit Committee
Interests in Shares and Options
Direct interest – Nil
Indirect interest in 6,000,000 shares
John Foley BD., LL.B., B.L. (Dub), KHS., F.A.I.C.D.
Non-Executive Director - appointed on 6 August 2014
Experience and Expertise
Mr
Foley has
wide-ranging
experience
in
resources,
industrial,
manufacturing, legal, financial and investment related industries.
His commercial and legal background provides knowledge and experience to
the Company.
Other Current Directorships of
Listed Companies
Citigold Corporation Limited
Former Directorships in the Last
Three Years of Listed Companies
Nil
Special Responsibilities
Member of Audit Committee
Chair of the Remuneration Committee
Interests in Shares and Options
Direct Interest – Nil
Indirect Interest - Nil
Dr Cheng Fong Han BSc. PhD.
Non-Executive Director - appointed on 1 June 2017, resigned 24 March 2025
Experience and Expertise
Dr Han is the current Executive Chairman of Hua Xia International
Investments Ltd. He has previously held appointments as Group CEO and
Managing Director of Fraser and Neave Limited and DBS Land Limited,
Deputy Managing Director of Petrochemical Corporation of Singapore,
and Chairman of Australand Holdings Ltd (1996-2000). Dr Han has also
served as Permanent Secretary to the Ministry of Manpower (Singapore)
(1978-1984).
Other Current Directorships of
Listed Companies
Nil
Former Directorships in the Last
Three Years of Listed Companies
Nil
Special Responsibilities
Member of the Audit Committee
Interests in Shares and Options
Direct Interest – Nil
Indirect Interest - Nil
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 10
Mr Warren Wen-Shih Choo BSc.
Non-Executive Director– appointed on 24 March 2025
Experience and Expertise
Mr Choo currently serves as Director of Tridex Pte Ltd. Mr Choo has a
background in engineering.
Other Current Directorships of
Listed Companies
Nil
Former Directorships in the Last
Three Years of Listed Companies
Nil
Special Responsibilities
Nil
Interests in Shares and Options
Direct Interest – Nil
Indirect Interest - Nil
Mr Pin Chua BBA
Non-Executive Director - appointed on 27 September 2022
Experience and Expertise
Mr. Chua previously held positions as senior manager in corporate,
investment and enterprise banking in Singapore, Malaysia, and Indonesia
and has the experience, expertise, and knowledge to contribute to the
Company.
Other Current Directorships of
Listed Companies
Nil
Former Directorships in the Last
Three Years of Listed Companies
Nil
Special Responsibilities
Nil
Interests in Shares and Options
Direct Interest – Nil
Indirect Interest - Nil
MANAGEMENT
Vincent Tan
Director – Controlled entities
Experience and Expertise
Vincent Tan is a chartered accountant and has over the past 40 years
worked in a range of industries, including insurance, securities
trading, finance and property.
Mr Tan has held senior management positions in a number of public
and non-government organisations and has broad experience in
corporate structuring.
Henry Kinstlinger
Joint Company Secretary – Appointed 16 March 2016
Experience and Expertise
Henry Kinstlinger has, for the past thirty years, been actively
involved in the financial and corporate management in several
public companies and non-governmental organisations. He is
currently the Company Secretary of ABX Group Limited. He is a
corporate consultant with broad experience in investor and
community relations and corporate and statutory compliance.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 11
Mona Esapournoori
Joint Company Secretary – appointed 5 June 2018
Francis Choy MCom MBA FCPA (HK) FCPA CA
Chief Financial Officer
Experience and Expertise
Francis Choy has held a number of senior positions in corporate
financial management roles throughout Australia and South East Asia.
He has extensive experience in project finance, compliance,
acquisition and investment appraisals.
He has been involved in project finance, financial management of
property development and telecommunication projects in South East
Asia.
He held senior financial roles for numerous public listed companies
both in Hong Kong and Australia.
LIKELY DEVELOPMENTS
Information on likely developments in the operations of the Group, known at the date of this report has been
covered generally within the report. In the opinion of the Directors providing further information would
prejudice the interests of the Group.
RISK MANAGEMENT
The Board is responsible for ensuring that risks, and also opportunities, are identified on a timely basis and that
activities are aligned with the risks and opportunities identified by the Board.
The Company believes that it is crucial for all Board members to be a part of this process, and as such the Board
has not established a separate risk management committee.
The Board has a number of mechanisms in place to ensure that management’s objectives and activities are
aligned with the risks identified by the Board. These include the following:
•
Board approval of a strategic plan, which encompasses strategy statements designed to meet
stakeholders’ needs and manage business risk.
•
Implementation of Board approved operating plans and budgets and Board monitoring of progress
against these budgets.
MATTERS SUBSEQUENT TO BALANCE DATE
As at the date of lodgement of the 2024 Hudson Investment Group Limited Annual Report, the Directors note
that on 31 March 2025, the Company’s auditor (KSB) issued a Disclaimer of Opinion (Disclaimer of Opinion)
stating:
“…we (KSB) were unable to obtain sufficient appropriate audit evidence regarding the recoverability of the
receivable, existence (ownership of receivable) and the appropriateness of the going concern assumption used
in the preparation of the financial report. These issues are material and persuasive to the financial report.”
The Directors disagree with this Disclaimer of Opinion.
Subsequent to the issue of the Disclaimer of Opinion, the directors have provided KSB with sufficient evidence
showing:
i)
The Company has obtained a registered second mortgage over the land situated at 43 Regent
Street Woolloongabba Qld
ii)
The Company has caused the financial report for the year ended 31 December 2024 to show a full
provision over the recoverability of the remaining unpaid debt amounting to $2.395 million owed
by the purchaser even though the directors believe that the debt will be paid in full by 30 June
2025
Experience and Expertise
Mona Esapournoori holds a Bachelor of Law from Western Sydney
University. She is admitted as a solicitor with the Law Society of New
South Wales.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 12
iii)
Provided an updated cash flow for the year ended 31 December 2025 showing a positive cash
flow after eliminating the remaining recoverable debt of $2.395 million and
iv)
Provided additional documents stating that no Hudson director has any interest in the
Woolloongabba land subject to the now registered second mortgage and the sales transaction
was at arms length.
KSB remains of the view expressed in the Disclaimer of Opinion.
At the date of this report there are no other matters or circumstances that have arisen since 31 December 2024
that have significantly affected or may significantly affect:
•
The operations, in financial years subsequent to 31 December 2024 of the Group;
•
The results of those operations; or
•
The state of affairs, in financial years subsequent to 31 December 2024 of the Group.
ENVIRONMENTAL REGULATIONS
There has been no breach of environmental regulations during the financial year or in the period subsequent to
the end of the financial year and up to the date of this report.
The Company aims to ensure that the highest standard of environmental care is achieved, and that it complies
with all relevant environmental legislation. The Directors are mindful of the regulatory regime in relation to the
impact of the Company’s activities on the environment.
To the best of the Directors’ knowledge, the Group has adequate systems in place to ensure compliance with the
requirements of all environmental legislation described above and is not aware of any breach of those
requirements during the financial year and up to the date of the Directors’ Report.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 13
REMUNERATION REPORT - AUDITED
The information provided in this Remuneration Report has been audited as required by Section 308 (3c) of the
Corporations Act 2001.
This report outlines the remuneration arrangements in place for Directors and Executives of the Company.
REMUNERATION COMMITTEE
The Remuneration Committee reviews and approves policy for determining Executives’ remuneration and any
amendments to that policy.
The whole board sits as the Remuneration Committee which makes recommendations to the Board on the
remuneration of Executive Directors (including base salary, incentive payments, equity awards and service
contracts) and remuneration issues for Non-Executive Directors.
The Committee meets as often as required but not less than once per year.
The Committee met during the period and the Committee members attendance record is disclosed in the table
of Directors Meetings shown on page 7.
Options granted to directors and key management personnel do not have performance conditions. As such the
Group does not have a policy for directors and key management personnel removing the “at risk” aspect of
options granted to them as part of their remuneration.
DIRECTORS’ AND OTHER KEY MANAGEMENT PERSONNEL REMUNERATION
The following persons were Directors of the Company during the financial year unless otherwise stated:
•
John W Farey
Non-Executive Chairman
•
Alan P Beasley
Managing Director
•
Wei Huang
Executive Director
•
John J Foley
Non-Executive Director
•
Dr Cheng Fong Han
Non-Executive Director Resigned 24 March 2025
•
Warren Wen-Shih Choo
Non-Executive Director Appointed 24 March 2025
•
Pin Chua
Non-Executive Director
The following persons were other key management personnel of Hudson Investment Group Limited during the
financial year:
•
Vincent Tan
Director of controlled entities
•
Henry Kinstlinger
Joint Company Secretary
•
Mona Esapournoori
Joint Company Secretary
•
Francis Choy
Chief Financial Officer
Executives’ remuneration and other terms of employment are reviewed annually having regard to relevant
comparative information and independent expert advice. As well as basic salary, remuneration packages include
superannuation. Directors are also able to participate in an Employee Share Plan.
Remuneration packages are set at levels that are intended to attract and retain executives capable of managing
the Group’s operations. Consideration is also given to reasonableness, acceptability to shareholders and
appropriateness for the current level of operations.
Remuneration of Non-Executive Directors is determined by the Board based on recommendations from the
Remuneration Committee and the maximum amount approved by shareholders from time to time.
PERFORMANCE CONDITIONS
The elements of remuneration as detailed within the Remuneration Report are dependent on the satisfaction of
the individual’s performance and Hudson Investment Group’s financial performance.
The Board undertakes an annual review of its performance and the performance of the Board Committees.
Details of the nature and amount of each element of the remuneration of each Director of the Company and
each specified executive of the Company are set out in the following tables. The remuneration amounts are the
same for the Company and the Group.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 14
Directors and Other Key Management Personnel of Hudson Investment Group Limited
Short Term Employee Benefits
Post-Employment
Benefits
Long Term
Benefits
Salary and
other fees
Non-Monetary
Benefits
Superannuation
Long Service
Leave
Total
$
$
$
$
$
Consolidated
2024
Directors
John W Farey
12,000
-
-
-
12,000
Alan P Beasley
150,000
-
-
-
150,000
Wei Huang *
150,000
-
-
-
150,000
John J Foley
-
-
-
-
-
Dr Cheng Fong Han
-
-
-
-
-
Pin Chua
-
-
-
-
-
Director - Total
312,000
-
-
-
312,000
KMP
Henry Kinstlinger
-
-
-
-
-
Mona Esapournoori
12,000
-
1,350
200
13,550
Francis Choy
120,000
-
13,500
1,990
135,490
KMP - Total
132,000
-
14,850
2,190
149,040
2023
Directors
John W Farey
12,000
-
-
-
12,000
Alan P Beasley
150,000
-
-
-
150,000
Wei Huang *
180,000
-
-
-
180,000
John J Foley
-
-
-
-
-
Dr Cheng Fong Han
-
-
-
-
-
Pin Chua
-
-
-
-
-
Director - Total
342,000
-
-
-
342,000
KMP
Vincent Tan
-
-
-
-
-
Henry Kinstlinger
-
-
-
-
-
Mona Esapournoori
12,000
-
1,290
200
13,490
Francis Choy
120,000
-
12,900
1,984
134,884
KMP - Total
132,000
-
14,190
2,184
148,374
The amounts reported represent the total remuneration paid by entities in the Group in relation to managing
the affairs of all the entities within the Group. The remuneration has not been allocated between the individual
entities within the Group as this would not be practicable.
*Mr Huang received director fee $150,000 p.a. (2023: $150,000 p.a.) and consultancy fee $Nil (2023: $30,000)
via related entity.
There are no performance conditions related to any of the above payments.
There is no other element of Directors and other Key Management Personnel remuneration.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 15
EXECUTIVE SERVICE AGREEMENTS
There is one service agreement in place formalising the terms of remuneration of Mr Beasley. The agreement
has no specific term, remunerated in $150,000 p.a. and may be terminated by either party upon reasonable
notice. The Company may terminate the agreement in the event of serious misconduct by either party without
any compensatory payment.
There is one service agreement in place formalising the terms of remuneration of Mr Huang. The agreement has
no specific term, remunerated in $150,000 p.a. and may be terminated by either party upon reasonable notice.
The Company may terminate the agreement in the event of serious misconduct by either party without any
compensatory payment.
There is one employment service agreement in place formalising the terms of remuneration of Mr Choy. The
agreement has no specific term, remunerated in $120,000 p.a. plus on costs and may be terminated by either
party upon reasonable notice. The Company may terminate the agreement in the event of serious misconduct
by either party without any compensatory payment.
There is one employment service agreement in place formalising the terms of remuneration of Ms Esapournoori.
The agreement has no specific term, remunerated in $10,000 p.a. plus on costs and may be terminated by either
party upon reasonable notice. The Company may terminate the agreement in the event of serious misconduct
by either party without any compensatory payment.
