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Microequities Asset Management Group Limited

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FY2019 Annual Report · Microequities Asset Management Group Limited
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Microequities Asset Management Group Limited

ABN 17 110 777 056 

Annual Report - 30 June 2019 

  
  
  
  
  
Microequities Asset Management Group Limited
Contents
30 June 2019

Chief Executive Officer’s report 
Directors' report 
Auditor's independence declaration 
Consolidated statement of profit or loss and other comprehensive income 
Consolidated statement of financial position 
Consolidated statement of changes in equity 
Consolidated statement of cash flows 
Notes to the consolidated financial statements 
Directors' declaration 
Independent auditor's report to the members of Microequities Asset Management Group Limited 
Corporate directory 
Shareholder information 

2(cid:1)
4(cid:1)
15(cid:1)
16(cid:1)
17(cid:1)
18(cid:1)
19(cid:1)
20(cid:1)
44(cid:1)
45(cid:1)
48(cid:1)
49(cid:1)

1 

  
Microequities Asset Management Group Limited
Chief Executive Officer’s report
30 June 2019

Dear Fellow Shareholders, 

Summary of operating and financial results are provided below: 

Summary Profit or Loss Statement ($000's unless stated)

Funds Under Management ($m) 

2019

340.1

2018 % change

432.4

-21.3%

Operating profit from investment management
Recurring revenue (1) 
Ongoing operating expenses(2) 
Operating profit from management fees

Reconciliation to reported net profit after tax

Performance fee income

Interest & other revenue

Other income and gains/(loss) on investments

Initial public offering costs

Employee share based payment expense 

Tax expense

Profit attributable to non-controlling interests

6,438.3

-3,078.7

3,359.6

960.4

456.7

-387.2

0.0

-563.9

-999.9

-292.7

7,014.4

-3,160.1

3,854.3

3,503.2

448.1

254.3

-8.2%

-2.6%

-12.8%

-72.6%

1.9%

-252.2%

-447.7                      - 

-327.6                      1 

-1,804.0

-266.1

Profit from ordinary activities after tax attributable to the owners of 
Microequities Asset Management Group Limited

Client Numbers (units)

Ongoing operating expenses to  recurring revenue

2,533.0

5,214.5

764

47.8%

839

45.1%

(1) Represents m anagement fees
(2) Excludes costs related to the initial public offering and em ployee share based payment expense

-44.6%

10.0%

-51.4%

-8.9%

6.1%

(cid:1)

In  the  2019  financial  year  (FY19),  the  business  experienced  challenging  conditions  created  by  the  bifurcation  of  market 
values  that  has  seen  extremely  inflated  valuations  for  some  speculative  and  fast-growing  businesses,  whilst  another 
segment of the microcap and small cap asset classes faces highly depressed market valuations, which are at or near GFC 
levels.  Many  of  our  investee  companies  lie  within  the  latter  category.  The  consequent  dichotomy  of  these  two  valuation 
extremes  has  led to  short  term marked-to-market  underperformance  of  our  domestic  investment funds,  with  a consequent 
negative effect on our funds under management and business.  

We  know  from  many  decades  of  investing  that  the  current  value  bifurcation  is  not  only  completely  irrational  but,  more 
importantly, 
inevitably  correct.  The  present 
underperformance is simply laying the foundation for future periods of strong outperformance.  

totally  unsustainable  and 

these  extreme  valuation 

imbalances  will 

Despite a challenging year, the business maintained operational profitability and generated free cash flow. Whilst a decline 
in  year  on  year  earnings  should  never  be  celebrated,  the  strong  fiscal  discipline  and  robustness  of  the  business  model 
allowed the business to endure a difficult external environment within a climate of stability and confidence. 

Operationally,  FY19  marked  the  launch  of  the  Value  Income  Fund,  our  fund  for  retail  investors  which  is  based  on  the 
strategy of our High Income Value Microcap Fund. The Value Income Fund has received a favourable investment research 
rating from SQM Research and posted strong returns. The 2020 financial year (FY20) will see the fund become available on 
multiple investment platforms as  we  seek to expand our distribution reach and scale the fund. Early interest from financial 
advisors has been positive and, with the RBA undertaking two consecutive interest rate cuts, the need for investors to find 
alternative quality, high income investments is greater than ever.  

2 

Microequities Asset Management Group Limited
Chief Executive Officer’s report
30 June 2019

Industry dynamics 
This year has seen many of our competitors close their businesses. We have counted that at least 14 fund managers, many 
of those in the microcap and small cap space, that have recently shut their businesses for various reasons. These generally 
include a combination of industry superfunds insourcing asset class capability, fund managers being sub scale, prolonged 
poor  investment  performance  and  continued  growth  of  index  investing.  The  forced  selling  from  a  number  of  these  exiting 
fund  managers  as  well  as  the  reduced  number  of  competitors  in  our  asset  class  has  exacerbated  pricing  dislocation  and 
market inefficiency. Pricing inefficiency may have affected our FY19 investment performance but, as value-based investors, 
we are not going to complain one iota about industry conditions that have only accentuated market pricing inefficiency and 
obfuscated price discovery. The seeds of our future investment performance have been truly planted on highly fertile soil.  

Strong start to FY20  
We are pleased to note that our domestic funds recorded strong performance for the month of July, with our flagship Deep 
Value  Fund  returning  8.6%,  our  High-Income  Value  Income  Fund  returning  8.1%  and  our  Pure  Microcap  Value  Fund 
returning 4.9%. The returns are a pleasing start to FY20 and, with many of investee companies at highly depressed market 
prices, there is strong return potential across all our Funds.  

Dividends 
The board of Microequities Asset Management Group Ltd is pleased to declare a one cent per share fully franked dividend. 
The dividend payment is consistent with the dividend policy of the company, which is to pay between 70% to 100% of the 
cash operating profit from the investment management operations.  

Balance Sheet 
The Group’s balance sheet remains extremely solid with Net Tangible Assets of $8.6million and a high Current Ratio. The 
business remains free of financial debt. After paying the announced one cent per share dividend, the Group will have excess 
cash which it will look deploy within the investment products of the Group.  

Looking ahead 
The  growing  market  share  of  passive  index  funds  has  seen  many  commentators  question  the  viability  of  active  fund 
managers. We can only speak with respect to the asset classes that we manage; microcaps and small caps. The increase in 
index funds has exacerbated the very conditions that make value investors get up feeling excited about the asset class each 
morning, namely: indiscriminate capital allocation accentuating severe pricing inefficiency. 

Our job and task for FY20 is to articulate the tremendous investment opportunity we see ahead of us to those investors that 
are not cognisant of it, and to point them towards our undervalued investment funds. This will require a communications and 
marketing  strategy  to  narrate  and  articulate  the  opportunity.  Some  of  our  investors  are  already  demonstrating  the 
sophistication to understand that the opportunity is compelling, it behoves us to capture it by articulating it to those that do 
not. 

FY20 will also see our Wholesale High Income Value Microcap Fund move to monthly cash distributions allowing improved 
cash  flow  management  and  high  cash  returns  in  a  prolonged  low  interest  rate  environment.  The  Fund  has  some  unique 
features and,  with a strong track record of generating income and capital growth, we  will increase our marketing efforts to 
build further scale.  

We take this occasion to thank our clients, shareholders and colleagues who work tirelessly alongside us as we endeavour 
to achieve our objectives.  

__________________________ 
Carlos Gil 
Chief Executive Officer, Chief Investment Officer 

15 August 2019

3 

Microequities Asset Management Group Limited
Directors' report
30 June 2019

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as 
the  'Group')  consisting  of  Microequities  Asset  Management  Group  Limited  (referred  to  hereafter  as  the  'Company'  or 
'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2019. 

Directors 
The following persons were directors of Microequities Asset Management Group Limited during the whole of the financial 
year and up to the date of this report, unless otherwise stated: 

Leslie Szekely - Chairman 
Craig Shapiro 
Carlos Gil 
Samuel Gutman 

Principal activities 
During the financial year the principal continuing activities of the Group consisted of the management of investment funds. 

Dividends 
Dividends paid/payable during the financial year were as follows: 

Consolidated

2019
$

2018
$

Final dividend for the year ended 30 June 2018 of 1 cent per ordinary share 

1,315,706 

-  

Interim dividend for the year ended 30 June 2019 of 1 cent per ordinary share (2018: 2.009 
cents) 

1,332,510 

2,645,000 

2,648,216 

2,645,000 

On  15  August  2019,  the  Directors  declared  a  fully franked  final  dividend for  the  year  ended  30  June  2019  of  1  cent  per 
ordinary  share,  to  be  paid  on  5  September  2019  to  eligible  shareholders  on  the  register  as  at  21  August  2019.  This 
equates to a total estimated dividend of $1,330,369, based on the number of ordinary shares on issue as at 30 June 2019. 
The financial effect of dividends declared after the reporting date are not reflected in the financial statements and  will be 
recognised in subsequent financial statements. 

Review of operations 
The profit for the Group after providing for income tax and non-controlling interest amounted to $2,532,958 (30 June 2018: 
$5,214,479). 

Refer to Chief Executive Officer's report for further commentary on the review of operations. 

Significant changes in the state of affairs 
There were no significant changes in the state of affairs of the Group during the financial year. 

Matters subsequent to the end of the financial year 
Apart from the dividend declared as discussed above, no other matter or circumstance has arisen since 30 June 2019 that 
has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's 
state of affairs in future financial years. 

Likely developments and expected results of operations 
Likely developments in the operations of the Group and the expected results of those operations are contained in the Chief 
Executive Officer's report. 

Environmental regulation
The Group is not subject to any significant environmental regulation under Australian Commonwealth or State law. 

4 

  
Microequities Asset Management Group Limited
Directors' report
30 June 2019

Information on directors 
Name: 
Title: 
Qualifications: 

Experience and expertise: 

Leslie Szekely 
Non-Executive Director and Chairman 
Bachelor  of  Arts,  Bachelor  of  Law  from  the  University  of  New  South  Wales  and 
Master of Law from Sydney University 
Leslie  worked  as  a  solicitor  before  teaching  commercial  and  revenue  law  at  the 
University  of  New  South  Wales,  and  Sydney  University.  He  was  a  tax  consulting 
partner with Horwath Chartered Accountants for 20 years, until Horwath merged with 
Deloitte,  when  he  became  Director  of  Taxation  in  Deloitte  Growth  Solutions.  Leslie 
has authored numerous books and articles on taxation law. Since leaving Deloitte in 
2008 Leslie has dedicated his time to angel and venture capital ('VC') investing. He is 
Chairman of the Investment Committee for the Microequities VC Fund and sits on the 
Boards  of  several  unlisted  companies.  His  focus  is  the  development  of  business 
strategy in sectors undergoing digital disruption. 
Other current directorships: 
No other listed entity directorships 
Former directorships (last 3 years):  No other listed entity directorships 
Special responsibilities: 

Chairperson  of  the  Nomination  and  Remuneration  Committee  and  Member  of  the 
Audit and Risk Management Committee 
18,317,357 ordinary shares 
None 
None 

Interests in shares: 
Interests in options: 
Interests in rights: 

Experience and expertise: 

Name: 
Title: 
Qualifications: 

Craig Shapiro 
Independent Non-Executive Director 
Bachelor  of  Science  from  the  University  of  Sydney,  a  Diploma  from  the  Securities 
Institute of Australia and is a member of the Australian Institute of Company Directors
Craig is a financial services expert with more than 30 years of experience. He spent 
22  years  at  Macquarie  Group  where  he  was  the  Global  Group  Treasurer  and 
Executive  Director.  Prior  to  joining  Macquarie,  Craig  worked  for  the  State  Bank  of 
NSW and Mitsui Trust Finance Australia. In 2015 he co-founded and is currently the 
Co-Chief  Executive  Officer  of  Blue  River  Group  Pty  Limited,  an  impact  investment 
services  firm  based  in  Sydney.  Craig  is  a  current  director  of  The  Jewish  Care 
Foundation and is a past director and honorary treasurer of The Sydney Institute. 
Other current directorships: 
No other listed entity directorships 
Former directorships (last 3 years):  No other listed entity directorships 
Special responsibilities: 

Chairperson  of  the  Audit  and  Risk  Management  Committee  and  Member  of  the 
Nomination and Remuneration Committee 
2,662,376 ordinary shares 
None 
None 

Carlos Gil 
Managing Director, Chief Executive Officer and Chief Investment Officer 
Bachelor  of  Economics  from  Sydney  University,  a  Graduate  Diploma  in  Applied 
Finance  and  Investment  Analysis  from  the  Australian  Securities  Institute  and  a 
Master's  in  Applied  Finance  and  Investment  Analysis  from  the  Financial  Services 
Institute of Australia. 
Carlos has  worked in stockbroking, funds management, and investment research for 
over  20  years  and  has  been  an  individual investor  in Australian  Microcaps  since  he 
was  a  teenager.  Carlos  has  held  various  senior  management  positions  in  Europe, 
including  roles  as  Head  of  International Securities  at  BM  Securities,  and  at  Banesto 
Bank (Santander Group). Upon his return to Australia, he founded the Company with 
a long-term vision of creating a value-driven specialist Microcap and Small Cap Fund 
Manager. 
Smartpay Holdings Limited (ASX: SMP) - appointed on 5 December 2018 

Interests in shares: 
Interests in options: 
Interests in rights: 

Name: 
Title: 
Qualifications: 

Experience and expertise: 

Other current directorships: 
Former directorships (last 3 years):  No other listed entity directorships 
Special responsibilities: 
Interests in shares: 
Interests in options: 
Interests in rights: 

Member of the Nomination and Remuneration Committee 
53,634,560 ordinary shares 
None 
1,905,516 performance rights 

5 

  
Microequities Asset Management Group Limited
Directors' report
30 June 2019

Experience and expertise: 

Name: 
Title: 
Qualifications: 

Samuel Gutman 
Executive Director and Company Secretary 
Bachelor  of  Arts  from  the  University  of  Newcastle  (Australia)  and  has  a  Graduate 
Diploma of Applied Finance and Investments from the Financial Services Institute of 
Australia 
Samuel  brings  a  wealth  of  invaluable  pragmatic  business  experience  to  the 
management  team  obtained 
the  Information 
Technology industry. Samuel has been a long time personal investor in the Microcap 
asset  class  and  adamantly  shares  the  investment  philosophy  of  the  Microequities 
team. 
Other current directorships: 
No other listed entity directorships 
Former directorships (last 3 years):  No other listed entity directorships 
Special responsibilities: 
Interests in shares: 
Interests in options: 
Interests in rights: 

Member of the Audit and Risk Management Committee 
22,955,539 ordinary shares inclusive of 580,232 loan funded shares 
None 
None 

through  a  successful  career 

in 

'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all 
other types of entities, unless otherwise stated. 

'Former  directorships  (last  3  years)'  quoted  above  are  directorships  held  in  the  last  3  years  for  listed  entities  only  and 
excludes directorships of all other types of entities, unless otherwise stated. 

Company secretary 
Samuel Gutman is the company secretary. Samuel's experience is detailed in the 'Information on directors' section above. 

Meetings of directors 
The number of meetings of the Company's Board of Directors ('the Board') and of each Board committee held during the 
year ended 30 June 2019, and the number of meetings attended by each director were: 

Full Board 

Attended 

Held 

Nomination and 
Remuneration Committee 
Attended 

Held 

Audit and Risk Management 
Committee 

Attended 

Held 

Leslie Szekely 
Craig Shapiro 
Carlos Gil 
Samuel Gutman 

11
11
12
12

12
12
12
12

3
3
3
-

3
3
3
-

5
5
-
5

5
5
-
5

Held:  represents  the  number  of  meetings  held  during  the  time  the  director  held  office  or  was  a  member  of  the  relevant 
committee. 

Remuneration report (audited) 
The  remuneration  report  details  the  key  management  personnel  remuneration  ('KMP')  arrangements  for  the  Group,  in 
accordance with the requirements of the Corporations Act 2001 and its Regulations. 

KMP are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, 
directly or indirectly, including all directors. 