CORPORATE SERVICE AGREEMENTS
The Company has entered into a Corporate Service Agreement with Hudson Asset Management Pty Limited
pursuant to which Hudson Asset Management Pty Limited has agreed to provide its management, registered
office, administrative, accounting, CFO and secretarial services.
The term of the Corporate Services Agreement has no fixed expiry term and the fee payable is that amount
agreed between the parties from time to time. The terms of the Corporate Services Agreement provide that
Hudson Asset Management Pty Limited shall act in accordance with the directions of the Board.
SHARE OPTIONS GRANTED TO DIRECTORS AND OTHER KEY MANAGEMENT PERSONNEL
There were no options granted during or since the end of the financial year to any of the Directors or other Key
Management Personnel of the Company and the Group as part of their remuneration. At the date of this report
there were no unissued shares under option to Directors or other Key Management Personnel of the Company.
End of Remuneration Report
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 16
DIRECTORS’ INTEREST
The relevant interest of each Director in the share capital of the Company as shown in the Register of Directors’
Shareholdings as at the date of this report is:
Directors’ Interest in shares and options of the Company and related bodies corporate
Ordinary Shares (Number)
Direct
Interest
Indirect
Interest
Employee
Share Plan
Options
Director
John Farey
1,000
6,887,980
-
-
Alan Beasley
-
160,000
-
-
Wei Huang
-
6,000,000
-
-
John J Foley
-
-
-
-
Dr Cheng Fong Han
-
-
-
-
Pin Chua
-
-
-
-
Please refer to Note 23 of the financial statements for details.
SHARES UNDER OPTION
No options over issued shares or interests in the Company were granted during or since the end of the financial
year and there were no options outstanding at the date of this report.
LOANS TO DIRECTORS AND OTHER KEY MANAGEMENT PERSONNEL
No loans were made to Directors or specified Executives of the Company and the Group under the Employee
Share Plan during the financial year. Please refer to Note 23 for details.
DIRECTORS’ AND OFFICERS’ INDEMNITIES AND INSURANCE
During the financial year the Company paid an insurance premium, insuring the Company’s Directors, (as named
in this report), Company Secretary, Executive officers and employees against liabilities not prohibited from
insurance by the Corporations Act 2001.
A confidentiality clause in the insurance contract prohibits disclosure of the amount of the premium and the
nature of insured liabilities.
PROCEEDINGS ON BEHALF OF THE COMPANY
Other than the matter referred to in the Directors’ Report 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 purposes of taking responsibility on behalf of the Company
for all or part of those proceedings.
No proceedings have been brought or intervened in or on behalf of the Company with leave of the Court under
Section 237 of the Corporations Act 2001.
ROUNDING OF AMOUNTS
The Company is of a kind referred to in Class Order 98/0100, issued by the Australian Securities & Investments
Commission, relating to the “rounding off” of amounts in the Directors’ Report. Amounts in the Directors’ Report
have been rounded off in accordance with that Class Order to the nearest thousand dollars, or in certain cases,
to the nearest dollar.
AUDITOR’S INDEPENDENCE DECLARATION
The Auditor’s Independence Declaration as required under Section 307C of the Corporations Act 2001 has been
received and is set out on page 17.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 17
NON-AUDIT SERVICES
The Company may decide to employ the auditor on assignments additional to their statutory audit duties where
the auditor’s expertise and experience with the Group are important.
Details of the amounts paid or payable to the auditor K.S. Black & Co for audit and non-audit services provided
during the year are set out below.
The Board of Directors has considered the position and, in accordance with advice received from the audit
committee, is satisfied that the provision of the non-audit services is compatible with the general standard of
independence for auditors imposed by the Corporations Act 2001.
The directors are satisfied that the provision of non-audit services by the auditor, as set out below, did not
compromise the auditor’s independence requirements of the Corporations Act 2001 for the following reasons:
•
all non-audit services have been reviewed by the audit committee to ensure they do not impact the
impartiality and objectivity of the auditor.
•
none of the services undermine the general principles relating to auditor independence as set out in
APES 110 Code of Ethics for Professional Accountants.
AUDITOR’S REMUNERATION
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:
Consolidated
2024
2023
$
$
Audit services:
Amounts paid or payable to auditors for audit and review of
the financial report for the parent entity or any entity in the
Group
Review services fee
10,995
10,450
Audit service fee
18,345
17,450
Taxation and other advisory services:
Amounts paid or payable to the Auditors for non-audit services
for the parent entity or any entity in the Group
Taxation services
3,595
3,395
Advisory services
-
-
Total
32,935
31,295
AUDITOR
K.S. Black & Co continues in office in accordance with Section 327 of the Corporations Act 2001.
This Directors’ Report, incorporating the Remuneration Report, is signed in accordance with a Resolution of the
Board of Directors.
Alan Beasley
Wei Huang
Managing Director Executive Director
Signed at Sydney
28 March 2025
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 18
AUDITOR’S INDEPENDENCE DECLARATION
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 19
CORPORATE GOVERNANCE STATEMENT
Corporate Governance Plan
The Company has adopted this Corporate Governance Plan, which forms the basis of a comprehensive system
of control and accountability for the administration of corporate governance. The Board is committed to
administering the policies and procedures with openness and integrity, pursuing the true spirit of corporate
governance commensurate with the Company’s needs.
To the extent they are applicable to the Company, the Board has adopted the ASX Corporate Governance
Council’s Corporate Governance Principles and Recommendations 4th Edition (“Principles and
Recommendations”).
In light of the Company’s size and nature, the Board considers that the current board is a cost effective and
practical method of directing and managing the Company. As the Company’s activities develop in size and
scope, the size of the board and the implementation of additional corporate governance policies and structures
will be reviewed.
a)
Board Responsibilities
The Board is responsible for corporate governance of the Company. The Board develops strategies for
the Company, reviews strategic objectives and monitors performance against those objectives. The goals
of the corporate governance processes are to:
1. maintain and increase Shareholder value;
2. ensure a prudential and ethical basis for the Company's conduct and activities;
3. ensure compliance with the Company's legal and regulatory objectives consistent with these
goals, and to achieve this the Board assumes the following responsibilities:
4. developing initiatives for profit and asset growth;
i.
reviewing the corporate, commercial and financial performance of the Company on a
regular basis;
ii.
acting on behalf of, and being accountable to, the Shareholders; and
iii.
identifying business risks and implementing actions to manage those risks and
corporate systems to assure quality.
The Company is committed to the circulating of relevant materials to Directors in a timely manner to
facilitate Directors' participation in the Board discussions on a fully-informed basis.
b)
Composition of the Board
Election of Board members is substantially the province of the Shareholders in general meeting.
However, subject thereto, the Company is committed to the following principles:
1. the Board is to comprise persons with a blend of skills, experience and attributes appropriate
for the Company and its businesses; and
2. the principal criteria for the appointment of new Directors are their ability to add value to the
Company and its business. All incumbent Directors bring an independent judgement to bear
in deliberations and the current representation is considered adequate given the stage of the
Company's development. The names, qualifications and relevant experience of each Director
will be set out in the Annual Reports of the Company.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 20
c)
Code of Conduct
As part of its commitment to recognising the legitimate expectations of stakeholders and promoting
practices necessary to maintain confidence in the Company's integrity, the Company has an established
Code of Conduct (the Code) to guide compliance with legal, ethical and other obligations to legitimate
stakeholders and the responsibility and accountability required of the Company's personnel for
reporting and investigating unethical practices or circumstances where there are breaches of the Code.
These stakeholders include employees, clients, customers, government authorities, creditors and the
community as a whole. This Code governs all of the Company's commercial operations and the conduct
of Directors, employees, consultants, contractors an all other people when they represent the Company.
This Code also governs the responsibility and accountability required of the Company's personnel for
reporting and investigating unethical practices.
The Board, management and all employees of the Company are committed to implementing this Code
and each individual is accountable for such compliance. A copy of the Code is given to all employees,
contractors and relevant personnel, including directors.
d) Diversity Policy
The Board has adopted a diversity policy which provides a framework for the Company to achieve, among
other things, a diverse and skilled workforce, a workplace culture characterised by inclusive practices and
behaviours for the benefit of all staff, improved employment and career development opportunities for
women and a work environment that values and utilises the contributions of employees with diverse
backgrounds, experiences and perspectives.
e) Continuous Disclosure
The Board has adopted a diversity policy which provides a framework for the Company to achieve, among
other things, a diverse and skilled workforce, a workplace culture characterised by inclusive practices and
behaviours for the benefit of all staff, improved employment and career development opportunities for
women and a work environment that values and utilises the contributions of employees with diverse
backgrounds, experiences and perspectives.
f)
Whistle-blower policy
HGL is committed to the highest standards of conduct and ethical behaviour in all of our business
activities, and to promoting and supporting a culture of honest and ethical behaviour, corporate
compliance and good corporate governance.
HGL encourages the reporting of any instances of suspected unethical, illegal, fraudulent or undesirable
conduct involving HGL's businesses, and will ensure that those persons who make a report shall do so
without fear of intimidation, disadvantage or reprisal.
g) Anti-bribery and corruption policy
HGL has zero tolerance for bribery and corruption and are committed to identifying and preventing
bribery and corruption. Any breach will be treated seriously and may result in disciplinary action, dismissal
or termination of contract.
h) Audit Committee and Management of Risk
The Board has established an Audit and Risk Committee comprised of the full board. The Company is not
of a size that justifies having a separate committee to oversee risk, so matters typically considered by such
a committee are dealt with by the full Board.
The Board has established an Audit and Risk Committee Charter governing the Audit and Risk Committee
which is available on the Company's website (under "Corporate Governance").
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 21
i) Remuneration Arrangements
The Board will decide the remuneration of an executive Director, without the affected executive Director
participating in that decision-making process.
The constitution of the Company provides that Directors are entitled to remuneration as the Directors
determine, but the remuneration of the non-executive Directors must not exceed, in aggregate, a
maximum amount fixed by the Company in general meeting of Shareholders for that purpose. This
amount has been set at $200,000.
A Director may be paid fees or other amounts (subject to any necessary Shareholder approval) (for
example, non-cash performance incentives such as Options) as determined by the Board where a Director
performs special duties or otherwise performs services outside the scope of the ordinary duties of a
Director.
Directors are also entitled to be paid reasonable travelling, hotel and other expenses incurred by them
respectively in or about the performance of their duties as Directors. The Board reviews and approves the
remuneration policy to enable the Company to attract and retain executives and Directors who will create
value for Shareholders having consideration to the amount considered to be commensurate for a
company of its size and level of activity as well as the relevant Directors' time, commitment and
responsibility. The Board is also responsible for reviewing any employee incentive and equity-based plans
including the appropriateness of performance hurdles and total payments proposed.
j) Shareholder Communications
The Board strives to ensure that Shareholders are provided with sufficient information to assess the
performance of the Company and its Directors and to make well-informed investment decisions.
Information is communicated to Shareholders through:
1. annual and half-yearly financial reports and quarterly reports;
2. annual and other general meetings convened for Shareholder review and approval of Board
proposals;
3. continuous disclosure of material changes to ASX for open access to the public; and
4. the Company maintains a website where all ASX announcements, notices and financial reports
are published as soon as possible after release to ASX.
The auditor is invited to attend the annual general meeting of Shareholders. The Chairman will
permit Shareholders to ask questions about the conduct of the audit and the preparation and
content of the audit report.
k) Trading in HGL Shares
The Company's Share Trading Policy prohibits Directors from taking advantage of their position or
information acquired, in the course of their duties, and the misuse of information for personal gain or to
cause detriment to the Company.
Directors, senior executives and employees are required to advise the Company Secretary of their
intentions prior to undertaking any transaction in the Company's securities.
If an employee, officer or director is considered to possess material non-public information, they will be
precluded from making a security transaction until after the time of public release of that information.
A copy of the Company's Share Trading Policy is available on the Company's website (under “Corporate
Governance”).
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 22
l)
Corporate Social Responsibility
The Company is committed to conducting its operations and activities in harmony with the environment
and society, and wherever practicable to work in collaboration with communities and government
institutions in decision-making and activities for effective, efficient and sustainable solutions.
A copy of the Company's Environmental and Social Charter is available on the Company's website
(under "Corporate Governance").
m) Departures from Recommendations
The Company is required to report any departures from the recommendations in its annual financial
report.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 23
ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations
PRINCIPLE
Response
PRINCIPLE 1 – LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT
1.1
A listed entity should have and disclose a
board charter setting out:
(a) the respective roles and responsibilities
of its board and management; and
(b) those matters expressly reserved to the
board and those delegated to
management.
Complies.
The Company’s Corporate Governance Plan
includes a Board Charter, which discloses the
specific responsibilities of the Board. The
responsibilities delegated to the senior
management team are set out in the Board
Charter.