The remuneration report is set out under the following main headings: 
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)

Principles used to determine the nature and amount of remuneration 
Details of remuneration 
Service agreements 
Share-based compensation 
Additional information 
Additional disclosures relating to KMP 

6 

  
Microequities Asset Management Group Limited
Directors' report
30 June 2019

Principles used to determine the nature and amount of remuneration 
The  objective  of  the  Group's  executive  reward  framework  is  to  ensure  reward  for  performance  is  competitive  and 
appropriate for the results delivered. The framework aligns executive reward  with the achievement of strategic objectives 
and  the  creation  of value for  shareholders,  and it is  considered  to  conform to the market  best  practice for  the  delivery  of 
reward.  The  Board  of  Directors  ('the  Board')  ensures  that  executive  reward  satisfies  the  following  key  criteria  for  good 
reward governance practices: 
(cid:1)
(cid:1)
(cid:1)
(cid:1)

competitiveness and reasonableness; 
acceptability to shareholders; 
performance linkage / alignment of executive compensation; and 
transparency. 

The  Board  is  responsible for  determining  and reviewing  remuneration  arrangements for its  directors  and  executives.  The 
performance of the Group depends on the quality of its directors and executives. The remuneration philosophy is to attract, 
motivate and retain high performance and high quality personnel. 

The  Board  has  structured  an  executive  remuneration  framework  that  is  market  competitive  and  complementary  to  the 
reward strategy of the Group. 

The reward framework is designed to align executive reward to shareholders' interests. The Board have considered that it 
should seek to enhance shareholders' interests by: 
(cid:1)
(cid:1)

having economic profit as a core component of plan design; 
focusing on sustained growth in shareholder wealth, consisting of dividends and growth in share price, and delivering 
constant or increasing return on assets as well as focusing the executive on key non-financial drivers of value; and 
attracting and retaining high calibre executives. 

(cid:1)

Additionally, the reward framework should seek to enhance executives' interests by: 
(cid:1)
(cid:1)
(cid:1)

rewarding capability and experience; 
reflecting competitive reward for contribution to growth in shareholder wealth; and 
providing a clear structure for earning rewards. 

In  accordance  with  best  practice  corporate  governance,  the  structure  of  non-executive  director  and  executive  director 
remuneration is separate. 

Non-Executive directors' remuneration 
Non-Executive directors each have a letter of appointment with the Group. Fees and payments to non-executive directors 
reflect the demands and responsibilities of their role. Non-executive directors' fees and payments are reviewed annually by 
the  Board.  The  Board may, from  time  to  time,  receive  advice from  independent  remuneration consultants  to  ensure  non-
executive  directors' fees  and  payments  are  appropriate  and  in  line  with the market.  The  chairman's fees  are  determined 
independently  to  the  fees  of  other  non-executive  directors  based  on  comparative  roles  in  the  external  market.  The 
chairman is not present at any discussions relating to the determination of his own remuneration. Non-executive directors 
do not receive share options or other incentives. 

As prescribed by the Listing Rules of the ASX, the aggregate remuneration of non-executive directors is determined from 
time  to  time  by  shareholders  at  general  meeting.  Non-executive  directors’  fees  (including  statutory  superannuation)  are 
determined within an aggregate directors’ fee pool limit. The pool currently stands at a maximum of $300,000 per annum in 
total, which was approved by shareholders on 16 February 2018. 

The annual base non-executive director fees payable by the Group are $45,000 to the Chairman and $40,000 to other non-
executive  directors,  including  for  any  committee  roles.  These  amounts  comprise  fees  paid  in  cash  and  are  inclusive  of 
statutory superannuation contributions. 

Executive remuneration 
The Group aims to reward executives based on their position and responsibility, with a level and mix of remuneration which 
has both fixed and variable components. 

The executive remuneration and reward framework has four components: 
(cid:1)
(cid:1)
(cid:1)
(cid:1)

base pay and non-monetary benefits; 
short-term performance incentives; 
share-based payments; and 
other remuneration such as superannuation and long service leave. 

7 

  
Microequities Asset Management Group Limited
Directors' report
30 June 2019

The combination of these comprises the executive's total remuneration. 

Fixed  remuneration, consisting  of  base  salary,  superannuation  and  non-monetary  benefits,  are  reviewed  annually  by  the 
Board based on individual and business unit performance, the overall performance of the Group and comparable market 
remunerations. 

Executives may receive their fixed remuneration in the form of cash or other fringe benefits. 

No short-term incentive (‘STI’) payments were made during the year. 

The  long-term  incentives  ('LTI')  include  long  service  leave  and  share-based  payments.  Shares,  options  or  performance 
rights  are  awarded  to  executives  over  a  period  of  3  to  4  years  based  on  long-term  incentive  measures.  These  include 
increase in shareholder value, increase in funds under management, performance of the funds and financial performance 
of  the  business.  The  options,  performance  rights  and  loan  shares  vest  between  3  and  4  years  and  are  contingent  upon 
employment or service with the Group on the vesting date and the satisfaction of certain vesting conditions. 

The Board reviewed the long-term equity-linked performance incentives specifically for executives during the financial year 
ended  30  June  2019.  Refer  to  'share-based  compensation'  section  below for further  details  of  LTI  awards  issued  by  the 
Group. 

Group performance and link to remuneration 
LTI  comprising  of  share-based  payments  are  directly  linked  to  the  performance  of  the  Group.  Performance  rights,  loan 
shares  and  options  have  various  vesting  conditions  including  a  continuous  period  of  service  with  the  Group  and 
performance of underlying Funds and the business. 

Use of remuneration consultants 
During the financial year ended 30 June 2019, the Group did not engage any remuneration consultants. 

Voting and comments made at the Company's 2018 Annual General Meeting ('AGM') 
At the 2018 AGM, shareholders voted to approve the adoption of the remuneration report for the year ended 30 June 2018. 
The Company did not receive any specific feedback at the AGM regarding its remuneration practices. 

Details of remuneration 

Amounts of remuneration
Details of the remuneration of key management personnel of the Group are set out in the following tables. 

The key management personnel of the Group consisted of the directors of Microequities Asset Management Group Limited 
and the following person: 
(cid:1)

Paul Kaplan - Chief Operating Officer 

8 

  
Microequities Asset Management Group Limited
Directors' report
30 June 2019

Short-term benefits 

Post-
employment 
benefits 

Long-term 
benefits 

Share-
based 
payments 

Cash salary
and fees 
$ 

Cash 
bonus 
$ 

Non- 
monetary 
$ 

Super- 
annuation 
$ 

Long 
service 
leave 
$ 

Equity- 
settled 
$ 

Total 
$ 

41,096
36,530

485,559
132,479

306,759
1,002,423

-
-

-
-

-
-

-
-

-
-

-
-

3,904
3,470

-
-

-
-

45,000
40,000

20,049
13,014

17,986
3,806

73,796
5,663

597,390
154,962

20,049
60,486

6,139
27,931

427,530
506,989

760,477
1,597,829

Short-term benefits 

Post-
employment 
benefits 

Long-term 
benefits 

Share-
based 
payments 

Cash salary
and fees 
$ 

Cash 
bonus 
$ 

Non- 
monetary 
$ 

Super- 
annuation 
$ 

Long 
service 
leave 
$ 

Equity- 
settled 
$ 

Total 
$ 

6,849
19,818

464,404
141,583

-
-

-
-

281,007
913,661

90,000
90,000

-
-

-
-

-
-

651
1,883

-
-

-
-

7,500
21,701

20,049
13,014

9,046
2,602

73,796
15,103

567,295
172,302

20,049
55,646

-
11,648

169,012
257,911

560,068
1,328,866

2019

Non-Executive Directors:
Leslie Szekely - Chairman 
Craig Shapiro 

Executive Directors:
Carlos Gil 
Samuel Gutman 

Other Key Management 
Personnel:
Paul Kaplan 

2018

Non-Executive Directors:
Leslie Szekely - Chairman 
Craig Shapiro 

Executive Directors:
Carlos Gil 
Samuel Gutman 

Other Key Management 
Personnel:
Paul Kaplan 

Non-Executive  Directors'  salaries  are  100%  fixed.  The  fixed  proportion  and  the  proportion  of  remuneration  linked  to 
performance of Executive Directors and KMP are as follows: 

Name 

Executive Directors:
Carlos Gil 
Samuel Gutman 

Other Key Management 
Personnel:
Paul Kaplan  

Fixed 
remuneration
2019 

2018 

At risk - STI 
2019 

2018 

At risk - LTI 
2019 

2018 

88% 
96% 

87% 
91% 

44% 

54% 

- 
- 

- 

- 
- 

12% 
4% 

13% 
9% 

16% 

56% 

30% 

9 

  
  
  
  
  
  
  
  
  
  
  
  
  
Microequities Asset Management Group Limited
Directors' report
30 June 2019

Service agreements 
The Group enters into employment agreements with its executives. The agreements are continuous, that is, not of a fixed 
duration, and includes notice period ranging from four weeks to three months on the part of the employee and the Group. 

The  employment  agreements  contain  substantially  the  same  terms  which  include  usual  statutory  entitlements,  typical 
confidentiality  and  intellectual  property  provisions  intended  to  protect  the  Group’s  intellectual  property  rights  and  other 
proprietary information and non-compete clauses. 

Share-based compensation 

Issue of shares 
There were no shares issued to directors and other key management personnel as part of compensation during the year 
ended 30 June 2019. 

Options 
The terms and conditions of each grant of options over ordinary shares affecting remuneration of directors and other key 
management personnel in this financial year or future reporting years are as follows: 

Grant date and 
expiry date 

Particulars 

09/11/2015 and 
09/10/2020 

Paul Kaplan: 2,713,022 options which vest on 36 months of 
continuous service with the Group. The vesting of the options is 
conditional on Paul being employed by the Group on the vesting 
date. There are no performance conditions in relation to the 
options. On 19 November 2018, all the options were exercised by 
way of cashless exercise in terms of which shares to the value of 
the surplus over the exercise price were issued. 

Exercise price 

Fair value 
per option 
at grant date 

$0.267 

$0.070 

The number of options over ordinary shares granted to and vested by directors and other key management personnel as 
part of compensation during the year ended 30 June 2019 are set out below: 

Name 

Paul Kaplan: 

Number of 
options 
granted 
during the 
year 
2019 

Number of 
options 
granted 
during the 
year 
2018 

Number of 
options 
vested 
during the 
year 
2019 

Number of 
options 
vested 
during the 
year 
2018 

-

-

2,713,022

-

Loan Funded Share Plan ('LFSP')
The  Group  has  an  equity  scheme  pursuant  to  which  certain  KMP's  may  access  a  LFSP.  On  26  November  2015,  in 
accordance  with  the  terms  of the  plan  Samuel  Gutman  was  issued  580,232  shares.  The  acquisition  of  shares  under  this 
LFSP is fully funded by the Company through the granting of a limited recourse loan. The LFSP shares are restricted until 
the loan is repaid. Interest is charged on the outstanding amount of the loan at the Benchmark Interest Rate as defined in 
section 109N(2) of the Income Tax Assessment Act 1936. The loan together with interest must be repaid in full on the date 
that is two years after Listing. The issue of share with the limited recourse loan is deemed to be an option for accounting 
purposes. Options issued to Samuel Gutman under LFSP have fully vested, the option holder will have unrestricted access 
to the underlying shares upon settlement of the loan. 

Performance rights 
The terms and conditions of each grant of performance rights over ordinary shares affecting remuneration of directors and 
other KMP in this financial year or future reporting years are as follows: 

10 

  
Microequities Asset Management Group Limited
Directors' report
30 June 2019

Grant date 

Particulars 

28/02/2018 

09/11/2018 

Carlos Gil 1,905,516 rights: The Group has agreed to pay Carlos 
Gil a bonus in February 2022 if certain performance hurdles 
relating to the Funds are met and he is still employed by the 
Group. The Group can elect to settle the bonus in cash or by way 
of an issue of shares. The amount of the bonus will be calculated 
in accordance with a formula based on the market price of the 
shares at the time the bonus is payable multiplied by the vesting 
percentage (which will range from 0% to 100% depending on the 
number of Funds that meet the performance hurdle). Each Fund 
has its own performance hurdles which are all 5% above the 
compound annual return of the relevant benchmark. In calculating 
the share-based payment expense for performance rights, the 
Board has reviewed the historical performance of the funds which 
have at least 2 years track record. Based on the review, the Board 
has applied a 40% probability of meeting the performance 
conditions. 

Paul Kaplan 1,223,550 rights: The Group granted performance 
rights to pay a bonus in November 2021 if certain performance 
hurdles relating to the Group and service conditions of the 
employee are met. The Group can elect to settle the bonus in cash 
or by way of an issue of shares. The amount of the bonus will be 
calculated in accordance with a formula based on the market price 
of the shares at the time the bonus is payable multiplied by the 
vesting percentage (which will range from 0% to 100% depending 
on the achievement of the various performance hurdles). The 
Board has applied a 22.25% probability of meeting the 
performance conditions. 

Expiry date 

Fair value 
per right 
at grant date 

28/02/2022 

$0.581 

28/02/2021 

$0.430 

Performance rights granted carry no dividend or voting rights. 

The  number  of  performance  rights  over  ordinary  shares  granted  to  and  vested  in  directors  and  other  key  management 
personnel as part of compensation during the year ended 30 June 2019 are set out below: 

Name 

Carlos Gil 
Paul Kaplan 

Number of 
rights 
granted 
during the 
year 
2019 

Number of 
rights 
granted 
during the 
year 
2018 

Number of 
rights 
vested 
during the 
year 
2019 

Number of 
rights 
vested 
during the 
year 
2018 

-
1,223,550

1,905,516
-

-
-

-
-

Additional information
The earnings of the Group for the two years to 30 June 2019 are summarised below: 

Sales revenue 
Profit after income tax 

2019 
$ 

2018 
$ 

7,855,401
2,532,958

10,965,756
5,214,479

11 

  
Microequities Asset Management Group Limited
Directors' report
30 June 2019

The factors that are considered to affect total shareholders return ('TSR') are summarised below: 

Share price at financial year end ($) 
Total dividends declared (cents per share) 
Basic earnings per share (cents per share) 
Diluted earnings per share (cents per share) 

Additional disclosures relating to KMP

2019 

2018 

0.26
2.00
1.94
1.94

0.71
2.00
4.00
3.90

Shareholding 
The number of shares in the Company held during the financial year by each director and other members of KMP of the 
Group, including their personally related parties, is set out below: 

Ordinary shares
Leslie Szekely* 
Craig Shapiro 
Carlos Gil 
Samuel Gutman** 
Paul Kaplan 

Balance at  
the start of  
the year 

Received  
as part of  
remuneration

Additions 

Disposals/  
other 

18,317,357
2,662,376
53,634,560
22,955,539
-
97,569,832

-
-
-
-
759,161
759,161

-
-
-
-
-
-

-
-
-
-
-
-

Balance at  
the end of  
the year 

18,317,357
2,662,376
53,634,560
22,955,539
759,161
98,328,993

* 

Leslie Szekely, the Chairman, holds 50% of the shares in Equity Venture Partners Pty Ltd ACN 600 735 626 ('EVP') 
through Bellite Pty Ltd ACN 056 441 386, a company controlled by him. EVP (as trustee for the EVP Trust) is a limited 
partner of Microequities Venture Capital Managing Partnership LP which acts as general partner of the Microequities 
Venture Capital Fund LP. 

**  Samuel Gutman's shareholding above includes 580,232 shares issued under the LFSP. 

Option holding 
The  number  of  options  over  ordinary  shares  in  the  Company  held  during  the  financial  year  by  each  director  and  other 
members of KMP of the Group, including their personally related parties, is set out below: 

Options over ordinary shares
Paul Kaplan 

Balance at  
the start of  
the year 

2,713,022
2,713,022

Granted 

Exercised 

Expired/  
forfeited/  
other 

Balance at  
the end of  
the year 

-
-

(2,713,022)
(2,713,022)

-
-

-
-

Performance rights holding 
The number of performance rights over ordinary shares in the Company held during the financial year by each director and 
other members of KMP of the Group, including their personally related parties, is set out below: 

Performance rights over ordinary shares
Carlos Gil 
Paul Kaplan 

Balance at  
the start of  
the year 

Granted 

Vested 

Expired/  
forfeited/  
other 

Balance at  
the end of  
the year 

1,905,516
-
1,905,516

-
1,223,550
1,223,550

-
-
-

-
-
-

1,905,516
1,223,550
3,129,066

Loans to key management personnel and their related parties 
Loans attached to the LFSP total $93,762 (2018: $114,736) and are reported as a reduction in issued capital, due to the 
operability of the LFSP being accounted for as share-based payments, similar in nature to options. 

This concludes the remuneration report, which has been audited. 