The Board Charter can be viewed at the
Company’s website www.higl.com.au
1.2
A listed entity should:
(a) undertake appropriate checks before
appointing a director or senior executive
or putting someone forward for election
as a director; and
(b) provide security holders with all
material information in its possession
relevant to a decision on whether or not
to elect or re-elect a director.
Complies.
The Company has conducted appropriate checks
for all current Directors.
The Company will undertake appropriate checks
described in Guidance Note 1, paragraph 3.15
issued by the ASX before appointing a person, or
putting forward to Shareholders a candidate for
election, as a director.
1.3
A listed entity should have a written
agreement with each director and senior
executive setting out the terms of their
appointment.
Complies.
Not all Directors have written agreement setting
out the terms of their appointment. The Company
will endeavour to finalise these agreements
shortly.
1.4
The company secretary of a listed entity
should be accountable directly to the board,
through the chair, on all matters to do with
the proper functioning of the board.
Complies.
The Company Secretary has been appointed and is
accountable directly to the Board, through the
Chairperson, on all matters to do with the proper
functioning of the Board.
1.5
A listed entity should:
(a) have and disclose a diversity policy;
(b) through its board or a committee of the
board set measurable objectives for
achieving gender diversity in the
composition of its board, senior
executives and workforce generally; and
(c) disclose in relation to each reporting
period:
(1) the measurable objectives set for
that period to achieve gender
diversity;
(2) the entity’s progress towards
achieving those objectives; and
Complies.
The Diversity Policy is disclosed on the Company’s
website.
Details of the Company’s measurable objectives
for achieving gender diversity and its progress
towards achieving them and the entity’s gender
diversity figures are set out in the Company’s
annual report.
The Company has gender-diversity at various levels
of management. However, the Company has not
reported diversity metrics in the FY24 Annual
Report. The Company will consider providing this
disclosure in future Annual Reports.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 24
(3) either:
(A) the respective proportions of
men and women on the board,
in senior executive positions
and across the whole
workforce (including how the
entity has defined “senior
executive” for these purposes);
or
(B) if the entity is a “relevant
employer” under the
Workplace Gender Equality
Act, the entity’s most recent
“Gender Equality Indicators”,
as defined in and published
under that Act.
If the entity was in the S&P / ASX 300 Index at
the commencement of the reporting period,
the measurable objective for achieving
gender diversity in the composition of its
board should be to have not less than 30% of
its directors of each gender within a specified
period.
1.6
A listed entity should:
(a) have and disclose a process for
periodically evaluating the performance
of the board, its committees and
individual directors; and
(b) disclose for each reporting period
whether a performance evaluation has
been undertaken in accordance with
that process during or in respect of that
period.
Will comply.
The Company will disclose the process for
evaluating the performance of the Board, its
committees and individual directors in its future
annual reports.
Details of the performance evaluations undertaken
will be set out in future annual reports.
1.7
A listed entity should:
(a) have and disclose a process for
evaluating the performance of its senior
executives at least once every reporting
period; and
(b) disclose for each reporting period
whether a performance evaluation has
been undertaken in accordance with
that process during or in respect of that
period.
Complies.
Senior executive key performance indicators are
set annually, with performance appraised by the
Board, and reviewed in detail by the Board.
The internal review is to be conducted on an
annual basis and if deemed necessary an
independent third party will facilitate this internal
review.
Details of the performance evaluations undertaken
will be set out in future annual reports.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 25
PRINCIPLE 2 - STRUCTURE THE BOARD TO BE EFFECTIVE AND ADD VALUE
2.1
The board of a listed entity should:
(a) have a nomination committee which:
(1) has at least three members, a
majority of whom are independent
directors; and
(2) is chaired by an independent
director,
and disclose:
(3) the charter of the committee;
(4) the members of the committee; and
(5) as at the end of each reporting
period, the number of times the
committee met throughout the
period and the individual
attendances of the members at
those meetings; or
(b) if it does not have a nomination
committee, disclose that fact and the
processes it employs to address board
succession issues and to ensure that the
board has the appropriate balance of
skills, knowledge, experience,
independence and diversity to enable it
to discharge its duties and
responsibilities effectively.
Does not comply.
The Company does not have a nomination
committee.
Currently the role of the nomination committee is
undertaken by the full Board. The Company
intends to establish a nomination committee once
the Company’s operations are of sufficient
magnitude.
The Company does not have a nomination
committee. The Board evaluates the skills,
experience of its members and then determines
whether additional members should be invited to
the Board to complement or replace the existing
members.
2.2
A listed entity should have and disclose a
board skills matrix setting out the mix of skills
that the board currently has or is looking to
achieve in its membership.
Does not yet comply.
The Company intends to develop a board skill
matrix setting out the mix of skills and diversity the
Board has and requires. The skill matrix will be
available at the Company’s website once finalised.
2.3
A listed entity should disclose:
(a) the names of the directors considered
by the board to be independent
directors;
(b) if a director has an interest, position,
affiliation or relationship of the type
described in Box 2.3 but the board is of
the opinion that it does not compromise
the independence of the director, the
nature of the interest, position or
relationship in question and an
explanation of why the board is of that
opinion; and
(c) the length of service of each director.
Complies
The Company’s independent directors are Mr John
Farey, Mr John Foley, Warren Choo and Mr Pin
Chua.
The independence of the directors and length of
service of each director are set out in the
Company’s annual report.
Details of any relevant interest, position,
association or relationship impacting upon a
director’s independence are set out in the
Company’s annual report.
2.4
A majority of the board of a listed entity
should be independent directors.
Complies.
The Company has six directors. Four of these
directors are non- executive directors.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 26
2.5
The chair of the board of a listed entity should
be an independent director and, in particular,
should not be the same person as the CEO of
the entity.
Complies.
The chair is an independent director and is a
different person to the CEO of the entity.
2.6
A listed entity should have a program for
inducting new directors and for periodically
reviewing whether there is a need for existing
directors to undertake professional
development to maintain the skills and
knowledge needed to perform their role as
directors effectively.
Does not yet comply.
Currently the induction of new directors and plan
for professional development is managed
informally by the full Board.
The Company intends to develop a formal program
for inducting new directors and providing
appropriate professional development
opportunities consistent with the development of
the Company.
PRINCIPLE 3 – INSTIL A CULTURE OF ACTING LAWFULLY, ETHICALLY AND RESPONSIBLY
3.1
A listed entity should articulate and disclose
its values.
Complies.
The Board has a Code of Conduct to guide
compliance with legal, ethical and other
obligations to legitimate stakeholders and the
responsibility and accountability required of the
Group’s personnel for reporting and investigating
unethical practices or circumstances where there
are beaches of the Code.
The Code of Conduct is available on the Company’s
website.
3.2
A listed entity should:
(a) have and disclose a code of conduct for
its directors, senior executives and
employees; and
(b) ensure that the board or a committee of
the board is informed of any material
breaches of that code by a director or
senior executive; and
(c) any other material breaches of that
code that call into question the culture
of the organisation.
Complies.
The Company’s Corporate Governance Plan
includes a Code of Conduct, which discloses the
specific responsibility and accountability of ABx
directors, senior executives and employees.
The Code of Conduct can be viewed at the
Company’s website www.higl.com.au
3.3
A listed entity should:
(a) have and disclose a whistleblower
policy; and
(b) ensure that the board or a committee of
the board is informed of any material
incidents reported under that policy.
Complies.
The Company’s Corporate Governance Plan
includes a whistleblower policy, which encourages
promoting and supporting a culture of honest and
ethical behaviour, corporate compliance and good
corporate governance.
The whistleblower policy can be viewed at the
Company’s website www.higl.com.au
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 27
3.4
A listed entity should:
(a) have and disclose an anti-bribery and
corruption policy; and
(b) ensure that the board or committee of
the board is informed of any material
breaches of that policy.
Complies.
The Company’s Corporate Governance Plan
includes an anti- bribery and corruption policy,
which outlines the Company’s commitment to
comply with the laws and regulations and acting in
an ethical manner, consistent with the principles
of honesty, integrity, fairness and respect.
The anti-bribery and corruption policy can be
viewed at the Company’s website
www.higl.com.au
PRINCIPLE 4 – SAFEGUARD THE INTEGRITY OF CORPORATE REPORTS
4.1
The board of a listed entity should:
(a) have an audit committee which:
(1) has at least three members, all of
whom are non-executive directors
and a majority of whom are
independent directors; and
(2) is chaired by an independent
director, who is not the chair of the
board,
and disclose:
(3) the charter of the committee;
(4) the relevant qualifications and
experience of the members of the
committee; and
(5) in relation to each reporting period,
the number of times the committee
met throughout the period and the
individual attendances of the
members at those meetings; or
(b) if it does not have an audit committee,
disclose that fact and the processes it
employs that independently verify and
safeguard the integrity of its corporate
reporting, including the processes for
the appointment and removal of the
external auditor and the rotation of the
audit engagement partner.
Partially complies.
The board has established an audit and risk
committee Charter.
Members of the committee comprise the whole
board of directors.
A summary of the charter and details of the
number of times the audit and risk committee met
throughout the period and the individual
attendances of the members at those meetings are
set out in the Company’s annual report.
4.2
The board of a listed entity should, before it
approves the entity’s financial statements for
a financial period, receive from its CEO and
CFO a declaration that, in their opinion, the
financial records of the entity have been
properly maintained and that the financial
statements comply with the appropriate
accounting standards and give a true and fair
view of the financial position and
performance of the entity and that the
opinion has been formed on the basis of a
sound system of risk management and
internal control which is operating effectively.
Complies.
The Board requires the Chief Executive Officer and
the Chief Financial Officer to provide such a
statement before approving the entity’s financial
statements for a financial period.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 28
4.3
A listed entity should disclose its process to
verify the integrity of any periodic corporate
report it releases to the market that is not
audited or reviewed by an external auditor.
Complies.
The Company goes through external auditor
approval for its corporate reports. External auditor
attends AGMs and is available to answer questions
from Security Holders relevant to the audit.
PRINCIPLE 5 – MAKE TIMELY AND BALANCED DISCLOSURE
5.1
A listed entity should have and disclose a
written policy for complying with its
continuous disclosure obligations under listing
rule 3.1.
Complies.
The Company has a written policy on information
disclosure. The focus of these policies and
procedures is continuous disclosure and improving
access to information for investors.
The Company’s continuous disclosure policy can be
viewed at the Company’s website.
5.2
A listed entity should ensure that its board
receives copies of all material market
announcements promptly after they have
been made.
Complies.
5.3
A listed entity that gives a new and
substantive investor or analyst presentation
should release a copy of the presentation
materials on the ASX Market Announcements
Platform ahead of the presentation.
Complies.
PRINCIPLE 6 – RESPECT THE RIGHTS OF SECURITY HOLDERS
6.1
A listed entity should provide information
about itself and its governance to investors
via its website.
Complies.
The Company has provided specific information
about itself and its key personnel and has
developed a comprehensive Corporate
Governance Plan.
Details can be found at the Company’s website.
6.2
A listed entity should have an investor
relations program that facilitates effective
two-way communication with investors.
Complies.
The Company has established a Shareholder’s
Communication Policy. The Company recognises
the importance of forthright communications and
aims to ensure that the shareholders are informed
of all major developments affecting the Company.
Details of the Shareholder’s Communication Policy
can be found on the Company’s website.
6.3
A listed entity should disclose how it
facilitates and encourages participation at
meetings of security holders.
Complies.
The Shareholder’s Communication Policy is
available on the Company’s website and details are
set out in the Company’s annual report.
6.4
A listed entity should ensure that all
substantive resolutions at a meeting of
security holders are decided by a poll rather
than by a show of hands.
Complies.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 29
6.5
A listed entity should give security holders the
option to receive communications from, and
send communications to, the entity and its
security registry electronically.
Complies.
The Company has provided the option to receive
communications from, and send communications
to, the entity and its security registry
electronically.
PRINCIPLE 7 – RECOGNISE AND MANAGE RISK
7.1
The board of a listed entity should:
(a) have a committee or committees to
oversee risk, each of which:
(1) has at least three members, a
majority of whom are independent
directors; and
(2) is chaired by an independent
director,
and disclose:
(3) the charter of the committee;
(4) the members of the committee; and
(5) as at the end of each reporting
period, the number of times the
committee met throughout the
period and the individual
attendances of the members at
those meetings; or
(b) if it does not have a risk committee or
committees that satisfy (a) above,
disclose that fact and the processes it
employs for overseeing the entity’s risk
management framework.
Complies.
The Board has established an audit and risk
committee to oversee risk which is comprised of
the whole Board.
Details of the number of times the committee met
and the individual attendances of the members at
those meetings is set out in the Company’s annual
report.
7.2
The board or a committee of the board
should:
(a) review the entity’s risk management
framework at least annually to satisfy
itself that it continues to be sound and
that the entity is operating with due
regard to the risk appetite set by the
board; and
(b) disclose, in relation to each reporting
period, whether such a review has taken
place.
Complies.
The Company’s Corporate Governance Plan
includes a Risk Management Review Procedure
and Compliance and Control policy.
The Board determines the Company’s “risk profile”
and is responsible for overseeing and approving
risk management strategy and policies, internal
compliance and internal control.
The Board has delegated to the audit and risk
committee the responsibility for implementing the
risk management system.
Details of the number of times the committee
conducted a risk management review in relation to
each reporting period will be disclosed in its
annual reports.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 30
7.3
A listed entity should disclose:
(a) if it has an internal audit function, how
the function is structured and what role
it performs; or
(b) if it does not have an internal audit
function, that fact and the processes it
employs for evaluating and continually
improving the effectiveness of its
governance, risk management and
internal control processes.
Does not yet comply.
The Board has delegated the internal audit
function to the audit and risk committee and
intends to establish and implement the structure
and role of the internal audit function.
The Company will disclose the details of the
internal audit function in its future annual reports.
7.4
A listed entity should disclose whether it has
any material exposure to environmental or
social risks and, if it does, how it manages or
intends to manage those risks.
Complies.
The Company has an Audit and Risk committee
appointed to manage economic sustainability and
risk. In addition to this the Company also has an
Environmental and Social Charter on its website,
and manages environmental and social
sustainability risks accordingly.
PRINCIPLE 8 – REMUNERATE FAIRLY AND RESPONSIBLY
8.1
The board of a listed entity should:
(a) have a remuneration committee which:
(1) has at least three members, a
majority of whom are independent
directors; and
(2) is chaired by an independent
director,
and disclose:
(3) the charter of the committee;
(4) the members of the committee; and
(5) as at the end of each reporting
period, the number of times the
committee met throughout the
period and the individual
attendances of the members at
those meetings; or
(b) if it does not have a remuneration
committee, disclose that fact and the
processes it employs for setting the
level and composition of remuneration
for directors and senior executives and
ensuring that such remuneration is
appropriate and not excessive.
Does not yet comply due to the size of the
Company.
The Board has adopted a Remuneration
Committee Charter.
However, the Company is not of a size that justifies
having a separate Remuneration Committee so
matters typically considered by such a committee
are dealt with by the full Board.
The Board has reviewed, through independent
sources, the level and composition of
remuneration for Directors and senior executives
to ensure that such remuneration is appropriate
and not excessive.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 31
8.2
A listed entity should separately disclose its
policies and practices regarding the
remuneration of non-executive directors and
the remuneration of executive directors and
other senior executives.
Complies.
The Company distinguishes the structure of Non-
executive Directors’ remuneration from Executive
Directors and senior executives.
Details of the policies and practices regarding
remuneration are set out in the Company’s annual
report.
The Remuneration Committee Charter is disclosed
on the Company’s website.
8.3
A listed entity which has an equity-based
remuneration scheme should:
(a) have a policy on whether participants
are permitted to enter into transactions
(whether through the use of derivatives
or otherwise) which limit the economic
risk of participating in the scheme; and
(b) disclose that policy or a summary of it.
Complies.
The Company’s Policy on Dealing with Company
Securities prohibits executive staff from
undertaking hedging or other strategies that could
limit the economic risk associated with Company
Securities issued under any equity based
remuneration scheme.
The Company’s Share Trading Policy can be viewed
on the Company’s website.
PRINCIPLE 9 – ADDITIONAL RECOMMENDATIONS THAT APPLY ONLY IN CERTAIN CASES
9.1
A listed entity with a director who does not
speak the language in which board or security
holder meetings are held or key corporate
documents are written should disclose the
processes it has in place to ensure the
director understands and can contribute to
the discussions at those meetings and
understands and can discharge their
obligations in relation to those documents.
We do not have a director in this position and
therefore this recommendation is not applicable.
9.2
A listed entity established outside Australia
should ensure that meetings of security
holders are held at a reasonable place and
time.
We do not have a director in this position and
therefore this recommendation is not applicable.
9.3
A listed entity established outside Australia,
and an externally managed listed entity that
has an AGM, should ensure that its external
auditor attends its AGM and is available to
answer questions from security holders
relevant to the audit.
We do not have a director in this position and
therefore this recommendation is not applicable.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 32
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Consolidated
2024
2023
Notes
$’000
$’000
Revenue
4
1,498
1,480
Cost of services
(492)
(487)
Other income and expenses
5
(3,066)
910
Cost of providing services and administration expenses
6
(896)
(914)
Finance income
6
87
7
Finance expenses
6
(899)
(814)
PROFIT / (LOSS) BEFORE INCOME TAX
(3,768)
182
Income tax
7
-
-
PROFIT / (LOSS) AFTER TAX
(3,768)
182
OTHER COMPREHENSIVE INCOME
Other comprehensive income
-
-
Tax expenses
-
-
Other comprehensive income after tax
-
-
Total comprehensive income
(3,768)
182
Profit attributable to non-controlling interests
-
-
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO
MEMBERS OF THE PARENT ENTITY
(3,768)
182
Earnings per shares
Cents
Cents
Basic earnings per share (cents)
16
(6.35)
0.31
Diluted earnings per share (cents)
16
(6.35)
0.31
The above Statement should be read in conjunction with the accompanying notes.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 33
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Consolidated
2024
2023
Notes
$’000
$’000
ASSETS
CURRENT ASSETS
Cash and cash equivalents
8
616
599
Trade and other receivables
9
(129)
(129)
Other current assets
10
137
290
TOTAL CURRENT ASSETS
624
760
NON-CURRENT ASSETS
Investment properties
11
31,314
35,821
TOTAL NON-CURRENT ASSETS
31,314
35,821
TOTAL ASSETS
31,938
36,581
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
12
267
223
Accrued payable and provision
68
66
Financial liabilities
13
4,200
4,200
TOTAL CURRENT LIABILITIES
4,535
4,489
NON-CURRENT LIABILITIES
Accrued payable and provision
31
27
Financial liabilities
13
8,000
8,925
TOTAL NON-CURRENT LIABILITIES
8,031
8,952
TOTAL LIABILITIES
12,566
13,441
NET ASSETS
19,372
23,140
EQUITY
Issued Capital
14
63,397
63,397
Reserves
15
5,261
5,261
Accumulated losses
15
(49,286)
(45,518)
Total equity attributable to equity holders of the parent entity
19,372
23,140
Non-controlling interest
-
-
TOTAL EQUITY
19,372
23,140
The above Statement should be read in conjunction with the accompanying notes.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 34
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Consolidated
Notes
Issued
Capital
Reserves
Accumulated
Losses
Total Equity
$’000
$’000
$’000
$’000
Balance at 1 January 2024
14
63,397
5,261
(45,518)
23,140
Share issued
-
-
-
-
Share issuing costs
-
-
-
-
Profit / (loss) for the year
-
-
(3,768)
(3,768)
Balance at 31 December 2024
14
63,397
5,261
(49,286)
19,372
Balance at 1 January 2023
63,397
5,261
(45,700)
22,958
Share issued
-
-
-
-
Share issuing costs
-
-
-
-
Profit / (loss) for the year
-
-
182
182
Balance at 31 December 2023
14
63,397
5,261
(45,518)
23,140
The above Statement should be read in conjunction with the accompanying notes.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 35
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Consolidated
Notes
2024
2023
$’000
$’000
Cash flows from operating activities
Receipts from customers
1,505
1,504
Payments to suppliers, employees and service providers
(1,305)
(1,271)
Interest received
87
7
Interest paid
(840)
(686)
Net cash (used in) / provided by operating activities
18
(553)
(446)
Cash flows from investing activities
Proceed from sale of properties
4,000
-
Payments for investment properties improvements
(109)
(831)
(Advance) to other entities – vendor finance
(2,396)
-
Net cash provided by / (used in) investing activities
1,495
(831)
Cash flows from financing activities
Proceeds from issuing share
-
-
Share issuing cost
-
-
Bank borrowings
(925)
1,764
Net cash (used in) / provided by financing activities
(925)
1,764
Net increase / (decrease) in cash and cash equivalents
17
487
Cash and cash equivalents at the beginning of the year
599
112
Cash and cash equivalents at the end of the year
8
616
599
The above Statement should be read in conjunction with the accompanying notes.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 36
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.
CORPORATE INFORMATION
The consolidated financial statements and notes of the Company for the year ended 31 December 2024
were authorised for issue in accordance with a resolution of the directors and covers Hudson
Investment Group Limited (the Company) as the parent entity as well as the group consisting of Hudson
Investment Group Limited and its subsidiaries as required by the Corporations Act 2001 (the Group).
The consolidated financial statements and notes are presented in Australian currency.
Hudson Investment Group Limited is a company limited by shares incorporated in Australia whose
shares are publicly traded on the Australian Securities Exchange.
2.
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
a.
Basis of preparation
This general-purpose financial report has been prepared in accordance with Australian Accounting
Standards, Australian Accounting Interpretations, other authoritative pronouncements of the
Australian Accountancy Standards Board and the Corporations Act 2001.
Statement of Compliance
Australian Accounting Standards ('AASBs') include Australian equivalents to International
Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report
of Hudson Investment Group Limited also complies with International Financial Reporting
Standards.
Critical accounting estimates and judgements
Details of critical accounting estimates and assumptions about the future made by management
at reporting date are set out below:
–
Impairment of assets
The Company assesses impairment at each reporting date by evaluating conditions specific
to the Group that may lead to impairment of assets. Where an impairment trigger exists,
the recoverable amount of the asset is determined. Calculations performed in assessing
recoverable amounts incorporate a number of key estimates.
─ Fair value of Investment Property (Note 11)
Critical judgements
Management have made the following judgements when applying the Group's accounting
policies:
–
Recognition of deferred tax assets
In line with the Group’s accounting policy (Note 2f) and as disclosed in Note 7, deferred
tax assets have not been recognised.
Going Concern
This financial report has been prepared on a going concern basis, which contemplates the
continuity of business activities and the realisation of assets and payments of liabilities in the
normal course of business.
The directors believe the Company will be able to pay its debts as and when they fall due and to
fund near term anticipated activities.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 37
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
Recognition of deferred tax assets
In line with the Group’s accounting policy (Note 2f) and as disclosed in Note 7, deferred tax assets
have not been recognised.
Historical cost convention
These financial statements have been prepared on an accruals basis and are based on the historical
cost convention except for where noted in these accounting policies.
Material accounting policies adopted in the preparation of these financial statements are presented
below and have been consistently applied unless otherwise stated.
ASIC Class Order 98/100
The Company is of a kind referred to in ASIC Class Order 98/100, issued by the Australian Securities
and Investments Commission, relating to the 'rounding off' of amounts in the financial report.
Amounts in the financial report have been rounded off in accordance with that Class Order to the
nearest thousand dollars, or in certain cases, the nearest dollar.
b.
Principles of consolidation
Subsidiaries
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of
Hudson Investment Group Limited (“the parent entity”) as at the reporting date and the results of all
subsidiaries for the year then ended. Hudson Investment Group Limited and its subsidiaries together
are referred to in this financial report as the Group.
Subsidiaries are all those entities over which the Group has the power to govern the financial and
operating policies so as to obtain benefits from the entity’s activities, generally accompanying a
shareholding of more than one-half of the voting rights. The existence and effect of potential voting
rights that are currently exercisable or convertible are considered when assessing whether the Group
controls another 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. The financial performance of those entities is
included only for the period of the year that they were controlled.
The purchase method of accounting is used to account for the acquisition of subsidiaries by the
Group.
Intercompany transactions, balances and unrealised gains on transactions between Group companies
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.
Minority interests in the results and equity of subsidiaries are shown separately in the consolidated
Statement of Profit or Loss and Other Comprehensive Income and Statement of Financial Position
respectively.
Investments in subsidiaries are accounted for at cost in the individual financial statements of Hudson
Investment Group Limited.
c.
Segment reporting
A business segment is a group of assets and operations engaged in providing products or services that
are subject to risks and returns that are different to those of other business segments. A geographical
segment is engaged in providing products or services within a particular economic environment and
is subject to risks and returns that are different from those of segments operating in other economic
environments. Reporting to management by segments is on this basis.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 38
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
d.
Foreign currency transactions and balances
(i) Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using
the currency of the primary economic environment in which the entity operates (‘the
functional currency’). The financial statements are presented in Australian dollars, which is
Hudson Investment Group Limited’s functional and presentation currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the translation at year-end exchange rates
of monetary assets and liabilities denominated in foreign currencies are recognised in the
Statement of Profit or Loss and Other Comprehensive Income.