12 

  
Microequities Asset Management Group Limited
Directors' report
30 June 2019

Shares under option 
There  were  no  unissued  ordinary  shares  of  Microequities  Asset  Management  Group  Limited  under  option  outstanding  at 
the date of this report. 

Shares issued on the exercise of options 
The following  ordinary  shares  of  Microequities  Asset  Management Group  Limited  were  issued  during  the  year  ended  30 
June 2019 and up to the date of this report on the exercise of options granted: 

Date options granted 

09/11/2015 

Exercise  
price 

Number of  
shares issued

$0.000

759,161

Shares under performance rights and loan funded share plan 
Ordinary shares of Microequities Asset Management Group Limited under performance rights at the date of this report are 
as follows: 

Grant date 

28/02/2018 
28/02/2018 
09/11/2018 

Expiry date 

28/02/2022 
28/02/2022 
09/11/2021 

Exercise  
price 

Number  
under rights 

$0.000
$0.000
$0.000

1,905,516
1,270,344
1,223,550

4,399,410

No person entitled to exercise the performance rights had or has any right by virtue of the performance right to participate 
in any share issue of the Company or of any other body corporate. 

Shares issued on the exercise of performance rights 
There were no ordinary shares of Microequities Asset Management Group Limited issued on the exercise of performance 
rights during the year ended 30 June 2019 and up to the date of this report. 

Indemnity and insurance of officers 
The  Company  has  indemnified  the  directors  and  executives  of  the  Company  for  costs  incurred,  in  their  capacity  as  a 
director or executive, for which they may be held personally liable, except where there is a lack of good faith. 

During the financial year, the Company paid a premium in respect of a contract to insure the directors and executives of 
the  Company  against  a  liability  to  the  extent  permitted  by  the  Corporations  Act  2001. The contract  of insurance  prohibits 
disclosure of the nature of the liability and the amount of the premium. 

Indemnity and insurance of auditor 
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the 
Company or any related entity against a liability incurred by the auditor. 

During  the  financial  year,  the  Company  has  not  paid  a  premium  in  respect  of  a  contract  to  insure  the  auditor  of  the 
Company or any related entity. 

Proceedings on behalf of the Company 
No  person  has  applied  to  the  Court  under  section  237  of  the  Corporations  Act  2001  for  leave  to  bring  proceedings  on 
behalf  of  the  Company,  or  to  intervene  in  any  proceedings  to  which  the  Company  is  a  party  for  the  purpose  of  taking 
responsibility on behalf of the Company for all or part of those proceedings. 

13 

  
Microequities Asset Management Group Limited
Directors' report
30 June 2019

Non-audit services 
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor 
are outlined in note 19 to the financial statements. 

The directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by another 
person  or  firm  on  the  auditor's  behalf), is  compatible with  the  general  standard  of  independence for  auditors  imposed  by 
the Corporations Act 2001. 

The directors are of the opinion that the services as disclosed in note 19 to the financial statements do not compromise the 
external auditor's independence requirements of the Corporations Act 2001 for the following reasons: 
(cid:1)

all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity 
of the auditor; and 
none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code 
of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including 
reviewing or auditing the auditor's own work, acting in a management or decision-making capacity for the Company, 
acting as advocate for the Company or jointly sharing economic risks and rewards. 

(cid:1)

Officers of the Company who are former partners of BDO East Coast Partnership 
There are no officers of the Company who are former partners of BDO East Coast Partnership. 

Auditor's independence declaration 
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out 
immediately after this directors' report. 

Auditor 
BDO East Coast Partnership continues in office in accordance with section 327 of the Corporations Act 2001. 

This  report  is  made  in  accordance  with  a  resolution  of  directors,  pursuant  to  section  298(2)(a)  of  the  Corporations  Act 
2001. 

On behalf of the directors 

___________________________
Leslie Szekely 
Chairman 

15 August 2019 

___________________________
Carlos Gil 
Chief Executive Officer 

14 

  
  
  
  
  
  
  
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#$%(cid:1)&(cid:9)(cid:23)(cid:12)(cid:1)’((cid:9)(cid:23)(cid:12)(cid:1))(cid:9)(cid:10)(cid:12)(cid:16)(cid:3)(cid:10)(cid:23)*(cid:24)+(cid:1)(cid:1)(cid:21)#(cid:17)(cid:1)",(cid:1)(cid:19),(cid:28)(cid:1)(cid:29)"(cid:30)(cid:1)-(cid:19)(cid:28)(cid:1)(cid:24)(cid:23)(cid:1)(cid:9)(cid:1).(cid:3)./(cid:3)(cid:10)(cid:1)(0(cid:1)(cid:9)(cid:1)(cid:16)(cid:9)(cid:12)(cid:24)((cid:16)(cid:9)(cid:5)(cid:1)(cid:9)(cid:23)(cid:23)(1(cid:24)(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)(0(cid:1)(cid:24)(cid:16)(cid:15)(cid:3)+(cid:3)(cid:16)(cid:15)(cid:3)(cid:16)(cid:12)(cid:1)(cid:3)(cid:16)(cid:12)(cid:24)(cid:12)(cid:24)(cid:3)(cid:23)(cid:1)2*(cid:24)1*(cid:1)(cid:9)(cid:10)(cid:3)(cid:1)(cid:9)(cid:5)(cid:5)(cid:1).(cid:3)./(cid:3)(cid:10)(cid:23)(cid:1)(0(cid:1)#$%(cid:1)(cid:21)(cid:22)(cid:23)(cid:12)(cid:10)(cid:9)(cid:5)(cid:24)(cid:9)(cid:1)(cid:2)(cid:12)(cid:15)(cid:1)
(cid:1)
(cid:21)#(cid:17)(cid:1)--(cid:1)(cid:20)(cid:30)(cid:20)(cid:1)(cid:6)(cid:6)(cid:20)(cid:1)(cid:19)-(cid:30)(cid:7)(cid:1)(cid:9)(cid:16)(cid:1)(cid:21)(cid:22)(cid:23)(cid:12)(cid:10)(cid:9)(cid:5)(cid:24)(cid:9)(cid:16)(cid:1)1(.+(cid:9)(cid:16)(cid:14)(cid:1)(cid:5)(cid:24).(cid:24)(cid:12)(cid:3)(cid:15)(cid:1)/(cid:14)(cid:1)(cid:11)(cid:22)(cid:9)(cid:10)(cid:9)(cid:16)(cid:12)(cid:3)(cid:3)3(cid:1)#$%(cid:1)&(cid:9)(cid:23)(cid:12)(cid:1)’((cid:9)(cid:23)(cid:12)(cid:1))(cid:9)(cid:10)(cid:12)(cid:16)(cid:3)(cid:10)(cid:23)*(cid:24)+(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)#$%(cid:1)(cid:21)(cid:22)(cid:23)(cid:12)(cid:10)(cid:9)(cid:5)(cid:24)(cid:9)(cid:1)(cid:2)(cid:12)(cid:15)(cid:1)(cid:9)(cid:10)(cid:3)(cid:1).(cid:3)./(cid:3)(cid:10)(cid:23)(cid:1)(0(cid:1)#$%(cid:1)4(cid:16)(cid:12)(cid:3)(cid:10)(cid:16)(cid:9)(cid:12)(cid:24)((cid:16)(cid:9)(cid:5)(cid:1)(cid:2)(cid:12)(cid:15)(cid:7)(cid:1)
(cid:9)(cid:1)56(cid:1)1(.+(cid:9)(cid:16)(cid:14)(cid:1)(cid:5)(cid:24).(cid:24)(cid:12)(cid:3)(cid:15)(cid:1)/(cid:14)(cid:1)(cid:11)(cid:22)(cid:9)(cid:10)(cid:9)(cid:16)(cid:12)(cid:3)(cid:3)(cid:7)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)0((cid:10).(cid:1)+(cid:9)(cid:10)(cid:12)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)(cid:24)(cid:16)(cid:12)(cid:3)(cid:10)(cid:16)(cid:9)(cid:12)(cid:24)((cid:16)(cid:9)(cid:5)(cid:1)#$%(cid:1)(cid:16)(cid:3)(cid:12)2((cid:10)7(cid:1)(0(cid:1)(cid:24)(cid:16)(cid:15)(cid:3)+(cid:3)(cid:16)(cid:15)(cid:3)(cid:16)(cid:12)(cid:1).(cid:3)./(cid:3)(cid:10)(cid:1)0(cid:24)(cid:10).(cid:23)3(cid:1)(cid:2)(cid:24)(cid:9)/(cid:24)(cid:5)(cid:24)(cid:12)(cid:14)(cid:1)(cid:5)(cid:24).(cid:24)(cid:12)(cid:3)(cid:15)(cid:1)/(cid:14)(cid:1)(cid:9)(cid:1)(cid:23)1*(cid:3).(cid:3)(cid:1)(cid:9)++(cid:10)((cid:4)(cid:3)(cid:15)(cid:1)
(cid:22)(cid:16)(cid:15)(cid:3)(cid:10)(cid:1))(cid:10)(0(cid:3)(cid:23)(cid:23)(cid:24)((cid:16)(cid:9)(cid:5)(cid:1)(cid:13)(cid:12)(cid:9)(cid:16)(cid:15)(cid:9)(cid:10)(cid:15)(cid:23)(cid:1)(cid:2)(cid:3)(cid:11)(cid:24)(cid:23)(cid:5)(cid:9)(cid:12)(cid:24)((cid:16)(cid:7)(cid:1)((cid:12)*(cid:3)(cid:10)(cid:1)(cid:12)*(cid:9)(cid:16)(cid:1)0((cid:10)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:9)1(cid:12)(cid:23)(cid:1)((cid:10)(cid:1)(.(cid:24)(cid:23)(cid:23)(cid:24)((cid:16)(cid:23)(cid:1)(0(cid:1)0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)(cid:23)(cid:3)(cid:10)(cid:4)(cid:24)1(cid:3)(cid:23)(cid:1)(cid:5)(cid:24)1(cid:3)(cid:16)(cid:23)(cid:3)(cid:3)(cid:23)3(cid:1)
(cid:1)

15

Microequities Asset Management Group Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2019

Revenue from contracts with customers

Other income and gain/(loss) on investments 
Interest revenue calculated using the effective interest method 

Expenses
Employee benefits expenses 
Legal and professional expenses 
Advertising expenses 
Occupancy expenses 
Listing expenses 
Other expenses 

Profit before income tax expense

Income tax expense 

Profit after income tax expense for the year

Other comprehensive income for the year, net of tax 

Total comprehensive income for the year

Profit for the year is attributable to: 
Non-controlling interest 
Owners of Microequities Asset Management Group Limited 

Total comprehensive income for the year is attributable to: 
Non-controlling interest 
Owners of Microequities Asset Management Group Limited 

Consolidated

Note

2019
$

2018
$

5 

6 

7,746,101 

10,806,986 

(387,154)
109,300 

254,252 
158,770 

(2,711,812)
(96,983)
(114,873)
(315,238)
-  
(403,729)

(2,518,191)
(120,624)
(257,347)
(288,924)
(447,735)
(302,569)

3,825,612 

7,284,618 

8 

(999,905)

(1,804,019)

2,825,707 

5,480,599 

-  

-  

2,825,707 

5,480,599 

292,749 
2,532,958 

266,120 
5,214,479 

2,825,707 

5,480,599 

292,749 
2,532,958 

266,120 
5,214,479 

2,825,707 

5,480,599 

Cents

Cents

Basic earnings per share 
Diluted earnings per share 

26 
26 

1.94
1.94

4.00
3.90

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the 
accompanying notes 
16 

Microequities Asset Management Group Limited
Consolidated statement of financial position
As at 30 June 2019

Assets

Current assets
Cash and cash equivalents 
Trade and other receivables 
Other 
Total current assets 

Non-current assets
Financial assets at fair value through profit or loss 
Deferred tax 
Total non-current assets 

Total assets

Liabilities

Current liabilities
Trade and other payables 
Income tax 
Employee benefits 
Total current liabilities 

Non-current liabilities
Employee benefits 
Total non-current liabilities 

Total liabilities

Net assets

Equity
Issued capital 
Reserves 
Retained earnings 
Equity attributable to the owners of Microequities Asset Management Group Limited
Non-controlling interest 

14 
15 

Total equity

Consolidated

Note

2019
$

2018
$

9 
10 
11 

12 
8 

13 
8 

4,680,498 
673,955 
114,968 
5,469,421 

6,562,576 
784,866 
82,182 
7,429,624 

3,907,025 
216,804 
4,123,829 

2,876,277 
92,730 
2,969,007 

9,593,250 

10,398,631 

409,518 
333,330 
229,282 
972,130 

634,886 
766,409 
205,274 
1,606,569 

22,676 
22,676 

11,312 
11,312 

994,806 

1,617,881 

8,598,444 

8,780,750 

2,645,634 
320,960 
5,631,840 
8,598,434 
10 

2,706,045 
327,597 
5,747,098 
8,780,740 
10 

8,598,444 

8,780,750 

The above consolidated statement of financial position should be read in conjunction with the accompanying notes 
17 

Microequities Asset Management Group Limited
Consolidated statement of changes in equity
For the year ended 30 June 2019

Consolidated

Balance at 1 July 2017 

Profit after income tax expense for the year 
Other comprehensive income for the year, net 
of tax 

Total comprehensive income for the year 

Transactions with owners in their capacity as 
owners:
Contributions of equity, net of transaction costs 
(note 14) 
Share-based payments (note 27) 
Repayments under loan funded share plan 
(note 14) 
Distribution of profits to non-controlling interest
Dividends paid (note 16) 

Issued
capital
$

2,655,669

-

-

-

1
-

Reserves
$

Retained
earnings
$

Non-
controlling
interest
$

Total equity
$

-

-

-

-

3,177,619

10

5,833,298

5,214,479

266,120

5,480,599

-

-

-

5,214,479

266,120

5,480,599

-
327,597

-
-

-
-

1
327,597

50,375
-
-

-
-
-

-
-
(2,645,000)

-
(266,120)
-

50,375
(266,120)
(2,645,000)

Balance at 30 June 2018 

2,706,045

327,597

5,747,098

10

8,780,750

Consolidated

Issued
capital
$

Reserves
$

Retained
earnings
$

Non-
controlling
interest
$

Total equity
$

Balance at 1 July 2018 

2,706,045

327,597

5,747,098

10

8,780,750

Profit after income tax expense for the year 
Other comprehensive income for the year, net 
of tax 

Total comprehensive income for the year 

Transactions with owners in their capacity as 
owners:
Contributions of equity, net of transaction costs 
(note 14) 
Share-based payments (note 27) 
Transfer on exercise of options 
Repayments under loan funded share plan 
(note 14) 
Share buy-back 
Distribution of profits to non-controlling interest
Dividends paid (note 16) 

-

-

-

-

-

-

2,532,958

292,749

2,825,707

-

-

-

2,532,958

292,749

2,825,707

28,680
-
190,139

53,658
(332,888)
-
-

-
183,502
(190,139)

-
-
-

-
-
-

28,680
183,502
-

-
-
-
-

-
-
-
(2,648,216)

-
-
(292,749)
-

53,658
(332,888)
(292,749)
(2,648,216)

Balance at 30 June 2019 

2,645,634

320,960

5,631,840

10

8,598,444

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 
18 

Microequities Asset Management Group Limited
Consolidated statement of cash flows
For the year ended 30 June 2019

Cash flows from operating activities
Receipts from customers (inclusive of GST) 
Payments to suppliers and employees (inclusive of GST) 

Dividends and distributions received 
Interest received 
Income taxes paid 

Net cash from operating activities 

Cash flows from investing activities
Payments for investments 
Proceeds from disposal of investments 

Net cash from/(used in) investing activities 

Cash flows from financing activities
Proceeds from issue of shares 
Repayments under loan funded share plan 
Payments for share buy-backs 
Dividends paid 
Distribution of profits to non-controlling entity 

Net cash used in financing activities 

Net increase/(decrease) in cash and cash equivalents 
Cash and cash equivalents at the beginning of the financial year 

Consolidated

Note

2019
$

2018
$

8,689,808 
(4,427,845)

14,962,395 
(4,746,431)

4,261,963 
18,277 
114,935 
(1,557,058)

10,215,964 
41,966 
151,981 
(2,531,604)

25 

2,838,117 

7,878,307 

14 
14 

(1,500,000)
-  

(1,000,000)
1,129,875 

(1,500,000)

129,875 

-  
53,658 
(332,888)
(2,648,216)
(292,749)

1 
50,375 
-  
(4,945,000)
(266,120)

(3,220,195)

(5,160,744)

(1,882,078)
6,562,576 

2,847,438 
3,715,138 

Cash and cash equivalents at the end of the financial year 

9 

4,680,498 

6,562,576 

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 
19 

Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 1. General information 

The  financial  statements  cover  Microequities  Asset  Management  Group  Limited  as  a  Group  consisting  of  Microequities 
Asset Management Group Limited and the entities it controlled at the end of, or during, the year. The financial statements 
are presented in Australian dollars, which is Microequities Asset Management Group Limited's functional and presentation 
currency. 