(iii) Group companies
The results and financial position of all the Group entities that have a functional currency
different from the presentation currency are translated into the presentation currency as
follows:
•
assets and liabilities for each Statement of Financial Position presented are
translated at the closing rate at the date of that Statement of Financial Position;
•
income and expenses for each Statement of Profit or Loss and Other
Comprehensive Income are translated at average exchange rates (unless this is
not a reasonable approximation of the cumulative effect of the rates prevailing
on the transaction dates, in which case income and expenses are translated at
the dates of the transactions);
•
retained earnings are translated at the exchange rates prevailing at the date of
transactions; and
•
all resulting exchange differences are recognised as a separate component of
equity.
On consolidation, exchange differences arising from the translation of any net investment
in foreign entities, and of borrowings and other currency instruments designated as
hedges of such investments, are taken to shareholders’ equity. When a foreign operation
is sold, or borrowings repaid a proportionate share of such exchange differences are
recognised in the Statement of Profit or Loss and Other Comprehensive Income as part of
the gain or loss on the sale where applicable.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 39
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
e. Revenue recognition
Revenue is recognised at the fair value of consideration received or receivable. Amounts disclosed
as revenue are net of returns, trade allowances and duties and taxes paid. The following specific
recognition criteria must also be met before revenue is recognised:
Sale of Goods
Revenue from sale of goods is recognised when the significant risks and rewards of ownership
have passed to the buyer and can be reliably measured. Risks and rewards are considered passed
to buyer when goods have been delivered to the customer.
Interest
Interest revenue is recognised as it accrues taking into account the effective yield on the financial
asset.
Rental Income
Rental income on investment properties is accounted for on a straight-line basis over the lease
term. Contingent rentals are recognised as income in the periods when they are earned.
All revenue is stated net of the amount of goods and services tax (GST).
f.
Income tax
The income tax expense or revenue for the period is the tax payable on the current period’s
taxable income based on the income tax rate adjusted by changes in deferred tax assets and
liabilities attributable to temporary differences between the tax bases of assets and liabilities and
their carrying amounts in the financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates
expected to apply when the assets are recovered or liabilities are settled, based on those tax rates
which are enacted or substantively enacted. The relevant tax rates are applied to the cumulative
amounts of deductible and taxable temporary differences to measure the deferred tax asset or
liability. An exception is made for certain temporary differences arising from the initial recognition
of an asset or a liability. No deferred tax asset or liability is recognised in relation to these
temporary differences if they arose in a transaction, other than a business combination, that at
the time of the transaction did not affect either accounting profit or taxable profit or loss.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses
only if it is probable that future taxable amounts will be available to utilise those temporary
differences and losses.
Deferred tax liabilities and assets are not recognised for temporary differences between the
carrying amount and tax bases of investments in controlled entities where the parent entity is
able to control the timing of the reversal of the temporary differences and it is probable that the
differences will not reverse in the foreseeable future.
Current and deferred tax balances attributable to amounts recognised directly in equity are also
recognised directly in equity.
The Company and its wholly owned entities are part of a tax-consolidated group under Australian
taxation law. Hudson Investment Group Limited is the head entity in the tax-consolidated group.
Tax expense/income, deferred tax liabilities and deferred tax assets arising from temporary
differences of the members of the tax-consolidated group are recognised in the separate financial
statements of the members of the tax-consolidated group using the ‘separate taxpayer within
group’ approach. Current tax liabilities and assets and deferred tax assets arising from unused tax
losses and tax credits of the members of the tax-consolidated group are recognised by the
Company (as head entity in the tax-consolidated group).
The amounts receivable/payable under tax funding arrangements are due upon notification by
the entity which is issued soon after the end of each financial year. Interim funding notices may
also be issued by the head entity to its wholly owned subsidiaries. These amounts are recognised
as current inter-company receivables or payables.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 40
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
g.
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.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part
of receivables or payables in the Statement of Financial Position.
Cash flows are included in Statement of Cash Flows on a gross basis except for 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.
h.
Cash and cash equivalents
For the purposes of the Statement of Cash Flows, cash includes cash and cash equivalents on
hand and at call deposits with banks or financial institutions, investment in money market
instruments maturing within less than 3 months, net of bank overdrafts.
i.
Trade and other receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised
cost, less provision for doubtful debts. Trade receivables are due for settlement no more than 60
days from the date of recognition.
Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be
uncollectible are written off. A provision for doubtful receivables is established when there is
objective evidence that entities in the Group will not be able to collect all amounts due
according to the original terms of receivables.
j.
Impairment of assets
Assets are reviewed 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. The 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 flows (cash generating units).
Non-financial assets that suffered impairment are reviewed for possible reversal of the
impairment at each reporting period.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 41
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
k.
Financial instruments
Recognition and initial measurement
Financial assets and financial liabilities are recognised when the entity becomes a party to the
contractual provisions to the instrument. For financial assets, this is equivalent to the date that the
company commits itself to either the purchase or sale of the asset (i.e. trade date accounting is
adopted).
Financial instruments are initially measured at fair value plus transaction costs, except where the
instrument is classified ‘at fair value through profit or loss’, in which case transaction costs are
expensed to profit or loss immediately.
Classification and subsequent measurement
Finance instruments are subsequently measured at either of fair value, amortised cost using the
effective interest rate method, or cost. Fair value represents the amount for which an asset could be
exchanged or a liability settled, between knowledgeable, willing parties. Where available, quoted
prices in an active market are used to determine fair value. In other circumstances, valuation
techniques are adopted.
Amortised cost is calculated as:
(a) the amount at which the financial asset or financial liability is measured at initial recognition;
(b) less principal repayments;
(c) plus or minus the cumulative amortisation of the difference, if any, between the amount initially
recognised and the maturity amount calculated using the effective interest method; and
(d) less any reduction for impairment.
The effective interest method is used to allocate interest income or interest expense over the
relevant period and is equivalent to the rate that exactly discounts estimated future cash
payments or receipts (including fees, transaction costs and other premiums or discounts)
through the expected life (or when this cannot be reliably predicted, the contractual term) of
the financial instrument to the net carrying amount of the financial asset or financial liability.
Revisions to expected future net cash flows will necessitate an adjustment to the carrying value
with a consequential recognition of an income or expense in profit or loss.
The Group does not designate any interests in subsidiaries, associates or joint venture entities
as being subject to the requirements of accounting standards specifically applicable to financial
instruments.
(i) Financial assets at fair value through profit or loss
Financial assets are classified at ‘fair value through profit or loss’ when they are either held
for trading for the purpose of short-term profit taking, derivatives not held for hedging
purposes, or when they are designated as such to avoid an accounting mismatch or to
enable performance evaluation where a group of financial assets is managed by key
management personnel on a fair value basis in accordance with a documented risk
management or investment strategy. Such assets are subsequently measured at fair value
with changes in carrying value being included in profit or loss.
(ii) Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market and are subsequently measured at
amortised cost.
Loans and receivables are included in current assets, except for those which are not
expected to mature within 12 months after reporting date. (All other loans and receivables
are classified as non-current assets.)
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 42
2.
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
(iii) Held-to-maturity investments
Held-to-maturity investments are non-derivative financial assets that have fixed maturities
and fixed or determinable payments, and it is the Group’s intention to hold these
investments to maturity. They are subsequently measured at amortised cost.
Held-to-maturity investments are included in non-current assets, except for those which
are expected to mature within 12 months after reporting date. (All other investments are
classified as current assets.)
If during the period the Group sold or reclassified more than an insignificant amount of the
held-to-maturity investments before maturity, the entire held-to-maturity investments
category would be tainted and reclassified as available-for-sale.
(iv) Available-for-sale financial assets
Available-for-sale financial assets are non-derivative financial assets that are either not
suitable to be classified into other categories of financial assets due to their nature, or they
are designated as such by management. They comprise investments in the equity of other
entities where there is neither a fixed maturity nor fixed or determinable payments.
Available-for-sale financial assets are included in non-current assets, except for those
which are expected to be disposed of within 12 months after reporting date. (All other
financial assets are classified as current assets.)
(v) Financial Liabilities
Non-derivative financial liabilities (excluding financial guarantees) are subsequently
measured at amortised cost.
Fair value
Fair value is determined based on current bid prices for all quoted investments. Valuation techniques
are applied to determine the fair value for all unlisted securities, including recent arm’s length
transactions, reference to similar instruments and option pricing models.
Impairment
At the end of each reporting period, the Group assesses whether there is objective evidence that a
financial instrument has been impaired. In the case of available-for-sale financial instruments, a
prolonged decline in the value of the instrument is considered to determine whether impairment has
arisen. Impairment losses are recognised in the statement of comprehensive income.
De-recognition
Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the
asset is transferred to another party whereby the entity no longer has any significant continuing
involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised
where the related obligations are discharged, cancelled or expired. The difference between the
carrying value of the financial liability extinguished or transferred to another party and the fair value
of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in
profit or loss.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 43
2.
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
l.
Fair value estimation
The fair value of financial assets and financial liabilities must be estimated for recognition and
measurement or for disclosure purposes.
The fair value of financial instruments traded in active markets is based on quoted market prices at
the Statement of Financial Position date. The quoted market price used for financial assets held by
entities in the Group is the current bid price; the appropriate quoted market price for financial
liabilities is the current ask price.
The fair value of financial instruments that are not traded in an active market is determined using
valuation techniques. Entities in the Group use a variety of methods and make assumptions that are
based on market conditions existing at each balance date. Quoted market prices or dealer quotes for
similar instruments are used for long-term debt instruments held. Other techniques, such as
estimated discounted cash flows, are used to determine fair value for the remaining financial
instruments.
The nominal value less estimated credit adjustments of trade receivables and payables are assumed
to approximate their fair values. The fair value of financial liabilities for disclosure purposes is
estimated by discounting the future contractual cash flows at the current market interest rate that is
available to entities in the Group for similar financial instruments.
m.
Property, plant and equipment
Land and buildings are shown at fair value, based on periodic valuations by external independent
valuers, less subsequent depreciation for buildings. Any accumulated depreciation at the date of
revaluation is eliminated against the gross carrying amount of the asset and the net amount is
restated to the re-valued amount of the asset. All other plant and equipment is stated at historical
cost less depreciation. Historical cost includes expenditure that is directly attributable to the
acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the Group and the cost of the item can be measured reliably. All other repairs and maintenance
are charged to the Statement of Comprehensive Income during the financial period in which they are
incurred.
Increases in the carrying amounts arising on revaluation of land and buildings are credited to the
asset revaluation reserve in equity. A revaluation surplus is credited to the asset revaluation reserve
included within shareholder’s equity unless it reverses a revaluation decrease on the same asset
previously recognised in the Statement of Profit or Loss and Other Comprehensive Income. A
revaluation deficit is recognised in the Statement of Profit or Loss and Other Comprehensive Income
unless it directly offsets a previous revaluation surplus on the same asset in the asset revaluation
reserve. On disposal, any revaluation reserve relating to sold assets is transferred to retained
earnings. Independent valuations are performed regularly to ensure the carrying amounts of land
and buildings do not differ materially from the fair value at the Statement of Financial Position date.
Land is not depreciated. Depreciation on other assets is calculated using the straight line, over their
estimated useful lives, as follows:
•
Plant and equipment
10 years (depreciation rate 10%)
•
Buildings
20 years (depreciation rate 5%)
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each
Statement of Financial Position date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s
carrying amount is greater than its estimated recoverable amount (note 2 (m)).
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These
are included in the Statement of Profit or Loss and Other Comprehensive Income.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 44
2.
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
n.
Investment property
Investment property is held for long-term rental yields and is not occupied by the Group. Investment
property is carried at fair value, which is based on active market prices, adjusted, if necessary, for any
difference in the nature, location or condition of the specific asset. If this information is not available,
the Group uses alternative valuation methods such as recent prices in less active markets or
discounted cash flow projections. These valuations are reviewed annually. Changes in fair values are
recorded in the Statement of Profit or Loss and Other Comprehensive Income as part of other income.
o.
Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of
financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of
recognition.
p.
Provisions
Provisions are recognised when the group has a legal or constructive obligation, as a result of past
events, for which it is probable that an outflow of economic benefits will result and the outflow can
be reliably measured.
Provisions are measured using the best estimate of the amounts required to settle the obligation at
the end of the reporting period.
q.
r.
s.
Other liabilities
Other liabilities comprise non-current amounts due to related parties that do not bear interest and
are repayable within one year of Statement of Financial Position date.
Employee benefits
Wages, Salaries and Annual Leave
Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be
settled within one year of Statement of Financial Position date are recognised in other liabilities in
respect of employees' services rendered up to Statement of Financial Position date and are measured
at amounts expected to be paid when the liabilities are settled.
Long Service Leave
The liability for long service leave is recognised in the provision 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.
In determining the liability, consideration is given to employee wage increases and the probability
that the employee may satisfy resting requirements. Those cash flows are discounted using market
yields on national government bonds with terms to maturity that match the expected timing of cash
flows.