Microequities Asset Management Group Limited is a listed public company limited by shares, incorporated and domiciled in 
Australia. Its registered office and principal place of business is: 

Suite 3105, Level 31 Governor Macquarie Tower 
1 Farrer Place 
Sydney NSW 2000 

A description of the nature of the Group's operations and its principal activities are included in the directors' report, which is 
not part of the financial statements. 

The financial statements were authorised for issue, in accordance with a resolution of directors, on 15 August 2019. The 
directors have the power to amend and reissue the financial statements. 

Note 2. Significant accounting policies 

The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies 
have been consistently applied to all the years presented, unless otherwise stated. 

New or amended Accounting Standards and Interpretations adopted
The  Group  has  adopted  all  of  the  new  or  amended  Accounting  Standards  and  Interpretations  issued  by  the  Australian 
Accounting Standards Board ('AASB') that are mandatory for the current reporting period. 

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. 

The following Accounting Standards and Interpretations adopted during the year are most relevant to the Group: 

AASB 9 Financial Instruments
The Group has adopted AASB 9 from 1 July 2018. The standard introduced new classification and measurement models 
for  financial  assets.  A  financial  asset  shall  be  measured  at  amortised  cost  if  it  is  held  within  a  business  model  whose 
objective  is  to  hold  assets  in  order  to  collect  contractual  cash  flows  which  arise  on  specified  dates  and  that  are  solely 
principal and interest. A debt investment shall be measured at fair value through other comprehensive income if it is held 
within  a  business  model  whose  objective is  to  both  hold  assets  in  order  to  collect  contractual  cash flows  which  arise  on 
specified  dates  that  are  solely  principal  and  interest  as  well  as  selling  the  asset  on  the  basis  of  its  fair  value.  All  other 
financial  assets  are  classified  and  measured  at  fair  value  through  profit  or  loss  unless  the  entity  makes  an  irrevocable 
election on initial recognition to present gains and losses on equity instruments (that are not held-for-trading or contingent 
consideration recognised in a business combination) in other comprehensive income ('OCI'). Despite these requirements, a 
financial  asset  may  be  irrevocably  designated  as  measured  at  fair value  through  profit  or  loss  to  reduce  the  effect  of,  or 
eliminate, an accounting mismatch. New impairment requirements use an 'expected credit loss' ('ECL') model to recognise 
an allowance. Impairment is measured using a 12-month ECL method unless the credit risk on a financial instrument has 
increased  significantly  since  initial  recognition  in  which  case  the  lifetime  ECL  method  is  adopted.  For  receivables,  a 
simplified approach to measuring expected credit losses using a lifetime expected loss allowance is available. 

AASB 15 Revenue from Contracts with Customers
The  Group  has  adopted  AASB  15  from  1  July  2018.  The  standard  provides  a  single  comprehensive  model  for  revenue 
recognition. The core principle of the standard is that an entity shall recognise revenue to depict the transfer of promised 
goods  or  services  to  customers  at  an  amount that  reflects  the  consideration  to  which  the  entity  expects  to  be  entitled  in 
exchange for  those  goods  or  services.  The  standard  introduced  a  new  contract-based  revenue  recognition model  with  a 
measurement approach that is based on an allocation of the transaction price. This is described further in the accounting 
policies  below.  Credit  risk  is  presented  separately  as  an  expense  rather  than  adjusted  against  revenue.  Contracts  with 
customers  are  presented  in  an  entity's  statement  of  financial  position  as  a  contract  liability,  a  contract  asset,  or  a 
receivable,  depending  on  the  relationship  between  the  entity's  performance  and  the  customer's  payment.  Customer 
acquisition costs and costs to fulfil a contract can, subject to certain criteria, be capitalised as an asset and amortised over 
the contract period. 

20 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 2. Significant accounting policies (continued)

Impact of adoption 
The Group has adopted AASB 9 and AASB 15 for the financial year ended 30 June 2019. The Accounting Standards were 
adopted using the transitional rules that allow for comparatives not to be restated. The adoption of AASB 9 and AASB 15 
did not result in any change to the opening net assets or the opening retained earnings as at 1 July 2018. 

The adoption of these Accounting Standards and Interpretations resulted in the following disclosure changes: 
(cid:1)

interest  revenue  is  now  shown  separately  on  the  face  of  the  statement  of  profit  or  loss  and  other  comprehensive 
income; and 
additional disclosures relating to disaggregation of revenue which is included in note 5. 

(cid:1)

Basis of preparation 
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and 
Interpretations  issued  by  the  Australian  Accounting  Standards  Board  ('AASB')  and  the  Corporations  Act  2001,  as 
appropriate  for  for-profit  oriented  entities.  These  financial  statements  also  comply  with  International  Financial  Reporting 
Standards as issued by the International Accounting Standards Board ('IASB'). 

Historical cost convention 
The financial statements have been prepared under the historical cost convention, except for, financial assets at fair value 
through profit or loss. 

Critical accounting estimates 
The  preparation  of  the  financial  statements  requires  the  use  of  certain  critical  accounting  estimates.  It  also  requires 
management  to  exercise  its  judgement in the  process  of  applying  the  Group's  accounting  policies.  The  areas  involving  a 
higher  degree  of  judgement  or  complexity,  or  areas  where  assumptions  and  estimates  are  significant  to  the  financial 
statements, are disclosed in note 3. 

Parent entity information 
In  accordance  with  the  Corporations  Act  2001,  these  financial  statements  present  the  results  of  the  Group  only. 
Supplementary information about the parent entity is disclosed in note 28. 

Principles of consolidation 
The  consolidated  financial  statements  incorporate  the  assets  and  liabilities  of  all  subsidiaries  of  Microequities  Asset 
Management Group Limited ('Company' or 'parent entity') as at 30 June 2019 and the results of all subsidiaries for the year 
then ended. Microequities Asset Management Group Limited and its subsidiaries together are referred to in these financial 
statements as the 'Group'. 

Subsidiaries  are  all  those  entities  over  which  the  Group  has  control.  The  Group  controls  an  entity  when  the  Group  is 
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns 
through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is 
transferred to the Group. They are de-consolidated from the date that control ceases. 

Intercompany  transactions,  balances  and  unrealised  gains  on  transactions  between  entities  in  the Group  are  eliminated. 
Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. 
Accounting policies of subsidiaries have been changed where necessary to ensure consistency  with the policies adopted 
by the Group. 

The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, 
without  the  loss  of  control,  is  accounted  for  as  an  equity  transaction,  where  the  difference  between  the  consideration 
transferred  and  the  book  value  of  the  share  of  the  non-controlling  interest  acquired  is  recognised  directly  in  equity 
attributable to the parent. 

Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and 
other  comprehensive  income,  statement  of  financial  position  and  statement  of  changes  in  equity  of  the  Group.  Losses 
incurred by the Group are attributed to the non-controlling interest in full, even if that results in a deficit balance. 

21 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 2. Significant accounting policies (continued)

Where  the  Group  loses  control  over  a  subsidiary,  it  derecognises  the  assets  including  goodwill,  liabilities  and  non-
controlling interest in the  subsidiary together  with  any cumulative  translation  differences  recognised  in  equity. The Group 
recognises the fair value of the consideration received and the fair value of any investment retained together with any gain 
or loss in profit or loss. 

Operating segments 
Operating  segments  are  presented  using  the  'management  approach',  where  the  information  presented  is  on  the  same 
basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the 
allocation of resources to operating segments and assessing their performance. 

Revenue recognition 
The Group recognises revenue as follows: 

Revenue from contracts with customers 
Revenue  is  recognised  at  an  amount  that  reflects  the  consideration  to  which  the  Group  is  expected  to  be  entitled  in 
exchange  for  transferring  goods  or  services  to  a  customer.  For  each  contract  with  a  customer,  the  Group:  identifies  the 
contract  with  a  customer;  identifies  the  performance  obligations  in  the  contract;  determines  the  transaction  price  which 
takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the 
separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be 
delivered;  and  recognises  revenue  when  or  as  each  performance  obligation  is  satisfied  in  a  manner  that  depicts  the 
transfer to the customer of the goods or services promised. 

The measurement of variable consideration is subject to a constraining principle whereby revenue will only be recognised 
to  the  extent that it  is  highly  probable  that  a  significant  reversal in the  amount  of  cumulative  revenue  recognised  will  not 
occur.  The  measurement  constraint  continues  until  the  uncertainty  associated  with  the  variable  consideration  is 
subsequently resolved. Amounts received that are subject to the constraining principle are recognised as a refund liability. 

Fees from management services are recognised over time when the services are provided. 

The  measurement  of  the  management  fee  component  of  revenue  is  based  on  the  portfolio  managed,  net  of  any  fund 
manager rebates. 

The  performance  fee  component  of  revenue  is  recognised  at  the  time  when  the  right  to  receive  payment  has  been 
established.  Performance  fees  which  are  contingent  upon  performance  to  be  determined  at  future  dates  have  not  been 
recognised as revenue or as a receivable at the reporting date as they are not able to be estimated or measured reliably 
and may change significantly. 

Dividends and distributions 
Dividends and distributions are recognised when received or when the right to receive payment is established. 

Interest 
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the 
amortised  cost  of  a financial  asset  and  allocating  the  interest  income  over  the  relevant  period  using  the  effective interest 
rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset 
to the net carrying amount of the financial asset. 

Other revenue 
Other revenue is recognised when it is received or when the right to receive payment is established. 

Income tax 
The  income  tax  expense  or  benefit  for  the  period  is  the  tax  payable  on  that  period's  taxable  income  based  on  the 
applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to 
temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. 

22 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 2. Significant accounting policies (continued)

Deferred  tax  assets  and  liabilities  are  recognised for temporary  differences  at  the  tax  rates  expected  to  be applied  when 
the  assets  are  recovered  or  liabilities  are  settled,  based  on  those  tax  rates  that  are  enacted  or  substantively  enacted, 
except for: 
(cid:1) When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting 
nor taxable profits; or 

(cid:1) When  the  taxable temporary  difference  is  associated with interests  in  subsidiaries,  associates  or  joint ventures,  and 
the  timing  of  the  reversal  can  be  controlled  and  it  is  probable  that  the  temporary  difference  will  not  reverse  in  the 
foreseeable future. 

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. 

The  carrying  amount  of  recognised  and  unrecognised  deferred  tax  assets  are  reviewed  at  each  reporting  date.  Deferred 
tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for 
the  carrying  amount  to  be  recovered.  Previously  unrecognised  deferred  tax  assets  are  recognised  to  the  extent  that it is 
probable that there are future taxable profits available to recover the asset. 

Deferred  tax  assets  and  liabilities  are  offset  only  where  there  is  a  legally  enforceable  right  to  offset  current  tax  assets 
against  current  tax  liabilities  and  deferred  tax  assets  against  deferred  tax  liabilities;  and  they  relate  to  the  same  taxable 
authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. 

Microequities  Asset  Management  Group  Limited  (the  'head  entity')  and  its  wholly-owned  Australian  subsidiaries  have 
formed an income tax consolidated group under the tax consolidation regime. The head entity and each subsidiary in the 
tax consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated group has 
applied  the  'separate  taxpayer  within  group'  approach  in  determining  the  appropriate  amount  of  taxes  to  allocate  to 
members of the tax consolidated group. 

In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or assets) 
and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax 
consolidated group. 

Assets  or  liabilities  arising  under  tax  funding  agreements  with  the  tax  consolidated  entities  are  recognised  as  amounts 
receivable from  or  payable to  other  entities  in  the tax consolidated  group. The  tax funding  arrangement  ensures  that  the 
intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting in neither a 
contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity. 

Current and non-current classification 
Assets and liabilities are presented in the statement of financial position based on current and non-current classification. 

An  asset  is  classified  as  current  when:  it  is  either  expected  to  be  realised  or  intended  to  be  sold  or  consumed  in  the 
Group's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months 
after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle 
a liability for at least 12 months after the reporting period. All other assets are classified as non-current. 

A liability is classified as current when: it is either expected to be settled in the Group's normal operating cycle; it is held 
primarily  for  the  purpose  of  trading;  it  is  due  to  be  settled  within  12  months  after  the  reporting  period;  or  there  is  no 
unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities 
are classified as non-current. 

Deferred tax assets and liabilities are always classified as non-current. 

Cash and cash equivalents 
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly 
liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and 
which are subject to an insignificant risk of changes in value.

23 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 2. Significant accounting policies (continued)

Trade and other receivables
Trade  receivables  are  initially  recognised  at  fair  value  and  subsequently  measured  at  amortised  cost  using  the  effective 
interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 7 
days. 

The Group has applied the simplified approach to measuring expected credit losses,  which uses a lifetime expected loss 
allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. 

Other receivables are recognised at amortised cost, less any allowance for expected credit losses. 

Investments and other financial assets 
Investments  and  other  financial  assets  are  initially  measured  at  fair  value.  Transaction  costs  are  included  as  part  of  the 
initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured 
at  either  amortised  cost  or  fair  value  depending  on  their  classification.  Classification  is  determined  based  on  both  the 
business  model  within  which  such  assets  are  held  and  the  contractual  cash  flow  characteristics  of  the  financial  asset 
unless, an accounting mismatch is being avoided. 

Financial  assets  are  derecognised  when  the  rights  to  receive  cash flows  have  expired  or  have  been  transferred  and  the 
Group  has  transferred  substantially  all  the  risks  and  rewards  of  ownership.  When  there  is  no  reasonable  expectation  of 
recovering part or all of a financial asset, it's carrying value is written off. 

Financial assets at fair value through profit or loss 
Financial  assets  not  measured  at  amortised  cost  or  at  fair  value  through  other  comprehensive  income  are  classified  as 
financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for trading, where 
they  are  acquired  for  the  purpose  of  selling  in  the  short-term  with  an  intention  of  making  a  profit,  or  a  derivative;  or  (ii) 
designated as such upon initial recognition where permitted. Fair value movements are recognised in profit or loss. 

Impairment of financial assets 
The  Group  recognises  a  loss  allowance  for  expected  credit  losses  on  financial  assets  which  are  either  measured  at 
amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon 
the  Group's  assessment  at  the  end  of  each  reporting  period  as  to  whether  the  financial  instrument's  credit  risk  has 
increased significantly since initial recognition, based on reasonable and supportable information that is available, without 
undue cost or effort to obtain. 

Where there  has  not  been  a  significant increase  in  exposure  to  credit  risk  since  initial  recognition,  a  12-month  expected 
credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable 
to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where 
it  is  determined  that  credit  risk  has  increased  significantly,  the  loss  allowance  is  based  on  the  asset's  lifetime  expected 
credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present 
value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate. 

Leases 
The  determination  of  whether  an  arrangement is  or  contains  a  lease  is  based  on  the  substance  of the  arrangement  and 
requires an assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset or assets 
and the arrangement conveys a right to use the asset. 

A distinction is made between finance leases, which effectively transfer from the lessor to the lessee  substantially all the 
risks  and  benefits  incidental  to  the  ownership  of  leased  assets,  and  operating  leases,  under  which  the  lessor  effectively 
retains substantially all such risks and benefits. 

Finance leases are capitalised. A lease asset and liability are established at the fair value of the leased assets, or if lower, 
the  present  value  of  minimum  lease  payments.  Lease  payments  are  allocated  between  the  principal  component  of  the 
lease liability and the finance costs, so as to achieve a constant rate of interest on the remaining balance of the liability. 

Leased assets acquired under a finance lease are depreciated over the asset's useful life or over the shorter of the asset's 
useful life and the lease term if there is no reasonable certainty that the Group will obtain ownership at the end of the lease 
term. 

24 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 2. Significant accounting policies (continued)

Operating  lease  payments,  net  of  any incentives  received from  the lessor,  are  charged  to  profit  or loss  on  a  straight-line 
basis over the term of the lease. 

Trade and other payables 
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and 
which  are  unpaid.  Due  to  their  short-term  nature  they  are  measured  at  amortised  cost  and  are  not  discounted.  The 
amounts are unsecured and are usually paid within 30 days of recognition. 

Employee benefits 

Short-term employee benefits 
Liabilities  for  wages  and  salaries,  including  non-monetary  benefits,  annual  leave  and  long  service  leave  expected  to  be 
settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities 
are settled. 

Long-term employee benefits 
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are 
measured at the present value of expected future payments to be made in respect of services provided by employees up to 
the reporting date. Consideration is given to expected future wage and salary levels, experience of employee departures 
and periods of service. Expected future payments are discounted using market yields at the reporting date on high quality 
corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. 

Defined contribution superannuation expense 
Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred. 

Share-based payments 
Equity-settled share-based compensation benefits are provided to employees. 

Equity-settled  transactions  are  awards  of  shares,  or  options  over  shares  (including  performance  rights  and  loan  funded 
shares), that are provided to employees in exchange for the rendering of services. 

The  cost  of  equity-settled  transactions  are  measured  at fair value  on  grant  date.  Fair value  is  independently  determined 
using either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the 
option,  the  impact  of  dilution,  the  share  price  at  grant  date  and  expected  price  volatility  of  the  underlying  share,  the 
expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do 
not determine whether the Group receives the services that entitle the employees to receive payment. No account is taken 
of any other vesting conditions. 

The  cost  of  equity-settled  transactions  are  recognised  as  an  expense  with  a  corresponding  increase  in  equity  over  the 
vesting  period. The  cumulative  charge to  profit  or loss  is  calculated  based  on  the  grant  date fair value  of  the  award,  the 
best  estimate  of  the  number  of  awards  that  are  likely  to  vest  and  the  expired  portion  of  the  vesting  period.  The  amount 
recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already 
recognised in previous periods. 

Market  conditions  are  taken  into  consideration  in  determining  fair  value.  Therefore,  any  awards  subject  to  market 
conditions  are  considered  to  vest  irrespective  of  whether  or  not  that  market  condition  has  been  met,  provided  all  other 
conditions are satisfied. 

If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. 
An  additional  expense  is  recognised,  over  the  remaining  vesting  period,  for  any  modification  that  increases  the  total  fair 
value of the share-based compensation benefit as at the date of modification. 

If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is treated as a 
cancellation.  If  the  condition  is  not  within  the  control  of  the  Group  or  employee  and  is  not  satisfied  during  the  vesting 
period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited. 

25 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 2. Significant accounting policies (continued)

If equity-settled awards are cancelled, they are treated as if they had vested on the date of cancellation, and any remaining 
expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and 
new award is treated as if they were a modification. 

Fair value measurement 
When  an  asset  or  liability, financial  or  non-financial, is measured  at fair value for  recognition  or  disclosure  purposes,  the 
fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction 
between  market  participants  at  the  measurement  date;  and  assumes  that  the  transaction  will  take  place  either:  in  the 
principal market; or in the absence of a principal market, in the most advantageous market. 

Fair  value  is  measured  using  the  assumptions  that  market  participants  would  use  when  pricing  the  asset  or  liability, 
assuming  they  act in  their  economic  best  interests.  For  non-financial  assets,  the  fair value measurement is  based  on  its 
highest  and  best  use.  Valuation  techniques  that  are  appropriate  in  the  circumstances  and  for  which  sufficient  data  are 
available  to  measure  fair  value,  are  used,  maximising  the  use  of  relevant  observable  inputs  and  minimising  the  use  of 
unobservable inputs. 

Assets  and  liabilities  measured  at  fair  value  are  classified  into  three  levels,  using  a  fair  value  hierarchy  that  reflects  the 
significance  of  the  inputs  used  in  making  the  measurements.  Classifications  are  reviewed  at  each  reporting  date  and 
transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair 
value measurement. 

For  recurring  and  non-recurring fair value measurements,  external valuers may  be  used  when  internal  expertise is  either 
not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge 
and  reputation.  Where  there  is  a  significant  change  in  fair  value  of  an  asset  or  liability  from  one  period  to  another,  an 
analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, 
where applicable, with external sources of data.

Issued capital 
Ordinary shares are classified as equity. 

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, 
from the proceeds. 

Dividends 
Dividends are recognised when declared during the financial year and no longer at the discretion of the Company. 

Earnings per share 

Basic earnings per share 
Basic earnings per share is calculated by dividing the profit attributable to the owners of Microequities Asset Management 
Group  Limited,  excluding  any  costs  of  servicing  equity  other  than  ordinary  shares,  by  the  weighted  average  number  of 
ordinary  shares  outstanding  during  the  financial  year,  adjusted  for  bonus  elements  in  ordinary  shares  issued  during  the 
financial year. 

Diluted earnings per share 
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account 
the  after income  tax  effect  of interest  and  other financing  costs  associated  with  dilutive  potential  ordinary  shares  and  the 
weighted  average  number  of  shares  assumed  to  have  been  issued  for  no  consideration  in  relation  to  dilutive  potential 
ordinary shares. 

Goods and Services Tax ('GST') and other similar taxes 
Revenues,  expenses  and  assets  are  recognised  net  of  the  amount  of  associated  GST,  unless  the  GST  incurred  is  not 
recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part 
of the expense. 

Receivables  and  payables  are  stated  inclusive  of  the  amount  of  GST  receivable  or  payable.  The  net  amount  of  GST 
recoverable  from,  or  payable  to,  the  tax  authority  is  included  in  other  receivables  or  other  payables  in  the  statement  of 
financial position. 

26 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 2. Significant accounting policies (continued)

Cash  flows  are  presented  on  a  gross  basis.  The  GST  components  of  cash  flows  arising  from  investing  or  financing 
activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows. 

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority. 

New Accounting Standards and Interpretations not yet mandatory or early adopted 
Australian  Accounting  Standards  and  Interpretations  that  have  recently  been  issued  or  amended  but  are  not  yet 
mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2019. The Group's 
assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the Group, 
are set out below. 

AASB 16 Leases
This standard is applicable to annual reporting periods beginning on or after 1 January 2019. The standard replaces AASB 
117 'Leases' and for lessees will eliminate the classifications of operating leases and finance leases. Subject to exceptions, 
a  'right-of-use'  asset  will  be  capitalised  in  the  statement  of  financial  position,  measured  at  the  present  value  of  the 
unavoidable  future  lease  payments  to  be  made  over  the  lease  term.  The  exceptions  relate  to  short-term  leases  of  12 
months  or  less  and  leases  of  low-value  assets  (such  as  personal  computers  and  small  office  furniture)  where  an 
accounting policy choice exists whereby either a 'right-of-use' asset is recognised or lease payments are expensed to profit 
or  loss  as  incurred.  A  liability  corresponding  to  the  capitalised  lease  will  also  be  recognised,  adjusted  for  lease 
prepayments, lease  incentives  received, initial  direct  costs  incurred  and  an  estimate  of  any future  restoration,  removal  or 
dismantling  costs.  Straight-line  operating  lease  expense  recognition  will  be  replaced  with  a  depreciation  charge  for  the 
leased  asset  (included  in  operating  costs)  and  an  interest  expense  on  the  recognised  lease  liability  (included  in  finance 
costs).  In  the  earlier  periods  of  the  lease,  the  expense  associated  with  the  lease  under  AASB  16  will  be  higher  when 
compared  to  lease  expense  under  AASB  117.  However,  EBITDA  (Earnings  Before  Interest,  Tax,  Depreciation  and 
Amortisation) results will be improved as the operating expense is replaced by interest expense and depreciation in profit 
or  loss  under  AASB  16.  For  classification  within  the  statement  of  cash  flows,  the  lease  payments  will  be  separated  into 
both a principal (financing activities) and interest (either operating or financing activities) component. For lessor accounting, 
the standard does not substantially change how a lessor accounts for leases. The impact of adoption of this standard as at 
1 July 2019, using the modified retrospective approach, will result in the recognition of a right-of-use asset of $396,218 with 
a corresponding increase in lease liability, in respect of the Group’s operating leases over premises. Refer to note 21 for 
undiscounted commitments in relation to non-cancellable operating leases as at 30 June 2019. 

New Conceptual Framework for Financial Reporting 
A  revised  Conceptual  Framework  for  Financial  Reporting  has  been  issued  by  the  AASB  and  is  applicable  for  annual 
reporting  periods  beginning  on  or  after  1  January  2020.  This  release  impacts  for-profit  private  sector  entities  that  have 
public  accountability  that  are  required  by  legislation  to  comply  with  Australian  Accounting  Standards  and  other  for-profit 
entities that voluntarily elect to apply the Conceptual Framework. Phase 2 of the framework is yet to be released which will 
impact for-profit private sector entities. The application of new definition and recognition criteria as well as new guidance on 
measurement  will  result  in  amendments  to  several  accounting  standards.  The  issue  of  AASB  2019-1  Amendments  to 
Australian  Accounting  Standards  –  References  to  the  Conceptual  Framework,  also  applicable  from  1  January  2020, 
includes  such  amendments.  Where  the  Group  has  relied  on  the  conceptual  framework  in  determining  its  accounting 
policies for transactions, events or conditions that are not otherwise dealt with under Australian Accounting Standards, the 
Group may need to revisit such policies. The Group will apply the revised conceptual framework from 1 July 2020 and is 
yet to assess its impact 

Note 3. Critical accounting judgements, estimates and assumptions 

The  preparation  of  the  financial  statements  requires  management  to  make  judgements,  estimates  and  assumptions  that 
affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in 
relation  to  assets,  liabilities,  contingent  liabilities,  revenue  and  expenses.  Management  bases  its  judgements,  estimates 
and  assumptions  on  historical  experience  and  on  other  various  factors,  including  expectations  of  future  events, 
management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will 
seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing 
a  material  adjustment  to  the  carrying  amounts  of  assets  and  liabilities  (refer  to  the  respective  notes)  within  the  next 
financial year are discussed below. 

27 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 3. Critical accounting judgements, estimates and assumptions (continued)

Share-based payment transactions 
The  Group  measures  the  cost  of  equity-settled  transactions  with  employees  by  reference  to  the  fair  value  of  the  equity 
instruments  at  the  date  at  which  they  are  granted.  The  fair  value  is  determined  by  using  either  the  Binomial  or  Black-
Scholes  model  taking  into  account  the  terms  and  conditions  upon  which  the  instruments  were  granted.  The  accounting 
estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts 
of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.  

The Group can elect to settle performance rights in the form of a bonus in cash or by way of an issue of shares. The fair 
value of such performance rights are accounted over the vesting period as an equity settled share-based payment based 
on the current expectation of settlement. 

Fair value measurement hierarchy 
The Group is required to classify all assets and liabilities, measured at fair value, using a three level hierarchy, based on 
the lowest level of input that is significant to the entire fair value measurement, being: Level 1: Quoted prices (unadjusted) 
in active markets for identical assets or liabilities that the entity can access at the measurement date; Level 2: Inputs other 
than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 
3: Unobservable inputs for the asset or liability. Considerable judgement is required to determine what is significant to fair 
value and therefore which category the asset or liability is placed in can be subjective. 

Note 4. Operating segments 

The  main  business  activities  of  the  Group  are  the  provision  of  funds  management  services.  The  Board  of  Directors  are 
identified  as  the  Chief  Operating  Decision  Makers  ('CODM'),  and  they  consider  the  performance  of  the  main  business 
activities on an aggregated basis to determine the allocation of resources. 

Other activities undertaken by the Group, including investing activities, are incidental to the main business activities. 

Based  on  the  internal  reports  that  are  used  by  the  CODM  the  Group  has  one  operating  segment  being  the  provision  of 
funds management services with the objective of offering investment funds to wholesale and sophisticated investors. There 
is no aggregation of operating segments. 

The  operating  segment  information  is  the  same  information  as  provided  throughout  the  financial  statements  and  are 
therefore not duplicated. 

The information reported to the CODM is on a monthly basis. 

Note 5. Revenue from contracts with customers 

Management fees 
Performance fees 
Other revenue 

Revenue from contracts with customers 

Disaggregation of revenue 

Consolidated

2019
$

2018
$

6,438,289 
960,403 
347,409 

7,014,414 
3,503,215 
289,357 

7,746,101 

10,806,986 

There is no disaggregation of revenue provided, as all revenue is generated in Australia and revenue is recognised over 
time. 

28 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 6. Other income and gain/(loss) on investments 

Dividends and distributions 
Realised gain on investments 
Unrealised gain/(loss) on investments 

Other income and gain/(loss) on investments 

Note 7. Expenses 

Profit before income tax includes the following specific expenses: 

Rental expense relating to operating leases
Minimum lease payments 

Superannuation expense
Defined contribution superannuation expense 

Consolidated

2019
$

2018
$

121,051 
-  
(508,205)

55,423 
55,848 
142,981 

(387,154)

254,252 

Consolidated

2019
$

2018
$

315,238 

288,924 

145,028 

144,384 

29 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 8. Income tax 

Income tax expense
Current tax 
Deferred tax - origination and reversal of temporary differences 

Aggregate income tax expense 

Deferred tax included in income tax expense comprises: 
Increase in deferred tax assets 

Numerical reconciliation of income tax expense and tax at the statutory rate
Profit before income tax expense 

Tax at the statutory tax rate of 27.5% 

Tax effect amounts which are not deductible/(taxable) in calculating taxable income: 

Share-based payments 
Contributions to employee share scheme 
Taxable distributions 
Tax impact of franked dividends received 
Non-taxable income attributable to non-controlling interest 
Sundry items 

Income tax expense 

Deferred tax asset
Deferred tax asset comprises temporary differences attributable to: 

Amounts recognised in profit or loss: 

Employee benefits 
Accrued expenses 
Listing expenses 
Unrealised loss/(gain) on investments 

Deferred tax asset 

Movements: 
Opening balance 
Credited to profit or loss 

Closing balance 

Provision for income tax
Provision for income tax 

30 

Consolidated

2019
$

2018
$

1,123,979 
(124,074)

1,863,925 
(59,906)

999,905 

1,804,019 

(124,074)

(59,906)

3,825,612 

7,284,618 

1,052,043 

2,003,270 

54,223 
-  
-  
(25,855)
(80,506)
-  

90,089 
(264,000)
68,838 
(21,132)
(73,183)
137 

999,905 

1,804,019 

Consolidated

2019
$

2018
$

69,289 
7,686 
-  
139,829 

59,740 
9,034 
95,532 
(71,576)

216,804 

92,730 

92,730 
124,074 

32,824 
59,906 

216,804 

92,730 

Consolidated

2019
$

2018
$

333,330 

766,409 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 9. Current assets - cash and cash equivalents 

Cash at bank and on hand 
Cash on deposits 

Note 10. Current assets - trade and other receivables 

Trade receivables 
Other receivable 
Trust distribution receivable 
Interest receivable 

Consolidated

2019
$

2018
$

4,440,169 
240,329 

4,472,042 
2,090,534 

4,680,498 

6,562,576 

Consolidated

2019
$

2018
$

574,269 
4,167 
89,472 
6,047 

743,912 
3,621 
25,651 
11,682 

673,955 

784,866 

Allowance for expected credit losses
The Group has recognised a loss of $nil (2018: $nil) in profit or loss in respect of the expected credit losses for the year 
ended 30 June 2019. 

The ageing of the receivables and allowance for expected credit losses provided for above are as follows: 

Consolidated

Not overdue 

Note 11. Current assets - other 

Prepayments 
Other assets 

Expected 
credit loss 
rate
2019
%

Carrying 
amount
2019
$

Allowance 
for expected 
credit losses
2019
$

- 

574,269

-

Consolidated

2019
$

2018
$

65,877 
49,091 

33,091 
49,091 

114,968 

82,182 

Consolidated

2019
$

2018
$

Note 12. Non-current assets - financial assets at fair value through profit or loss

Investment in unlisted Australian unit trusts - designated at fair value through profit or loss 

3,907,025 

2,876,277 

Refer to note 18 for further information on fair value measurement. 

31 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 13. Current liabilities - trade and other payables 

Trade payables 
Accruals and other payables 

Refer to note 17 for further information on financial instruments. 