Issued capital
Ordinary shares are classified as equity.
Costs directly attributable to the issue of new shares or options are shown as a deduction from the
equity proceeds, net of any income tax benefit.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 45
2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued
t.
Share-based payments
Ownership-based remuneration is provided to employees via an employee share option plan and
employee share plan.
Share-based compensation is recognised as an expense in respect of the services received,
measured on a fair value basis.
The fair value of the options at grant date is independently determined using a Black Scholes option
pricing model that takes into account the exercise price, the term of the option, the vesting and
performance criteria, the impact of dilution, the non-tradeable nature of the option, 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.
The fair value of the options granted excludes the impact of any non-market vesting conditions (for
example, profitability and sales growth targets). Non-market vesting conditions are included in
assumptions about the number of options that are expected to become exercisable. At each
Statement of Financial Position date, the Group revises its estimate of the number of options that
are expected to become exercisable. The employee benefit expense recognised each period takes
into account the most recent estimate.
Upon the exercise of options, the balance of the share-based payments reserve relating to those
options is transferred to share capital.
u.
Earnings per share (EPS)
Basic EPS is calculated as net profit 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 EPS is calculated as net profit 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.
v.
New Accounting Standards for Application
The AASB has issued new and amended accounting standards and interpretations that have
mandatory application dates for future reporting periods. The group has decided against early
adoption of these standards. We have reviewed these standards and interpretations and there are
none having any material effect.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 46
3.
FINANCIAL RISK MANAGEMENT
a.
General objectives, policies and processes
In common with all other businesses, the Group is exposed to risks that arise from its use of financial
instruments. This note describes the Group’s objectives, policies and processes for managing those
risks and the methods used to measure them. Further quantitative information in respect of these
risks is presented throughout these financial statements.
There have been no substantive changes in the Group’s exposure to financial instrument risks, its
objectives, policies and processes for managing those risks or the methods used to measure them
from previous periods unless otherwise stated in this note.
The Board has overall responsibility for the determination of the Group’s risk management objectives
and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for
designing and operating processes that ensure the effective implementation of the objectives and
policies to the Group’s finance function. The Groups' risk management policies and objectives are
therefore designed to minimise the potential impacts of these risks on the results of the Group where
such impacts may be material. The Board receives reports from the Chief Financial Officer through
which it reviews the effectiveness of the processes put in place and the appropriateness of the
objectives and policies it sets. The Group’s finance function also reviews the risk management
policies and processes and report their findings to the Audit Committee.
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without
unduly affecting the Group’s competitiveness and flexibility.
Further details regarding these policies are set out below.
The Group and the parent entity hold the following financial instruments:
Consolidated
2024
2023
$’000
$’000
Financial assets
Current
Cash and cash equivalents
616
599
Trade and other receivables
(129)
(129)
487
470
Financial liabilities
Current
Trade and other payables
267
223
Financial liabilities
4,200
4,200
Non-current
Financial liabilities
8,000
8,925
12,467
13,348
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 47
3.
FINANCIAL RISK MANAGEMENT continued
b.
Credit risk
Credit risk is the risk that the other party to a financial instrument will fail to discharge their obligation
resulting in the Group incurring a financial loss. This usually occurs when debtors or counterparties
to derivative contracts fail to settle their obligations owing to the Group excluding the available for
sale financial assets.
The maximum exposure to credit risk at balance date is the carrying amount of the financial assets,
excluding the available for sale financial assets, as summarised under note(a) above.
For banks and financial institutions, only independently rated parties are accepted and each deposit
account is kept to under $0.25 million to ensure that it is covered by the Governments bank deposit
guarantee scheme.
The maximum exposure to credit risk at balance date by country is as follows:
Consolidated
2024
2023
$’000
$’000
Australia
2,496
100
2,496
100
c.
Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulties raising funds to meet commitments
associated with financial instruments that is, borrowing repayments. Bank loans are detailed below.
The funds were provided by bankers for the Group and the Parent Company. It is the policy of the
Board of Directors that treasury reviews and maintains adequate committed credit facilities and the
ability to close-out market positions.
Maturity Analysis of financial assets
Carrying
Amount
Contractual
Cash flows
< 6 mths
6- 12
mths
1-3 years
> 3 years
Consolidated
2024
$'000
$'000
$'000
$'000
$'000
$'000
Current
Cash and cash
equivalent
616
616
616
-
-
-
Trade and other
receivables
(129)
2,266
2,266
-
-
-
Total financial assets
487
2,882
2,882
-
-
-
2023
Current
Cash and cash
equivalent
599
599
599
-
-
-
Trade and other
receivables
(129)
(129)
(129)
-
-
-
Total financial assets
470
470
470
-
-
-
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 48
3.
FINANCIAL RISK MANAGEMENT continued
Maturity Analysis of financial liabilities
Carrying
Amount
Contractual
Cash flows
< 6 mths
6- 12
mths
1-3 years
> 3 years
Consolidated
2024
$'000
$'000
$'000
$'000
$'000
$'000
Current
Trade and other
payables
267
267
267
-
-
-
Financial liabilities
4,200
4,200
-
4,200
-
-
Non-current
Financial Liabilities
8,000
8,000
-
-
8,000
-
Total financial liabilities
at amortised cost
12,467
12,467
267
4,200
8,000
-
2023
Current
Trade and other
payables
223
223
223
-
-
-
Financial liabilities
4,200
4,200
-
4,200
-
-
Non-current
Financial Liabilities
8,925
8,925
-
-
8,925
-
Total financial liabilities
at amortised cost
13,348
13,348
223
4,200
8,925
-
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 49
3.
FINANCIAL RISK MANAGEMENT continued
d.
Market risk
Market risk arises from the use of interest bearing, tradable and foreign currency financial
instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other
market factors (other price risk).
(i)
Interest rate risk
The Group does not apply hedge accounting.
The Group is constantly monitoring its exposure to trends and fluctuations in interest rates in
order to manage interest rate risk.
For further details of exposure to interest rate risk refer Note 13 Financial Liabilities.
Sensitivity Analysis
The following tables demonstrate the sensitivity to reasonably possible changes in interest
rates, with all other variables held constant, of the Group’s profit after tax (through the impact
on floating rate borrowings). There is no impact on the Group’s equity.
+1%
-1%
Carrying
Amount
Interest
Rate
Interest
Rate
Consolidated
2024
$'000
$'000
$'000
Financial Liabilities
12,200
(122)
122
Tax charge of 25%
31
(31)
After tax increase/(decrease)
12,200
(91)
91
2023
Financial Liabilities
13,125
(131)
131
Tax charge of 25%
33
(33)
After tax increase/(decrease)
13,125
(98)
98
(ii) Currency risk
The Group’s policy is, where possible, to allow group entities to settle liabilities denominated in
their functional currency (AUD) with the cash generated from their own operations in that
currency. Where group entities have liabilities denominated in a currency other than their
functional currency (and have insufficient reserves of that currency to settle them) cash already
denominated in that currency will, where possible, be transferred from elsewhere within the
Group.
In order to monitor the continuing effectiveness of this policy, the Group receives forecast,
analysed by the major currencies held by the Group, of liabilities due for settlement and
expected cash reserve.
There is no foreign currency loan as at reporting date (2023: Nil).
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 50
3.
FINANCIAL RISK MANAGEMENT continued
Capital risk management
In managing its capital, the Group’s primary objectives are to pay dividends and maintain liquidity.
These objectives dictate any adjustments to capital structure. Rather than set policies, advice is
taken from professional advisors as to how to achieve these objectives. There has been no change
in either of these objectives, or what is considered capital in the year.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends
paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistently with others in the industry, the Group and the parent entity monitor capital on the
basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is
calculated as total borrowings (including 'Financial liabilities' and 'trade and other payables' as
shown in the Statement of Financial Position) less cash and cash equivalents. Total capital is
calculated as 'equity' as shown in the Statement of Financial Position (including minority interest)
plus net debt.
It is the Group’s policy to maintain its gearing ratio at a healthy and manageable level. The Group’s
gearing ratio at the Statement of Financial Position date is as follows:
Gearing ratios
Consolidated
2024
2023
$'000
$'000
Total borrowings
12,200
13,125
Less: cash and cash equivalents
(616)
(599)
Net borrowings
11,584
12,526
Total equity
19,372
23,140
Total capital – equity and borrowings
30,956
35,666
Gearing Ratio
37%
35%
There have been no other significant changes to the Group’s capital management objectives,
policies and processes in the year nor has there been any change in what the Group considers to
be its capital.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 51
4.
REVENUE
Consolidated
2024
2023
$’000
$’000
Rental Income
1,491
1,470
Service Fee Income
7
10
1,498
1,480
5.
OTHER INCOME AND EXPENSES
Consolidated
2024
2023
$’000
$’000
Change in fair value of investment properties
(916)
774
Gain on disposal of investment property
235
-
Provision for doubtful debt – vendor finance
(2,395)
-
Others
10
-
Insurance compensation
-
136
(3,066)
910
6.
EXPENSES
a.
b.
c.
The profit/(loss) before income tax is arrived after
(charging)/crediting the following specific amounts:
Cost of providing services and administration expenses
Consolidated
2024
2023
$’000
$’000
Consulting and professional expenses
(43)
(121)
Director and Employee on costs
(575)
(511)
Legal expenses
(13)
(12)
Other administration expenses
(265)
(270)
(896)
(914)
Finance income
Interest received
87
7
Finance expenses
Interest paid – bank loan
(895)
(789)
Others
(4)
(25)
(899)
(814)
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 52
7.
INCOME TAX
a.
Income tax expense
Consolidated
2024
2023
$’000
$’000
Income tax expense
Current tax expense
-
-
Deferred tax expense
-
-
Total income tax expense/(benefit)
-
-
Deferred tax expense
Increase in deferred tax expense/(benefit)
-
-
b.
Numerical reconciliation of income tax to prima facie tax
payable
Profit / (loss) from continuing operations before income tax
(3,768)
182
Income tax expense (benefit) calculated @ 25% (2023:25%)
(943)
46
Deferred tax expenses relating to partly owned subsidiaries
outside of the tax consolidated group
Temporary differences not brought to account
579
(226)
Recoupment of prior year tax losses not previously brought to
account
-
-
Tax losses not brought to account
364
180
Income tax expense/(benefit) at effective tax rate of 25%
(2023: 25%)
-
-
c.
Amounts recognised directly in equity
Aggregate current and deferred tax arising during the
reporting period and not recognised in profit and loss but
directly debited or credited to equity:
Current income tax
Current income tax on transaction costs of issuing equity
instruments
-
-
d.
Unrecognised deferred tax assets and liabilities
Consolidated
2024
2023
$’000
$’000
The unrecognised deferred tax assets of the Group include
$6,264,515 (2023: $4,809,515) in relation to carried
forward tax losses and $5,180,341 (2023: $5,540,341) in
relation to carried forward capital losses.
Deferred tax assets and liabilities have not been
recognised in the statement of financial position for the
following items:
Other deductible temporary differences/permanent
differences and tax losses
2,315
(904)
2,315
(904)
Potential benefit/(expense) at 25% (2023: 25%)
579
(226)
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 53
7.
INCOME TAX continued
e.
Deferred tax assets
Deferred tax assets comprise temporary differences
attributable to:
Amounts recognised in profit and loss
Tax losses
-
-
Amounts recognised directly in equity
Share issue expenses
-
-
-
-
f.
Deferred tax liabilities
Deferred tax liabilities comprise temporary differences
attributable to:
Amounts recognised directly in equity
Revaluations of land and buildings
-
-
Amounts recognised in profit and loss
Capitalised development costs
-
-
-
-
8.
CASH & CASH EQUIVALENTS
Consolidated
2024
2023
$’000
$’000
Cash at bank and on hand
616
599
Cash held in trust accounts
-
-
616
599
Weighted average interest rates
0.02%
0.04%
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 54
9.
TRADE AND OTHER RECEIVABLES
Consolidated
2024
2023
$’000
$’000
Current
Trade receivables (note a)
(110)
(113)
Provision for doubtful debts
-
-
(110)
(113)
Deposit
100
100
Provision
(100)
(100)
Other receivable – vendor finance (note b)
2,396
-
Provision for doubtful debt
(2,395)
-
Other receivables (note b)
(20)
(16)
(129)
(129)
a.
Trade receivables past due but not impaired
Consolidated
2024
2023
$’000
$’000
Up to 3 months
-
(113)
3 to 6 months
-
-
-
(113)
b.
Other receivables
Company disposed its Regent street property in 2024 on deferred settlement basis. The remaining
interest bearing secured vendor financed receivable $2.39 million will be due for settlement in June
2025. Company has registered second mortgage on the sold property as security.
These amounts relate to receivables for GST and deposit paid.
c.
Advances to controlled entities
There are no advances to controlled entities that are past due but not impaired as measurement is
tied to recoverability. The advances are non-interest bearing and with no securities.
d.
Fair value and credit risk
Current trade and other receivables
Due to the short-term nature of these receivables their carrying amount is assumed to approximate
their fair value.
The maximum exposure to credit risk at the reporting date is the carrying amount of each class of
receivables mentioned above
10.
OTHER CURRENT ASSETS
Consolidated
2024
2023
$’000
$’000
Prepayment
137
290
Others
-
-
137
290
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 55
11.
INVESTMENT PROPERTIES
Consolidated
2024
2023
$'000
$'000
Non-current
Investment properties at fair value
31,314
35,821
31,314
35,821
a.
Valuation basis
The basis of the valuation of investment properties is fair value being the amounts for which the
properties could be exchanged between willing parties in an arm’s length transaction, based on
current prices in an active market for similar properties in the same location and condition and
subject to similar leases. The revaluations were based on a combination of independent
assessments made by a member of the Australian Property Institute and directors’ valuations.
Consolidated
2024
2023
$'000
$'000
Investment properties at fair value
Independent valuation
38,725
43,950
Acquisition cost
-
3,225
Capital works improvements and capitalised costs
104
3,244
Accumulated depreciation and fair value provision
(7,515)
(14,598)
31,314
35,821
b.
Reconciliation
A reconciliation of the carrying amount of investment properties at the beginning and end of the
current financial year is set out below:
Consolidated
2024
2023
$'000
$'000
At fair value
Balance at beginning of year
35,821
34,474
Disposal of property
(4,000)
-
Capital Works and improvements
104
573
Change in fair value
(611)
774
Carrying amount at end of the year
31,314
35,821
c.
Amounts recognised in Statement of Profit or Loss and Other Comprehensive Income for
investment properties
Consolidated
2024
2023
$'000
$'000
Rental and services income
1,491
1,470
Property running expenses
492
487
d.
Non-current assets pledged as security
Refer to Note 13 for information on non-current assets pledged as security by the parent entity or
its controlled entities.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 56
11.
INVESTMENT PROPERTIES continued
e.
Details of Hudson Investment Group Limited investment property portfolio
Note 1 : The industrial property located at Halloran has a current bank valuation of $20.5 million.
A registered mortgage is secured over the property and the loan value is $8.0 million.
Note 2 : A bank valuation of $9.1 million exists. A registered mortgage is secured over the property
and the loan is $4.2million.
Note 3 : The property was sold in July 2024 for $4.0 million on a delayed settlement basis by 30
June 2025.
The Group investment portfolio carrying value of $31.3 million in book represents auditor’s
assessed portfolio fair value amount despite external independent valuation of $38.7 million.
12.
TRADE AND OTHER PAYABLES
Consolidated
2024
2023
Current
$'000
$'000
Unsecured
Trade and other creditors
202
149
Other payables – rental bonds
65
74
267
223
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 57
13.
FINANCIAL LIABILITIES
Consolidated
2024
2023
$’000
$’000
Current
Secured
Bank loan
4,200
4,200
Total Current
4,200
4,200
Non-Current
Secured
Bank loan
8,000
8,925
Total Non-Current
8,000
8,925
Security for borrowings
Bank loans are secured by first mortgages over the Group’s land and properties and fixed charges Over
assets of the Group. The loans are repayable in 2025 to 2026. The variable interest rate is at 6.46% (2023:
6.83%).
The facilities are subject to an annual review and compliance of financial covenants.
Assets pledged as security
The carrying amounts of non-current assets pledged as security are:
Consolidated
2024
2023
$’000
$’000
Land and Investment Properties
31,314
35,821
31,314
35,821
The fair value of borrowings is equivalent to the carrying amounts of loans liabilities.
Risk exposure
Information about the Group’s exposure to interest rate changes is provided in Note 3.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 58
14.
ISSUED CAPITAL
Consolidated and
Parent Entity
Consolidated and
Parent Entity
2024
2023
2024
2023
Shares
Shares
Number
Number
$’000
$’000
Share capital
Ordinary shares
59,359,935
59,359,935
63,397
63,397
a. Movement during the year
Balance at beginning of the year
59,359,935
59,359,935
63,397
63,397
Share issued
-
-
-
-
Share issuing cost
-
-
-
-
Balance at the end of the year
59,359,935
59,359,935
63,397
63,397
b.
Terms and conditions
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the
parent entity in proportion to the number of and amounts paid on the shares held. On a show of hands
every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and
upon a poll each share is entitled to one vote.
c.
Options
There are no unissued ordinary shares of the Company under option at the date of this report.
d.
Performance Options
No options were granted and issued during this year.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 59
15.
RESERVES AND ACCUMULATED LOSSES
a.
Reserves
Consolidated
2024
2023
$’000
$’000
Asset revaluation reserve
1,141
1,141
Capital reserve
5,386
5,386
Foreign currency translation reserve
(1,266)
(1,266)
5,261
5,261
Movements in reserves
Asset revaluation reserve
Balance at start of period
1,141
1,141
Business combination movement
-
-
Balance at the end of period
1,141
1,141
Capital Profits Reserve
Balance at start of period
5,751
5,751
Business combination movement
(365)
(365)
Balance at the end of period
5,386
5,386
Foreign currency translation reserve
Balance at start of period
(1,266)
(1,266)
Currency translation differences
-
-
Balance at the end of period
(1,266)
(1,266)
The asset revaluation reserve records increments and decrements on the revaluation of individual
parcels of land and buildings. The balance standing to the credit of the reserve may be used to satisfy
the distribution of bonus shares to shareholders and is only available for the payment of cash dividends
in limited circumstances as permitted by law, net of capital gains tax payable.
The foreign currency translation reserve is used to record exchange differences on translation of
foreign controlled subsidiaries. The reserve is recognised in the Statement of Profit or Loss and Other
Comprehensive Income when the investment is disposed of.
b.
Accumulated losses
Consolidated
2024
2023
$’000
$’000
Balance at the beginning of the year
(45,518)
(45,700)
Profit / (loss) for the year
(3,768)
182
Balance at the end of the year
(49,286)
(45,518)
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 60
16.
EARNINGS / (LOSS) PER SHARE
2024
2023
Cents
Cents
Basic earnings per share
(6.35)
0.31
Diluted earnings per share
(6.35)
0.31
2024
2023
$’000
$’000
Profit used in calculating basic and diluted earnings/(loss) per share
(3,768)
182
2024
Shares
2023
Shares
Weighted average number of ordinary shares used as the
denominator in calculating basic earnings per share
59,359,935
59,359,935
Adjustments for calculation of diluted earnings per share
-
-
Weighted average number of ordinary shares used as the
denominator in calculating diluted earnings per share.
59,359,935
59,359,935
17.
OPERATING SEGMENTS
The Consolidated Entity’s primary reporting format is business segments and its secondary reporting format
is geographical segments.
Business segments
The Consolidated entity is organised into the following divisions by product and service type.
Property investment & development
Development and administration of industrial property in eastern Australia.
Geographical segments
All business segments operate principally within Australia.
Accounting policies
Segment revenues and expenses are those directly attributable to the segments and include any joint
revenue and expenses where a reasonable basis of allocation exists. Segment assets include all assets used
by a segment and consist principally of cash, receivables, inventories, intangibles and property, plant and
equipment, net of allowances and accumulated depreciation and amortisation. While most assets can be
directly attributed to individual segments, the carrying amount of certain assets used jointly by two or more
segments is allocated to segments on a reasonable basis. Segment liabilities consist principally of payables,
employee benefits, accrued expenses, provisions and borrowings.
Inter-segment transfers
Segment revenues, expenses and results include transfers between segments. All other intersegment
transfers are priced on an “arm’s-length” basis and are eliminated on consolidation.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 61
17.
OPERATING SEGMENTS continued
Primary reporting – business segments
Property
investment &
development
Investment
Services
Intersegment
eliminations/
unallocated
Consolidated
$’000
$’000
$’000
$’000
2024
Sales to external customers
1,498
-
-
1,498
Intersegment sales
-
-
-
-
Total sales revenue
1,498
-
-
1,498
Other revenue
-
-
-
-
Total segment revenue
1,498
-
-
1,498
Segment result
Profit/(loss) before tax
(3,768)
-
-
(3,768)
Tax expense
-
-
-
-
Net profit/(loss)
(3,768)
-
-
(3,768)
Segment assets
31,938
-
-
31,938
Segment liabilities
12,566
-
-
12,566
Acquisition of non-current
assets
104
-
-
104
Depreciation and amortisation
expense
-
-
-
-
2023
Sales to external customers
1,480
-
-
1,480
Intersegment sales
-
-
-
-
Total sales revenue
1,480
-
-
1,480
Other revenue
-
-
-
-
Total segment revenue
1,480
-
-
1,480
Segment result
Profit/(loss) before tax
182
-
-
182
Tax expense
-
-
-
-
Net profit/(loss)
182
-
-
182
Segment assets
36,581
-
-
36,581
Segment liabilities
13,441
-
-
13,441
Acquisition of non-current
assets
573
-
-
573
Depreciation and amortisation
expense
-
-
-
-
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 62
18.
CASH FLOW INFORMATION
a.
Reconciliation of net cash provided by/(used in)
from operating activities
Consolidated
2024
2023
$’000
$’000
Profit/(Loss) for the year
(3,768)
182
Change in fair value of investment properties
916
(774)
Doubtful debt and investment provision
2,395
258
Gain on disposal of investment property
(235)
-
Change in operating assets and liabilities:
(Increase)/decrease in trade and other receivables
(41)
353
(Increase)/decrease in other current assets
153
(158)
Increase/(decrease) in trade and other creditors
27
(307)
(Increase) in deferred tax assets
-
-
Increase in deferred tax liabilities
-
-
Net cash (used in) / provided by operating activities
(553)
(446)
b.
Significant non-cash transactions
No other significant non-cash transactions occurred during the year.
19.
CONTROLLED ENTITIES
Name of entity
Class of
Share/unit
Equity Holding
Country of
formation or
incorporation
2024
2023
%
%
HTH Holdings Pty Limited
Ordinary
100
100
Australia
Hudson Property Group Limited
Ordinary
100
100
Australia
Hudson Land Pty Limited
Ordinary
100
100
Australia
Hudson Bowen Hill Pty Ltd
Ordinary
100
100
Australia
Hudson Regent Development Pty Ltd
Ordinary
100
100
Australia
Regent Property Trust
Ordinary
100
100
Australia
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 63
20.
CONTINGENT ASSETS AND LIABILITIES
Deed of Cross Guarantee
As at 31 December 2024, Hudson Investment Group Limited, HTH Holdings Pty Ltd, Hudson Property
Group Limited, Hudson Land Pty Ltd, Hudson Regent Development Pty Ltd and Hudson Bowen Hills Pty
Ltd entered a Deed of Cross Guarantee under which each Company guarantees the debts of the others.
By entering into the deed, the wholly owned entities have been relieved from the requirement to
prepare a financial report and Directors’ report under Class Order 98/1418 (as amended by Class Order
98/2017) issued by the Australian Securities & Investments Commission.
The above companies represent a ‘Closed Group’ for the purposes of the Class Order, and as there are
no other parties to the Deed of Cross Guarantee that are controlled by Hudson Investment Group
Limited, they also represent the ‘Extended Closed Group’. These consolidated financial statements for
the year ended 31 December 2024 represent those of the “Closed Group”.
21.
EVENTS OCCURRING AFTER BALANCE DATE
As at the date of lodgement of the 2024 Hudson Investment Group Limited Annual Report, the
Directors note that on 31 March 2025, the Company’s auditor (KSB) issued a Disclaimer of Opinion
(Disclaimer of Opinion) stating:
“…we (KSB) were unable to obtain sufficient appropriate audit evidence regarding the recoverability
of the receivable, existence (ownership of receivable) and the appropriateness of the going concern
assumption used in the preparation of the financial report. These issues are material and persuasive
to the financial report.”
The Directors disagree with this Disclaimer of Opinion.
Subsequent to the issue of the Disclaimer of Opinion, the directors have provided KSB with sufficient
evidence showing:
i)
The Company has obtained a registered second mortgage over the land situated at 43
Regent Street Woolloongabba Qld
ii)
The Company has caused the financial report for the year ended 31 December 2024 to
show a full provision over the recoverability of the remaining unpaid debt amounting to
$2.395 million owed by the purchaser even though the directors believe that the debt
will be paid in full by 30 June 2025
iii)
Provided an updated cash flow for the year ended 31 December 2025 showing a positive
cash flow after eliminating the remaining recoverable debt of $2.395 million and
iv)
Provided additional documents stating that no Hudson director has any interest in the
Woolloongabba land subject to the now registered second mortgage and the sales
transaction was at arms length.