Note 14. Equity - issued capital 

Ordinary shares - fully paid 
Less: Treasury shares 

Movements in ordinary share capital 

Consolidated

2019
$

2018
$

73,453 
336,065 

92,575 
542,311 

409,518 

634,886 

Consolidated

2019
Shares

2018
Shares

2019
$

2018
$

133,036,934 132,938,073
(2,637,776)

(2,637,776)

3,816,577 
(1,170,943)

3,930,646 
(1,224,601)

130,399,158 130,300,297

2,645,634 

2,706,045 

Details

Date

Shares

$

Balance 
Share-split 
Issue of shares under employee share trust plan 
Issue of shares 

Balance 
Share buy-back 
Shares issued on exercise of options 
Issue of shares 
Share buy-back 
Share buy-back 
Share buy-back 
Transfer from share-based payment reserve on exercise of options 

1 July 2017 
16 February 2018 
28 February 2018 
24 April 2018 

30 June 2018 
9 October 2018 
19 November 2018 
19 November 2018 
21 November 2018 
22 February 2019 
21 March 2019 

401,426
131,266,302
1,270,344
1

132,938,073
(216,076)
759,161
50,760
(6,445)
(274,540)
(213,999)
-

2,970,645
-
960,000
1

3,930,646
(125,232)
-
28,680
(3,646)
(117,050)
(86,960)
190,139

Balance 

30 June 2019 

133,036,934

3,816,577

Movements in Treasury shares 

Details

Date

Shares

$

Balance 
Share-split 
Issue of shares under employee share trust plan 
Repayment of loan 

Balance 
Repayment of loan 

Balance 

1 July 2017 
16 February 2018 
28 February 2018 

30 June 2018 

(4,169)
(1,363,263)
(1,270,344)
-

(314,976)
-
(960,000)
50,375

(2,637,776)
-

(1,224,601)
53,658

30 June 2019 

(2,637,776)

(1,170,943)

32 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 14. Equity - issued capital (continued)

Ordinary shares 
Ordinary  shares  entitle  the  holder  to  participate  in  dividends  and  the  proceeds  on  the  winding  up  of  the  Company  in 
proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the 
Company does not have a limited amount of authorised capital. 

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each 
share shall have one vote. 

Treasury shares 
Treasury  shares  comprise  of  1,367,432  shares  issued  under  a  Loan  Funded  Share  Plan  and  1,270,344  shares  issued 
under an Employee Share Trust Plan. 

Loan Funded Share Plan ('LFSP')
The Company has an equity scheme pursuant to which certain employees may access a LFSP. The acquisition of shares 
under  this  LFSP  is  fully  funded  by  the  Company  through  the  granting  of  a  limited  recourse  loan.  The  LFSP  shares  are 
restricted until the loan is repaid. These shares are recorded as treasury shares representing a deduction against issued 
capital. These have been accounted for as a share-based payment. Refer to note 27 for further details. When the loans are 
settled,  the  treasury  shares  are  reclassified  as  ordinary  shares  and  the  equity  will  increase  by  the  amount  of  the  loan 
repaid. 

Employee Share Trust Plan ('ESTP'). 
The  Company  has  established  the  ESTP  to  deliver  long-term  incentives  to  eligible  employees.  The  trustee  of  the  Share 
Trust is  a  wholly  owned  subsidiary  of  the  Company.  The  acquisition  of the  shares  under  the ESTP is fully funded  by  the 
Company.  These  shares  are  recorded  as  treasury  shares  representing  a  deduction  against  issued  capital.  The  eligible 
employees are issued with units in the Share Trust. Each unit in the Share Trust is converted to one share in the Company 
upon  satisfaction  of  the  relevant vesting  conditions.  The  issue  of  units  in the  Share  Trust  have  been  accounted for  as  a 
share-based payment. Refer to note 27 for further details. 

Share buy-back 
During  the  financial  year,  the  Company  bought  back  711,060  shares  at  a  cost  of  $332,888.  The  buy-back  program  is 
expected to expire on 12 September 2019. 

Capital risk management 
The  Group's  objectives  when  managing  capital  is  to  safeguard  its  ability  to  continue  as  a  going  concern,  so  that  it  can 
provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce 
the cost of capital. 

Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated 
as total borrowings less cash and cash equivalents. 

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. 

The Group holds an Australian Financial Services License and is subject to regulatory financial requirements that include 
maintaining  a minimum  level  of  net  tangible  assets.  The  directors  believe  the Group  has  adequate  capital  as  at  30  June 
2019 to maintain the Group's existing business activities and facilitate growth. 

The capital risk management policy remains unchanged from the 30 June 2018 Annual Report. 

Note 15. Equity - reserves 

Share-based payments reserve 

Consolidated

2019
$

2018
$

320,960 

327,597 

33 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 15. Equity - reserves (continued)

Share-based payments reserve 
The  reserve  is  used  to  recognise  the  value  of  equity  benefits  provided  to  employees  and  directors  as  part  of  their 
remuneration, and other parties as part of their compensation for services. 

Movements in reserves 
Movements in each class of reserve during the current and previous financial year are set out below: 

Consolidated

Balance at 1 July 2017 
Share-based payments 

Balance at 30 June 2018 
Share-based payments 
Transfer to issued capital on exercise of options 

Balance at 30 June 2019 

Note 16. Equity - dividends 

Dividends 
Dividends paid/payable during the financial year were as follows: 

Share-based
payments 
$ 

-
327,597

327,597
183,502
(190,139)

320,960

Consolidated

2019
$

2018
$

Final dividend for the year ended 30 June 2018 of 1 cent per ordinary share 

1,315,706 

-  

Interim dividend for the year ended 30 June 2019 of 1 cent per ordinary share (2018: 2.009 
cents) 

1,332,510 

2,645,000 

2,648,216 

2,645,000 

On  15  August  2019,  the  Directors  declared  a  fully franked  final  dividend for  the  year  ended  30  June  2019  of  1  cent  per 
ordinary  share,  to  be  paid  on  5  September  2019  to  eligible  shareholders  on  the  register  as  at  21  August  2019.  This 
equates to a total estimated dividend of $1,330,369, based on the number of ordinary shares on issue as at 30 June 2019. 
The financial effect of dividends declared after the reporting date are not reflected in the financial statements and  will be 
recognised in subsequent financial statements. 

Franking credits 

Franking credits available for subsequent financial years based on a tax rate of 27.5% 

2,156,751 

1,503,314 

The above amounts represent the balance of the franking account as at the end of the financial year, adjusted for: 
(cid:1)
(cid:1)
(cid:1)

franking credits that will arise from the payment of the amount of the provision for income tax at the reporting date 
franking debits that will arise from the payment of dividends recognised as a liability at the reporting date 
franking credits that will arise from the receipt of dividends recognised as receivables at the reporting date 

Consolidated

2019
$

2018
$

34 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 17. Financial instruments 

Financial risk management objectives 
The Group’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. Given the long-term 
nature  of  the  investments,  the  Group’s  overall  risk  management  program  focuses  on  the  underlying  value  of  the 
investments  rather  than  short-term  fluctuations  in  market  price. The  Group  regularly  reviews  the  investment  case  and 
performance of the investments as well as other different methods to measure different types of risk to which it is exposed, 
including sensitivity analysis. 

In particular, the Group manages the investments of certain funds where it is entitled to receive management fees and fees 
contingent  upon  performance  of  the  portfolio  managed.  These  fees  are  exposed  to  significant  risk  associated  with  the 
funds’ performance, including market risks and liquidity risk as detailed below. 

Risk management is carried out by the investment management team in accordance with the investment mandate of each 
fund. 

Market risk 

Foreign currency risk 
Foreign exchange risk arises from recognised financial assets and financial liabilities denominated in a currency that is not 
the entity’s functional currency. The Group is not exposed to any significant foreign currency risk. 

Price risk 
Price risk is  the  risk  that the fair value  of  investments  decreases  as  a  result  of  changes  in market  prices,  whether  those 
changes are caused by factors specific to the individual equity securities or managed investment funds or factors affecting 
all financial instruments in the market. Price risk exposure arises from the Group's investment portfolio. 

Price risk is managed by monitoring the underlying value of the investments in relation to the price of the investments and 
also taking a long-term investment time frame into account. 

The Group is exposed to direct equity price risk on its financial assets that are at fair value. The table below summarises 
the impact of a 10% movement in the market value of these assets: 

Consolidated - 2019

Investment in unlisted 
Australian unit trusts 

Consolidated - 2018

Investment in unlisted 
Australian unit trusts 

Average price increase
Effect on 
profit before 
tax

Effect on 
equity

% change

Average price decrease
Effect on 
profit before 
tax

Effect on 
equity

% change

10% 

390,703

283,260

(10%)

(390,703)

(283,260)

Average price increase
Effect on 
profit before 
tax

Effect on 
equity

% change

Average price decrease
Effect on 
profit before 
tax

Effect on 
equity

% change

10% 

287,628

208,530

(10%)

(287,628)

(208,530)

Interest rate risk 
The Group’s exposure to interest rate risk is not significant and limited to interest on cash at bank. 

Credit risk 
Credit  risk  refers  to  the  risk  that  a  counterparty  will  default  on  its  contractual  obligations  resulting  in financial  loss  to  the 
Group. The maximum exposure to credit risk at the reporting date to recognised financial assets is the carrying amount, net 
of  any  provisions  for  impairment  of  those  assets,  as  disclosed  in  the  statement  of  financial  position  and  notes  to  the 
financial statements. The Group does not hold any collateral. 

35 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 17. Financial instruments (continued)

The  Group  has  adopted  a  lifetime  expected  loss  allowance  in  estimating  expected  credit  losses  to  trade  receivables 
through  the  use  of  a  provisions  matrix  using  fixed  rates  of  credit  loss  provisioning.  These  provisions  are  considered 
representative across all customers of the Group based on recent sales experience, historical collection rates and forward-
looking information that is available. 

The  Group  has  a  credit  risk  exposure  with  the  cash  at  bank,  trade  and  distribution  receivable  from  funds  under 
management. The funds under management as at 30 June 2019 owed the Group 96% (2018: 94%) of trade receivables 
and  accrued  income.  The  balance  was  within  its  terms  of  trade  and  no  impairment  was  made  as  at  the  reporting  date. 
These receivables represent management fees and performance fees that are accrued and paid monthly by the Funds. 

Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include 
the  failure  of  a  debtor  to  engage  in  a  repayment  plan,  no  active  enforcement  activity  and  a  failure  to  make  contractual 
payments for a period greater than 1 year. 

Liquidity risk 
Vigilant  liquidity  risk  management  requires  the  Group  to  maintain  sufficient  liquid  assets  (mainly  cash  and  cash 
equivalents) to be able to pay debts as and when they become due and payable. 

The Group manages liquidity risk by maintaining adequate cash reserves by monitoring actual and forecast cash flows and 
matching the maturity profiles of financial assets and liabilities. 

Remaining contractual maturities 
The following tables detail the Group's remaining contractual maturity for its financial instrument liabilities. The tables have 
been  drawn  up  based  on  the  undiscounted  cash  flows  of  financial  liabilities  based  on  the  earliest  date  on  which  the 
financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining 
contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position. 

Consolidated - 2019

Non-derivatives
Non-interest bearing
Trade payables 
Total non-derivatives 

Consolidated - 2018

Non-derivatives
Non-interest bearing
Trade payables 
Total non-derivatives 

Weighted 
average 

interest rate  1 year or less

% 

$ 

Between 1 
and 2 years 
$ 

Between 2 
and 5 years  Over 5 years

$ 

$ 

Remaining 
contractual 
maturities 
$ 

- 

73,453
73,453

-
-

-
-

-
-

73,453
73,453

Weighted 
average 

interest rate  1 year or less

% 

$ 

Between 1 
and 2 years 
$ 

Between 2 
and 5 years  Over 5 years

$ 

$ 

Remaining 
contractual 
maturities 
$ 

- 

92,575
92,575

-
-

-
-

-
-

92,575
92,575

The  cash  flows  in  the  maturity  analysis  above  are  not  expected  to  occur  significantly  earlier  than  contractually  disclosed 
above. 

36 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 18. Fair value measurement 

Fair value hierarchy 
The  following  tables  detail  the  Group's  assets  and  liabilities,  measured  or  disclosed  at  fair  value,  using  a  three  level 
hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: 
Level  1:  Quoted  prices  (unadjusted)  in  active  markets  for  identical  assets  or  liabilities  that  the  entity  can  access  at  the 
measurement date 
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly 
or indirectly 
Level 3: Unobservable inputs for the asset or liability 

Consolidated - 2019

Assets
Investment in unlisted Australian unit trusts 
Total assets 

Consolidated - 2018

Assets
Investment in unlisted Australian unit trusts 
Total assets 

Level 1 
$ 

Level 2 
$ 

Level 3 
$ 

Total 
$ 

Level 1 
$ 

-
-

-
-

3,907,025
3,907,025

Level 2 
$ 

Level 3 
$ 

2,876,277
2,876,277

-
-

-
-

3,907,025
3,907,025

Total 
$ 

2,876,277
2,876,277

There were no transfers between levels during the financial year. 

The  carrying  amounts  of  trade  and  other  receivables  and  trade  and  other  payables  approximate  their  fair  values  due  to 
their short-term nature. 

Valuation techniques for fair value measurements categorised within level 2 and level 3 
Investments in unlisted Australian unit trusts
The investments are recorded at fair value determined on the basis of the published unit prices of those unlisted managed 
investment  funds  at  the  reporting  date,  adjusted  where  deemed  appropriate,  to  reflect  values  based  on  recent  actual 
market transactions. 

Note 19. Remuneration of auditors 

During the financial year the following fees were paid or payable for services provided by BDO East Coast Partnership, the 
auditor of the Company, and its network firms: 

Consolidated

2019
$

2018
$

Audit services - BDO East Coast Partnership (2018: Prosperity Advisers Audit Services Pty 
Ltd)
Audit or review of the financial statements 

36,500 

32,500 

Other services - network firm BDO East Coast Partnership (2018: Prosperity Advisers Audit 
Services Pty Ltd)
Tax compilation and related services 
Other compliance services 

5,000 
-  

5,000 

6,400 
1,200 

7,600 

Note 20. Contingent liabilities 

The Group had no contingent liabilities as at 30 June 2019 and 30 June 2018. 

37 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 21. Commitments 

Lease commitments - operating
Committed at the reporting date but not recognised as liabilities, payable: 
Within one year 
One to five years 

Consolidated

2019
$

2018
$

270,733 
138,021 

282,783 
408,754 

408,754 

691,537 

Operating  lease  commitments  includes  contracted  amounts  for  office  premises  under  non-cancellable  operating  leases 
expiring within 1 to 2 years. 

Note 22. Key management personnel disclosures 

Compensation 
The aggregate compensation made to directors and other members of key management personnel of the Group is set out 
below: 

Short-term employee benefits 
Post-employment benefits 
Long-term benefits 
Share-based payments 

Note 23. Related party transactions 

Parent entity 
Microequities Asset Management Group Limited is the parent entity. 

Subsidiaries 
Interests in subsidiaries are set out in note 24. 

Consolidated

2019
$

2018
$

1,002,423 
60,486 
27,931 
506,989 

1,003,661 
55,646 
11,648 
257,911 

1,597,829 

1,328,866 

Key management personnel 
Disclosures  relating  to  key  management  personnel  are  set  out  in  note  22  and  the  remuneration  report  included  in  the 
directors' report. 

Transactions with related parties 
Management fees and performance fees disclosed in note 5 are from Funds for which the Group is a Trustee. 

Receivable from and payable to related parties 
Trade receivables disclosed in note 10 are predominantly from Funds for which the Group is a Trustee. 

Loans to/from related parties 
There were no loans to or from related parties at the current and previous reporting date. 

Terms and conditions 
All transactions were made on normal commercial terms and conditions and at market rates. 

38 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 24. Interests in subsidiaries 

The  consolidated  financial  statements  incorporate  the  assets,  liabilities  and  results  of  the  following  subsidiaries  in 
accordance with the accounting policy described in note 2: 

Name

Principal place of business /
Country of incorporation

Microequities Asset Management Pty Ltd 
Microequities Venture Capital Pty Ltd 
Microequities Venture Capital Fund Managing 
Partnership LP* 

Australia 
Australia 

Australia 

Ownership interest
2018
2019
%
%

100% 
100% 

50% 

100% 
100% 

50% 

* 

Leslie Szekely, the Chairman, holds 50% of the shares in Equity Venture Partners Pty Ltd ACN 600 735 626 ('EVP') 
through Bellite Pty Ltd ACN 056 441 386, a company controlled by him. EVP (as trustee for the EVP Trust) is a limited 
partner of Microequities Venture Capital Managing Partnership LP which acts as general partner of the Microequities 
Venture Capital Fund LP. 