KSB remains of the view expressed in the Disclaimer of Opinion.
At the date of this report there are no other matters or circumstances which have arisen since 31
December 2024 that have significantly affected or may significantly affect:
•
The operations, in financial years subsequent to 31 December 2024 of the Group;
•
The results of those operations; or
•
The state of affairs in financial years subsequent to 31 December 2024 of the Group.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 64
22.
PARENT ENTITY FINANCIAL INFORMATION
a. Summary financial information
The individual financial statements for the parent entity show the following aggregate amounts:
Parent Entity
2024
$’000
2023
$’000
Statement of Financial Position
Assets
Current assets
528
473
Non-current asset
17,670
17,988
Total assets
18,198
18,461
Liabilities
Current liabilities
215
152
Non-Current liabilities
7,975
7,109
Total liabilities
8,190
7,261
Shareholder’s equity
Issued Capital
63,397
63,397
Reserves
-
-
Accumulated losses
(53,389)
(52,197)
Total shareholders’ equity
10,008
11,200
Statement of Profit and Loss and Other Comprehensive Income
Profit/(Loss) for the year
(1,192)
(983)
Total comprehensive profit/(loss)
(1,192)
(983)
b. Guarantees entered into by the parent entity
Hudson Investment Group Limited has provided guarantees to several wholly owned controlled
entities within the Group. No liability was recognised by Hudson Investment Group Limited in relation
to these guarantees as the likelihood of payment is not probable.
c. Contingent liabilities of the parent entity
Refer to note 20.
d. Contractual commitments by the parent entity for the acquisition of property, plant and
equipment.
There are no contractual commitments by the parent entity for the acquisition of property, plant and
equipment.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 65
b.
23.
KEY MANAGEMENT PERSONNEL DISCLOSURES
a.
Directors
The following persons were Directors of Hudson Investment Group Limited during the financial year
unless otherwise stated:
John W Farey
Non-Executive Director
Appointed 1 February 2002
Alan P Beasley
Managing Director
Appointed 19 January 2015
Wei Huang
Executive Director
Appointed 4 June 2019
John J Foley
Non-Executive Director
Appointed 6 August 2014
Dr Cheng Fong Han Non-Executive Director
Resigned 24 March 2025
Pin Chua Non-Executive Director Appointed 27 September 2022
Warren Choo Non-Executive Director Appointed 24 March 2025
Other key management personnel
The following persons were key management personnel of Hudson Investment Group Limited during
the financial year:
Vincent Tan
Director of controlled entity
Henry Kinstlinger
Joint Company Secretary Appointed 16 March 2016
Mona Esapournoori
Joint Company Secretary Appointed 5 June 2018
Francis Choy
Chief Financial Officer
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 66
23.
KEY MANAGEMENT PERSONNEL DISCLOSURES continued
c.
Compensation of Directors and other key management personnel
Short Term Employee
Benefits
Post-
Employment
Long Term
Benefits
Salary
and other
fees
Non-Monetary
Benefits
Superannuation
Long
Service
Leave
Total
$
$
$
$
$
Consolidated
2024
Directors
John W Farey
12,000
-
-
-
12,000
Alan P Beasley
150,000
-
-
-
150,000
Wei Huang *
150,000
-
-
-
150,000
John J Foley
-
-
-
-
-
Dr Cheng Fong Han
-
-
-
-
-
Pin Chua
-
-
-
-
-
Director - Total
312,000
-
-
-
312,000
KMP
Henry Kinstlinger
-
-
-
-
-
Mona Esapournoori
12,000
-
1,350
200
13,550
Francis Choy
120,000
-
13,500
1,990
135,490
KMP - Total
132,000
-
14,850
2,190
149,040
2023
Directors
John W Farey
12,000
-
-
-
12,000
Alan P Beasley
150,000
-
-
-
150,000
Wei Huang *
180,000
-
-
-
180,000
John J Foley
-
-
-
-
-
Dr Cheng Fong Han
-
-
-
-
-
Pin Chua
-
-
-
-
-
Director - Total
342,000
-
-
-
342,000
KMP
Vincent Tan
-
-
-
-
-
Henry Kinstlinger
-
-
-
-
-
Mona Esapournoori
12,000
-
1,290
200
13,490
Francis Choy
120,000
-
12,900
1,984
134,884
KMP - Total
132,000
-
14,190
2,184
148,374
The amounts reported represent the total remuneration paid by entities in the Group in relation to
managing the affairs of all the entities within the Group. The remuneration has not been allocated
between the individual entities within the Group as this would not be practicable.
*Mr Huang received director fee $150,000 p.a. (2023: $150,000 p.a.) and consultancy fee Nil (2023:
$30,000) via related entity
There are no performance conditions related to any of the above payments.
There is no other element of Directors and other Key Management Personnel remuneration.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 67
23.
KEY MANAGEMENT PERSONNEL DISCLOSURES continued
d.
e.
Shareholdings and option holdings of key management personnel
Shares held in Hudson Investment Group Limited
The numbers of shares in the Company held during the financial year by each director of Hudson
Investment Group Limited and other key management personnel of the Group, including their
personally related parties, are set out below. There were no shares granted during the reporting
period as compensation.
Direct and indirect interest in ordinary shares
Ordinary Share
Direct Interest
Balance at start
of year-shares
Changes during
the year-shares
Balance at end
of year-shares
2024
Directors
John W Farey
1,000
-
1,000
Alan P Beasley
-
-
-
Wei Huang
-
-
-
John J Foley
-
-
-
Dr. Cheng Fong Han
-
-
-
Pin Chua
-
-
-
2023
Directors
John W Farey
1,000
-
1,000
Alan P Beasley
-
-
-
Wei Huang
-
-
-
John J Foley
-
-
-
Dr. Cheng Fong Han
-
-
-
Pin Chua
-
-
-
Ordinary Share
Indirect Interest
Balance at start
of year-shares
Changes during
the year-shares
Balance at end
of year-shares
2024
Directors
John W Farey
575,561
6,312,419
6,887,980
Alan P Beasley
160,000
-
160,000
Wei Huang
6,000,000
-
6,000,000
John J Foley
-
-
-
Dr. Cheng Fong Han
-
-
-
Pin Chua
-
-
-
2023
Directors
John W Farey
-
575,561
575,561
Alan P Beasley
160,000
-
160,000
Wei Huang
6,000,000
-
6,000,000
John J Foley
-
-
-
Dr. Cheng Fong Han
-
-
-
Pin Chua
-
-
-
No options over unissued shares were granted during the year and no options have been granted in
the period since the end of the financial year and to the date of this report. At the date of this
report there were no unissued shares in the capital of the Company under option.
Loans to key management personnel
There was no loan made to Directors and other Key Management Personnel (KMP) of Hudson
Investment Group Limited during the year.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 68
24.
RELATED PARTY DISCLOSURES
a. Parent entity
The parent entity and ultimate Australian parent entity is Hudson Investment Group Limited (the
Company).
b. Subsidiaries
Interests in subsidiaries are disclosed in Note 19.
c. Key management personnel compensation
Key management personnel compensation information is disclosed in Note 23.
d. Transactions with related parties
The following transactions occurred with related parties during the year
Consolidated
2024
2023
$
$
Corporate services fee paid
-
Paid to Hudson Asset Management Pty Ltd
144,000
144,000
Corporate services fee paid
The Group paid corporate services fee to Hudson Asset Management Pty Limited of $144,000
(2023: $144,000) as payment for office rent, administration and office running expenses incurred on
behalf of the group under corporate service agreement.
e. Outstanding balances
There is no outstanding balances at the reporting date in relation to transaction with related parties:
Consolidated
2024
2023
$000
$000
Receivable
Controlled Entities
-
-
Provision for doubtful debts
-
-
Payable
Controlled Entities
-
-
f. Guarantees
No guarantees were given or received from related parties during the year.
g. Terms and conditions
All transactions were made on normal commercial terms and conditions and at market interest rates,
except that there are no fixed terms or repayment of loans between the parties.
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 69
25.
REMUNERATION OF AUDITORS
Consolidated
2024
2023
$
$
Audit services:
Amounts paid or payable to auditors for audit and review of the
financial report for the parent entity or any entity in the Group
Review services fee
10,995
10,450
Audit fee
18,345
17,450
Taxation and other advisory services:
Amounts paid or payable to the Auditors for non-audit services for
the parent entity or any entity in the Group
Taxation services
3,595
3,395
Advisory services
-
-
Total
32,935
31,295
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 70
DECLARATION BY DIRECTORS
The directors of the Company declare that:
1.
The financial statements, comprising the statement of profit or loss and other comprehensive income,
statement of financial position, statement of cash flows, statement of changes in equity, accompanying
notes, are in accordance with the Corporations Act 2001 and:
(a) comply with Accounting Standards which as stated in accounting policy note 1 to the financial
statements, constitutes explicit and unreserved compliance with international Financial Reporting
Standards (IFRS); and
(b) give a true and fair view of the financial position as at 31 December 2024 and of the performance for
the year ended on that date of the Company and the Group.
2.
In the directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its
debts as and when they become due and payable.
3.
The remuneration disclosures included on pages 12 to 14 of the Directors’ Report (as part of audited
Remuneration Report), for the year ended 31 December 2024, comply with section 300A of the
Corporations Act 2001.
4.
The directors have been given the declarations by the Chief Executive Officer and Chief Financial Officer
required by section 295A.
The entities identified in Note 19 are parties to the deed of cross guarantee under which each company
guarantees the debts of the others. At the date of this declaration there are reasonable grounds to believe that
the companies which are parties to this deed of cross guarantee will as a Group be able to meet any obligations
or liabilities to which they are, or may become, subject to, by virtue of the deed of cross guarantee described in
Note 21.
This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on
behalf of the directors by:
Alan Beasley
Wei Huang
Managing Director
Executive Director
Sydney
28 March 2025
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 71
INDEPENDENT AUDITORS’ REPORT
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 72
For personal use only
Hudson Investment Group Limited ACN 004 683 729
Annual Report 31 December 2024
Page | 73
SHAREHOLDER INFORMATION
As at 28 February 2025
A. Substantial Holders
Those shareholders who have lodged notice advising substantial shareholding under the Corporations Act 2001
are as follows:
Shareholder
Citicorp Nominees Pty Ltd
Millenium Investment Group Pty Ltd
RafflesCo Limited
Waytex Australia Pty Ltd
Raffles Nominees Pty Ltd
Yan Zhou
YLH Investment Pty Ltd
Min Lin
No. of Shares
11,187,345
6,500,000
6,270,000
6,000,000
5,666,656
4,000,000
3,500,000
3,000,000
% held
18.85
10.95
10.56
10.11
9.55
6.74
5.90
5.05
B. Distribution of Equity Securities
% of Issued
Range
Total Holders
Units
Capital
1 - 1,000
260
62,311
0.10
1,001 - 5,000
82
217,341
0.37
5,001 - 10,000
27
218,197
0.37
10,001 - 100,000
32
1,221,144
2.06
100,001 and above
32
57,640,942
97.10
Rounding Total
433
59,359,935
100.00
C. Unmarketable Parcels
Minimum Parcel size
Holders
Units
Minimum $500.00 parcel at $0.175 per unit
2,858
311
158,137
D. Twenty Largest Shareholders
The names of the twenty largest holders of quotes equity securities aggregated are listed below:
Rank
Name
Units
% Units
1
CITICORP NOMINEES PTY LTD
11,187,345
18.85
2
MILLENNIUM INVESTMENT GROUP PTY LTD
6,500,000
10.95
3
RAFFLESCO LTD
6,270,000
10.56
4
WAYTEX PTY LIMITED
6,000,000
10.11
5
RAFFLES NOMINEES PTY LIMITED
5,666,656
9.55
6
YAN ZHOU
4,000,000
6.74
7
YLH INVESTMENT PTY LTD
3,500,000
5.90
8
MIN LIN
3,000,000
5.05
9
JT CAPITAL PTY LTD
1,538,337
2.59
10
MR AARON LANGLEY
1,500,000
2.53
11
G & H BRASHER PTY LTD
1,200,000
2.02
12
MS KOON LIN VENUS CHIU
1,160,000
1.95
13
LIP KOON HWANG
1,000,000
1.68
14
MILLENNIUM PROPERTY INVESTMENTS PTY LTD
558,100
0.94
15
JT CAPITAL HOLDINGS PTY LTD
555,766
0.94
16
SEI HAN TAN
500,000
0.84
17
AZHAR HEWITTSEN ARIFFIN BIN IBRAHIM
442,500
0.75
18
MS RACHEL ZHI TING TAN
377,300
0.64
19
MR VINCENT SEE YIN TAN
359,574
0.62
20
HUDSON PACIFIC GROUP LTD
337,633
0.57
Totals: Top 20 holders of FULLY PAID SHARES
55,653,211
93.78
For personal use only
For personal use only