Note 25. Cash flow information 

Reconciliation of profit after income tax to net cash from operating activities 

Profit after income tax expense for the year 

Adjustments for: 
Net fair value loss/(gain) on other financial assets 
Share-based payments 
Dividend income- non-cash 
Share issued under employee share plan 

Change in operating assets and liabilities: 

Decrease in trade and other receivables 
Increase in deferred tax assets 
Decrease/(increase) in prepayments 
Increase in other assets 
Decrease in trade and other payables 
Decrease in provision for income tax 
Increase in employee benefits 

Net cash from operating activities 

Non-cash investing and financing activities 

Shares issued under employee share plan 
Additions to investment by reinvestment of dividends 

39 

Consolidated

2019
$

2018
$

2,825,707 

5,480,599 

508,205 
183,502 
(38,953)
28,680 

(182,106)
327,597 
(30,180)
-  

110,911 
(124,074)
(32,786)
-  
(225,369)
(433,079)
35,373 

3,067,921 
(59,906)
20,510 
(49,091)
(35,563)
(667,679)
6,205 

2,838,117 

7,878,307 

Consolidated

2019
$

2018
$

28,680 
38,953 

-  
30,180 

67,633 

30,180 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 26. Earnings per share 

Profit after income tax 
Non-controlling interest 

Consolidated

2019
$

2018
$

2,825,707 
(292,749)

5,480,599 
(266,120)

Profit after income tax attributable to the owners of Microequities Asset Management Group 
Limited 

2,532,958 

5,214,479 

Weighted average number of ordinary shares used in calculating basic earnings per share 
Adjustments for calculation of diluted earnings per share: 

Options over ordinary shares 
Performance rights over ordinary shares 

Number

Number

130,477,940 130,300,296

-
-

2,513,759
794,037

Weighted average number of ordinary shares used in calculating diluted earnings per share 

130,477,940 133,608,092

Basic earnings per share 
Diluted earnings per share 

Cents

Cents

1.94
1.94

4.00
3.90

The weighted average number of ordinary shares for year ended 30 June 2019 does not include 2,637,776 treasury shares 
(2018: 2,637,776). 

Note 27. Share-based payments 

The  share-based  payment  expense  for  the  year  was  $563,870  (2018:  $327,597),  including  cash  settled  share-based 
payment expense of $380,368. 

Options
On  9  November  2015,  the  Group  issued  2,713,022  options  for  $nil.  Each  option  is  exercisable  for  one  share  in  the 
Company. The options vest on the earlier of the sale of 100% of the Company or its business or 36 months from the date 
of  issue  (being  9  November  2018).  The  exercise  price  for  the  options  is  $0.267  per  share,  being  the  market  value  of  a 
share  at  the  time  of  issue  of  the  options.  On  19  November  2018,  all  the  options  were  exercised  by  way  of  cashless 
exercise in terms of which shares to the value of the surplus over the exercise price were issued. 

Loan Funded Share Plan ('LFSP')
As detailed in note 14, the Group has an equity scheme pursuant to which certain employees may access a LFSP. On 26 
November  2015,  the  Group  granted  limited  recourse  loans  to  certain  employees  to  enable  them  to  subscribe  1,367,432 
shares  in  the  Company.  The  LFSP  shares  are  restricted  until  the loan  is  repaid. These  shares  are  recorded  as  treasury 
shares representing a deduction against issued capital. These have been accounted for as a share-based payment. 

Set out below are summaries of options and loan funded shares granted under the plan: 

2019 

Grant date 

Expiry date 

Exercise  
price 

09/11/2015 
26/11/2015 

09/10/2020 
26/11/2022 

$0.267 
$0.267 

Balance at  
the start of  
the year 

2,713,022
1,367,432
4,080,454

Granted 

Exercised 

Expired/  
forfeited/ 
 other 

Balance at  
the end of  
the year 

-
-
-

(2,713,022)
-
(2,713,022)

-
-
-

-
1,367,432
1,367,432

Weighted average exercise price 

$0.267 

$0.000

$0.267 

$0.000

$0.267 

40 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 27. Share-based payments (continued)

2018 

Grant date 

Expiry date 

Exercise  
price 

09/11/2015 
26/11/2015 

09/10/2020 
26/11/2022 

$0.267 
$0.267 

Balance at  
the start of  
the year 

2,713,022
1,367,432
4,080,454

Granted 

Exercised 

Expired/  
forfeited/ 
 other 

Balance at  
the end of  
the year 

-
-
-

-
-
-

-
-
-

2,713,022
1,367,432
4,080,454

Weighted average exercise price 

$0.267 

$0.000

$0.000

$0.000

$0.267 

The weighted average share price during the financial year was $0.455 (2018: $0.749). 

The weighted average remaining contractual life of options outstanding at the end of the financial year was nil years (2018: 
0.33 years). 

Whilst  1,367,432  shares  under  LFSP  have  fully  vested,  the  holder  does  not  have  unrestricted  access  to  the  underlying 
shares until settlement of the loan. 

Performance rights
On  28  February  2018,  the  Group  granted  1,905,516  performance  rights  to  pay  a  bonus  in  February  2022  if  certain 
performance hurdles relating to the Funds and service conditions of the employee are met. The Group can elect to settle 
the bonus in cash or by way of an issue of shares. The amount of the bonus will be calculated in accordance with a formula 
based on the market price of the shares at the time the bonus is payable multiplied by the vesting percentage (which will 
range  from  0%  to  100%  depending  on  the  number  of  Funds  that meet  the  performance  hurdle). Each  Fund  has  its  own 
performance hurdles which are all 5% above the compound annual return of the relevant benchmark. 

On  9  November  2018,  the  Group  granted  1,223,550  performance  rights  to  pay  a  bonus  in  November  2021  if  certain 
performance hurdles relating to the Group and service conditions of the employee are met. The Group can elect to settle 
the bonus in cash or by way of an issue of shares. The amount of the bonus will be calculated in accordance with a formula 
based on the market price of the shares at the time the bonus is payable multiplied by the vesting percentage (which will 
range from 0% to 100% depending on the achievement of the various performance hurdles). 

Units under the Employee Share Trust Plan ('ESTP')
On  28  February  2018,  the  Group  granted  1,270,344  share  units  (unvested)  under  the  ESTP. The  units  vest  if  certain 
performance hurdles relating to the Funds and service conditions of the employees are met. The number of shares that will 
vest will be calculated based on the vesting percentage (which will range from 0% to 100% depending on the number of 
Funds  that  meet  the  performance  hurdle). Each  Fund  has  its  own  performance  hurdles  which  are  all  5%  above  the 
compound annual return of the relevant benchmark. 

Set out below are summaries of performance rights and share units granted under the plan: 

2019 

Grant date 

Expiry date 

28/02/2018 
28/02/2018 
09/11/2018 

28/02/2022 
28/02/2022 
09/11/2021 

Exercise  
price 

Balance at  
the start of  
the year 

Granted 

Exercised 

Expired/  
forfeited/ 
 other 

Balance at  
the end of  
the year 

$0.000
$0.000
$0.000

1,905,516
1,270,344
-
3,175,860

-
-
1,223,550
1,223,550

-
-
-
-

-
-
-
-

1,905,516
1,270,344
1,223,550
4,399,410

41 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 27. Share-based payments (continued)

2018 

Grant date 

Expiry date 

Exercise  
price 

Balance at  
the start of  
the year 

Granted 

Exercised 

Expired/  
forfeited/ 
 other 

Balance at  
the end of  
the year 

28/02/2018 
28/02/2018 

28/02/2022 
28/02/2022 

$0.000
$0.000

-
-
-

1,905,516
1,270,344
3,175,860

-
-
-

-
-
-

1,905,516
1,270,344
3,175,860

The weighted average remaining contractual life of performance rights outstanding at the end of the financial year was 2.58 
years (2018: 3.67 years). 

For  the  performance  rights  and  share  units  under  ESTP  granted  during  the  current  financial  year,  the  valuation  model 
inputs used in the Black-Scholes option pricing model to determine the fair value at the grant date, are as follows: 

Grant date 

Expiry date 

Share price 
at grant date

Exercise 
price 

Expected 
volatility 

Dividend 
yield 

Risk-free 
interest rate

Fair value 
at grant date

09/11/2018 

09/11/2021 

$0.500 

$0.000

56.80% 

5.00% 

3.25% 

$0.430 

Note 28. Parent entity information 

Set out below is the supplementary information about the parent entity. 

Statement of profit or loss and other comprehensive income 

Profit after income tax 

Total comprehensive income 

Statement of financial position 

Total current assets 

Total assets 

Total current liabilities 

Total liabilities 

Equity 

Issued capital 
Retained earnings/(accumulated losses) 

Total equity 

42 

Parent

2019
$

2018
$

5,368,850 

153,067 

5,368,850 

153,067 

Parent

2019
$

2018
$

2,156,509 

4,509,547 

6,131,824 

7,314,358 

11,334 

3,854,091 

11,334 

3,854,091 

3,605,634 
2,514,856 

3,666,045 
(205,778)

6,120,490 

3,460,267 

  
Microequities Asset Management Group Limited
Notes to the consolidated financial statements
30 June 2019

Note 28. Parent entity information (continued)

Issued capital
Issued capital disclosed above includes $960,000 (2018: $960,000) issue of shares under employee share trust plan that 
was funded by another Group entity. 

Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2019 and 30 June 2018. 

Contingent liabilities 
The parent entity had no contingent liabilities as at 30 June 2019 and 30 June 2018. 

Capital commitments - Property, plant and equipment 
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2019 and 30 June 2018. 

Significant accounting policies 
The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 2, except for the 
following: 
(cid:1)
(cid:1)

Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity. 
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an 
indicator of an impairment of the investment. 

Note 29. Events after the reporting period 

Apart from the dividend declared as disclosed in note 16, no other matter or circumstance has arisen since 30 June 2019 
that  has  significantly  affected,  or  may  significantly  affect  the  Group's  operations,  the  results  of  those  operations,  or  the 
Group's state of affairs in future financial years. 

43 

  
Microequities Asset Management Group Limited
Directors' declaration
30 June 2019

In the directors' opinion: 

(cid:1)

(cid:1)

(cid:1)

(cid:1)

the  attached financial  statements  and  notes  comply  with the  Corporations  Act  2001,  the  Accounting  Standards,  the 
Corporations Regulations 2001 and other mandatory professional reporting requirements; 

the attached financial statements and notes comply with International Financial Reporting Standards as issued by the 
International Accounting Standards Board as described in note 2 to the financial statements; 

the attached financial statements and notes give a true and fair view of the Group's financial position as at 30 June 
2019 and of its performance for the financial year ended on that date; and 

there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due 
and payable. 

The directors have been given the declarations required by section 295A of the Corporations Act 2001. 

Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001. 

On behalf of the directors 

___________________________
Leslie Szekely 
Chairman 

15 August 2019 

___________________________
Carlos Gil 
Chief Executive Officer 

44 

  
  
  
  
  
  
  
(cid:25)(cid:3)(cid:5)(cid:26)(cid:1)(cid:27)(cid:28)(cid:6)(cid:1)(cid:19)(cid:1)(cid:29)(cid:19)(cid:30)(cid:6)(cid:1)(cid:31)(cid:6)(cid:20)(cid:20)(cid:1)
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(cid:19)(cid:24)(cid:29)(cid:27)(cid:29)(cid:5)(cid:27)(cid:10)(cid:10)

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(cid:12)*((cid:23)(cid:3)(cid:1)(cid:23)(cid:12)(cid:9)(cid:16)(cid:15)(cid:9)(cid:10)(cid:15)(cid:23)(cid:1)(cid:9)(cid:10)(cid:3)(cid:1)0(cid:22)(cid:10)(cid:12)*(cid:3)(cid:10)(cid:1)(cid:15)(cid:3)(cid:23)1(cid:10)(cid:24)/(cid:3)(cid:15)(cid:1)(cid:24)(cid:16)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:11)(cid:19)(cid:21)(cid:7)(cid:6)(cid:2)(cid:3)(cid:22)(cid:9)(cid:10)(cid:3)(cid:17)(cid:9)(cid:4)(cid:2)(cid:8)(cid:9)(cid:7)(cid:23)(cid:7)(cid:20)(cid:7)(cid:6)(cid:7)(cid:17)(cid:9)(cid:10)(cid:24)(cid:2)(cid:3)(cid:10)(cid:6)(cid:25)(cid:17)(cid:10)(cid:5)(cid:19)(cid:21)(cid:7)(cid:6)(cid:10)(cid:2)(cid:24)(cid:10)(cid:6)(cid:25)(cid:17)(cid:10)(cid:26)(cid:7)(cid:8)(cid:5)(cid:8)(cid:12)(cid:7)(cid:5)(cid:20)(cid:10)
(cid:16)(cid:17)(cid:4)(cid:2)(cid:3)(cid:6)(cid:1)(cid:23)(cid:3)1(cid:12)(cid:24)((cid:16)(cid:1)(0(cid:1)((cid:22)(cid:10)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)3(cid:1)(cid:1)(cid:18)(cid:3)(cid:1)(cid:9)(cid:10)(cid:3)(cid:1)(cid:24)(cid:16)(cid:15)(cid:3)+(cid:3)(cid:16)(cid:15)(cid:3)(cid:16)(cid:12)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)9(cid:10)((cid:22)+(cid:1)(cid:24)(cid:16)(cid:1)(cid:9)11((cid:10)(cid:15)(cid:9)(cid:16)1(cid:3)(cid:1)2(cid:24)(cid:12)*(cid:1)(cid:12)*(cid:3)(cid:1)(cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:3)(cid:5)(cid:6)(cid:7)(cid:2)(cid:8)(cid:9)(cid:10)
(cid:11)(cid:12)(cid:6)(cid:10)(cid:13)(cid:14)(cid:14)(cid:15)(cid:10)(cid:9)(cid:16)(cid:15)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:3)(cid:12)*(cid:24)1(cid:9)(cid:5)(cid:1)(cid:10)(cid:3)8(cid:22)(cid:24)(cid:10)(cid:3).(cid:3)(cid:16)(cid:12)(cid:23)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)(cid:21)11((cid:22)(cid:16)(cid:12)(cid:24)(cid:16)(cid:11)(cid:1))(cid:10)(0(cid:3)(cid:23)(cid:23)(cid:24)((cid:16)(cid:9)(cid:5)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)&(cid:12)*(cid:24)1(cid:9)(cid:5)(cid:1)(cid:13)(cid:12)(cid:9)(cid:16)(cid:15)(cid:9)(cid:10)(cid:15)(cid:23)(cid:1)#((cid:9)(cid:10)(cid:15)=(cid:23)(cid:1)
(cid:21))&(cid:13)(cid:1)(cid:6)(cid:6)(cid:20)(cid:1)(cid:1)(cid:2)(cid:21)(cid:17)(cid:10)(cid:2)(cid:24)(cid:10)(cid:27)(cid:6)(cid:25)(cid:7)(cid:12)(cid:9)(cid:10)(cid:24)(cid:2)(cid:3)(cid:10)(cid:28)(cid:3)(cid:2)(cid:24)(cid:17)(cid:9)(cid:9)(cid:7)(cid:2)(cid:8)(cid:5)(cid:20)(cid:10)(cid:11)(cid:12)(cid:12)(cid:2)(cid:19)(cid:8)(cid:6)(cid:5)(cid:8)(cid:6)(cid:9)(cid:1):(cid:12)*(cid:3)(cid:1)’((cid:15)(cid:3);(cid:1)(cid:12)*(cid:9)(cid:12)(cid:1)(cid:9)(cid:10)(cid:3)(cid:1)(cid:10)(cid:3)(cid:5)(cid:3)(cid:4)(cid:9)(cid:16)(cid:12)(cid:1)(cid:12)((cid:1)((cid:22)(cid:10)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)
0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)(cid:24)(cid:16)(cid:1)(cid:21)(cid:22)(cid:23)(cid:12)(cid:10)(cid:9)(cid:5)(cid:24)(cid:9)3(cid:1)(cid:1)(cid:18)(cid:3)(cid:1)*(cid:9)(cid:4)(cid:3)(cid:1)(cid:9)(cid:5)(cid:23)((cid:1)0(cid:22)(cid:5)0(cid:24)(cid:5)(cid:5)(cid:3)(cid:15)(cid:1)((cid:22)(cid:10)(cid:1)((cid:12)*(cid:3)(cid:10)(cid:1)(cid:3)(cid:12)*(cid:24)1(cid:9)(cid:5)(cid:1)(cid:10)(cid:3)(cid:23)+((cid:16)(cid:23)(cid:24)/(cid:24)(cid:5)(cid:24)(cid:12)(cid:24)(cid:3)(cid:23)(cid:1)(cid:24)(cid:16)(cid:1)(cid:9)11((cid:10)(cid:15)(cid:9)(cid:16)1(cid:3)(cid:1)
2(cid:24)(cid:12)*(cid:1)(cid:12)*(cid:3)(cid:1)’((cid:15)(cid:3)3(cid:1)

(cid:18)(cid:3)(cid:1)1((cid:16)0(cid:24)(cid:10).(cid:1)(cid:12)*(cid:9)(cid:12)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:24)(cid:16)(cid:15)(cid:3)+(cid:3)(cid:16)(cid:15)(cid:3)(cid:16)1(cid:3)(cid:1)(cid:15)(cid:3)1(cid:5)(cid:9)(cid:10)(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)(cid:10)(cid:3)8(cid:22)(cid:24)(cid:10)(cid:3)(cid:15)(cid:1)/(cid:14)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:3)(cid:5)(cid:6)(cid:7)(cid:2)(cid:8)(cid:9)(cid:10)(cid:11)(cid:12)(cid:6)(cid:10)(cid:13)(cid:14)(cid:14)(cid:15)(cid:7)(cid:1)2*(cid:24)1*(cid:1)*(cid:9)(cid:23)(cid:1)/(cid:3)(cid:3)(cid:16)(cid:1)
(cid:11)(cid:24)(cid:4)(cid:3)(cid:16)(cid:1)(cid:12)((cid:1)(cid:12)*(cid:3)(cid:1)(cid:15)(cid:24)(cid:10)(cid:3)1(cid:12)((cid:10)(cid:23)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)’(.+(cid:9)(cid:16)(cid:14)(cid:7)(cid:1)2((cid:22)(cid:5)(cid:15)(cid:1)/(cid:3)(cid:1)(cid:24)(cid:16)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:23)(cid:9).(cid:3)(cid:1)(cid:12)(cid:3)(cid:10).(cid:23)(cid:1)(cid:24)0(cid:1)(cid:11)(cid:24)(cid:4)(cid:3)(cid:16)(cid:1)(cid:12)((cid:1)(cid:12)*(cid:3)(cid:1)(cid:15)(cid:24)(cid:10)(cid:3)1(cid:12)((cid:10)(cid:23)(cid:1)(cid:9)(cid:23)(cid:1)(cid:9)(cid:12)(cid:1)(cid:12)*(cid:3)(cid:1)
(cid:12)(cid:24).(cid:3)(cid:1)(0(cid:1)(cid:12)*(cid:24)(cid:23)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)((cid:10)=(cid:23)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)3(cid:1)

(cid:18)(cid:3)(cid:1)/(cid:3)(cid:5)(cid:24)(cid:3)(cid:4)(cid:3)(cid:1)(cid:12)*(cid:9)(cid:12)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)(cid:1)(cid:3)(cid:4)(cid:24)(cid:15)(cid:3)(cid:16)1(cid:3)(cid:1)2(cid:3)(cid:1)*(cid:9)(cid:4)(cid:3)(cid:1)(/(cid:12)(cid:9)(cid:24)(cid:16)(cid:3)(cid:15)(cid:1)(cid:24)(cid:23)(cid:1)(cid:23)(cid:22)00(cid:24)1(cid:24)(cid:3)(cid:16)(cid:12)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:9)++(cid:10)(+(cid:10)(cid:24)(cid:9)(cid:12)(cid:3)(cid:1)(cid:12)((cid:1)+(cid:10)((cid:4)(cid:24)(cid:15)(cid:3)(cid:1)(cid:9)(cid:1)/(cid:9)(cid:23)(cid:24)(cid:23)(cid:1)
0((cid:10)(cid:1)((cid:22)(cid:10)(cid:1)(+(cid:24)(cid:16)(cid:24)((cid:16)3(cid:1)(cid:1)

(cid:10)

#(cid:23)$(cid:10)(cid:8)(cid:9)(cid:4)(cid:29)(cid:26)(cid:10)(cid:7)(cid:8)(cid:26)(cid:26)(cid:23)(cid:25)"(cid:10)

6(cid:3)(cid:14)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)(cid:1).(cid:9)(cid:12)(cid:12)(cid:3)(cid:10)(cid:23)(cid:1)(cid:9)(cid:10)(cid:3)(cid:1)(cid:12)*((cid:23)(cid:3)(cid:1).(cid:9)(cid:12)(cid:12)(cid:3)(cid:10)(cid:23)(cid:1)(cid:12)*(cid:9)(cid:12)(cid:7)(cid:1)(cid:24)(cid:16)(cid:1)((cid:22)(cid:10)(cid:1)+(cid:10)(0(cid:3)(cid:23)(cid:23)(cid:24)((cid:16)(cid:9)(cid:5)(cid:1)?(cid:22)(cid:15)(cid:11)(cid:3).(cid:3)(cid:16)(cid:12)(cid:7)(cid:1)2(cid:3)(cid:10)(cid:3)(cid:1)(0(cid:1).((cid:23)(cid:12)(cid:1)(cid:23)(cid:24)(cid:11)(cid:16)(cid:24)0(cid:24)1(cid:9)(cid:16)1(cid:3)(cid:1)(cid:24)(cid:16)(cid:1)
((cid:22)(cid:10)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)1(cid:22)(cid:10)(cid:10)(cid:3)(cid:16)(cid:12)(cid:1)+(cid:3)(cid:10)(cid:24)((cid:15)3(cid:1)(cid:1)(cid:25)*(cid:3)(cid:23)(cid:3)(cid:1).(cid:9)(cid:12)(cid:12)(cid:3)(cid:10)(cid:23)(cid:1)2(cid:3)(cid:10)(cid:3)(cid:1)(cid:9)(cid:15)(cid:15)(cid:10)(cid:3)(cid:23)(cid:23)(cid:3)(cid:15)(cid:1)(cid:24)(cid:16)(cid:1)(cid:12)*(cid:3)(cid:1)1((cid:16)(cid:12)(cid:3)!(cid:12)(cid:1)(0(cid:1)

#$%(cid:1)&(cid:9)(cid:23)(cid:12)(cid:1)’((cid:9)(cid:23)(cid:12)(cid:1))(cid:9)(cid:10)(cid:12)(cid:16)(cid:3)(cid:10)(cid:23)*(cid:24)+(cid:1)(cid:1)(cid:21)#(cid:17)(cid:1)",(cid:1)(cid:19),(cid:28)(cid:1)(cid:29)"(cid:30)(cid:1)-(cid:19)(cid:28)(cid:1)(cid:24)(cid:23)(cid:1)(cid:9)(cid:1).(cid:3)./(cid:3)(cid:10)(cid:1)(0(cid:1)(cid:9)(cid:1)(cid:16)(cid:9)(cid:12)(cid:24)((cid:16)(cid:9)(cid:5)(cid:1)(cid:9)(cid:23)(cid:23)(1(cid:24)(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)(0(cid:1)(cid:24)(cid:16)(cid:15)(cid:3)+(cid:3)(cid:16)(cid:15)(cid:3)(cid:16)(cid:12)(cid:1)(cid:3)(cid:16)(cid:12)(cid:24)(cid:12)(cid:24)(cid:3)(cid:23)(cid:1)2*(cid:24)1*(cid:1)(cid:9)(cid:10)(cid:3)(cid:1)(cid:9)(cid:5)(cid:5)(cid:1).(cid:3)./(cid:3)(cid:10)(cid:23)(cid:1)(0(cid:1)#$%(cid:1)(cid:21)(cid:22)(cid:23)(cid:12)(cid:10)(cid:9)(cid:5)(cid:24)(cid:9)(cid:1)(cid:2)(cid:12)(cid:15)(cid:1)
(cid:1)
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(cid:9)(cid:1)56(cid:1)1(.+(cid:9)(cid:16)(cid:14)(cid:1)(cid:5)(cid:24).(cid:24)(cid:12)(cid:3)(cid:15)(cid:1)/(cid:14)(cid:1)(cid:11)(cid:22)(cid:9)(cid:10)(cid:9)(cid:16)(cid:12)(cid:3)(cid:3)(cid:7)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)0((cid:10).(cid:1)+(cid:9)(cid:10)(cid:12)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)(cid:24)(cid:16)(cid:12)(cid:3)(cid:10)(cid:16)(cid:9)(cid:12)(cid:24)((cid:16)(cid:9)(cid:5)(cid:1)#$%(cid:1)(cid:16)(cid:3)(cid:12)2((cid:10)7(cid:1)(0(cid:1)(cid:24)(cid:16)(cid:15)(cid:3)+(cid:3)(cid:16)(cid:15)(cid:3)(cid:16)(cid:12)(cid:1).(cid:3)./(cid:3)(cid:10)(cid:1)0(cid:24)(cid:10).(cid:23)3(cid:1)(cid:2)(cid:24)(cid:9)/(cid:24)(cid:5)(cid:24)(cid:12)(cid:14)(cid:1)(cid:5)(cid:24).(cid:24)(cid:12)(cid:3)(cid:15)(cid:1)/(cid:14)(cid:1)(cid:9)(cid:1)(cid:23)1*(cid:3).(cid:3)(cid:1)(cid:9)++(cid:10)((cid:4)(cid:3)(cid:15)(cid:1)
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(cid:1)

45

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((cid:22)(cid:10)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)(cid:9)(cid:23)(cid:1)(cid:9)(cid:1)2*((cid:5)(cid:3)(cid:7)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:24)(cid:16)(cid:1)0((cid:10).(cid:24)(cid:16)(cid:11)(cid:1)((cid:22)(cid:10)(cid:1)(+(cid:24)(cid:16)(cid:24)((cid:16)(cid:1)(cid:12)*(cid:3)(cid:10)(cid:3)((cid:16)(cid:7)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)2(cid:3)(cid:1)(cid:15)((cid:1)(cid:16)((cid:12)(cid:1)+(cid:10)((cid:4)(cid:24)(cid:15)(cid:3)(cid:1)
(cid:9)(cid:1)(cid:23)(cid:3)+(cid:9)(cid:10)(cid:9)(cid:12)(cid:3)(cid:1)(+(cid:24)(cid:16)(cid:24)((cid:16)(cid:1)((cid:16)(cid:1)(cid:12)*(cid:3)(cid:23)(cid:3)(cid:1).(cid:9)(cid:12)(cid:12)(cid:3)(cid:10)(cid:23)3(cid:1)

(cid:22)(cid:28)(cid:8)(cid:25)(cid:23)(cid:10)(cid:3)(cid:8)"(cid:23)(cid:4)(cid:10)(cid:24)(cid:8)$(cid:7)(cid:23)(cid:27)(cid:26)(cid:10)(cid:26)(cid:25)(cid:8)(cid:27)"(cid:8)(cid:6)(cid:26)(cid:29)(cid:5)(cid:27)"(cid:10)

(cid:1)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:4)(cid:10)(cid:5)(cid:9)(cid:9)(cid:2)(cid:11)(cid:4)(cid:10)

(cid:12)(cid:13)(cid:14)(cid:4)(cid:9)(cid:15)(cid:2)(cid:4)(cid:10)(cid:5)(cid:9)(cid:9)(cid:2)(cid:11)(cid:4)(cid:14)(cid:5)(cid:16)(cid:4)(cid:5)(cid:7)(cid:7)(cid:11)(cid:2)(cid:16)(cid:16)(cid:2)(cid:7)(cid:4)(cid:8)(cid:17)(cid:4)(cid:13)(cid:6)(cid:11)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:10)

(cid:25)*(cid:3)(cid:1)9(cid:10)((cid:22)+(cid:1)+(cid:10)((cid:4)(cid:24)(cid:15)(cid:3)(cid:23)(cid:1)/(cid:3)(cid:16)(cid:3)0(cid:24)(cid:12)(cid:23)(cid:1)(cid:12)((cid:1)(cid:3)!(cid:3)1(cid:22)(cid:12)(cid:24)(cid:4)(cid:3)(cid:23)(cid:1)

%(cid:22)(cid:10)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)(cid:1)+(cid:10)(1(cid:3)(cid:15)(cid:22)(cid:10)(cid:3)(cid:23)(cid:1)(cid:24)(cid:16)1(cid:5)(cid:22)(cid:15)(cid:3)(cid:15)(cid:1)(cid:12)*(cid:3)(cid:1)0((cid:5)(cid:5)(2(cid:24)(cid:16)(cid:11)(cid:26)(cid:1)

(cid:9)(cid:16)(cid:15)(cid:1)(cid:3).+(cid:5)((cid:14)(cid:3)(cid:3)(cid:23)(cid:1)(cid:12)*(cid:10)((cid:22)(cid:11)*(cid:1)(cid:12)*(cid:3)(cid:1)(cid:24)(cid:23)(cid:23)(cid:22)(cid:3)(cid:1)(0(cid:1)

(+(cid:12)(cid:24)((cid:16)(cid:23)(cid:7)(cid:1)+(cid:3)(cid:10)0((cid:10).(cid:9)(cid:16)1(cid:3)(cid:1)(cid:10)(cid:24)(cid:11)*(cid:12)(cid:23)(cid:7)(cid:1)(cid:5)((cid:9)(cid:16)(cid:1)0(cid:22)(cid:16)(cid:15)(cid:3)(cid:15)(cid:1)

(cid:23)*(cid:9)(cid:10)(cid:3)(cid:1)+(cid:5)(cid:9)(cid:16)(cid:23)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:9)(cid:16)(cid:1)(cid:3).+(cid:5)((cid:14)(cid:3)(cid:3)(cid:1)(cid:23)*(cid:9)(cid:10)(cid:3)(cid:1)(cid:12)(cid:10)(cid:22)(cid:23)(cid:12)(cid:1)

+(cid:5)(cid:9)(cid:16)3(cid:1)(cid:25)*(cid:3)(cid:1)(cid:9)11((cid:22)(cid:16)(cid:12)(cid:24)(cid:16)(cid:11)(cid:1)0((cid:10)(cid:1)(cid:12)*(cid:3)(cid:23)(cid:3)(cid:1)(cid:23)*(cid:9)(cid:10)(cid:3)@

/(cid:9)(cid:23)(cid:3)(cid:15)(cid:1)+(cid:9)(cid:14).(cid:3)(cid:16)(cid:12)(cid:1)(cid:12)(cid:10)(cid:9)(cid:16)(cid:23)(cid:9)1(cid:12)(cid:24)((cid:16)(cid:23)(cid:1)(cid:24)(cid:23)(cid:1)(cid:15)(cid:3)(cid:23)1(cid:10)(cid:24)/(cid:3)(cid:15)(cid:1)

(cid:24)(cid:16)(cid:1)(cid:16)((cid:12)(cid:3)(cid:1)(cid:19)(cid:1)(cid:12)((cid:1)(cid:12)*(cid:3)(cid:1)0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)(cid:23)(cid:12)(cid:9)(cid:12)(cid:3).(cid:3)(cid:16)(cid:12)(cid:23)3(cid:1)

(cid:21)(cid:23)(cid:1)(cid:15)(cid:24)(cid:23)1(cid:5)((cid:23)(cid:3)(cid:15)(cid:1)(cid:24)(cid:16)(cid:1)(cid:16)((cid:12)(cid:3)(cid:1)(cid:19)-(cid:7)(cid:1)(cid:12)*(cid:3)(cid:1)9(cid:10)((cid:22)+(cid:1)

(cid:10)(cid:3)1((cid:11)(cid:16)(cid:24)(cid:23)(cid:3)(cid:15)(cid:1)(cid:23)*(cid:9)(cid:10)(cid:3)(cid:1)/(cid:9)(cid:23)(cid:3)(cid:15)(cid:1)+(cid:9)(cid:14).(cid:3)(cid:16)(cid:12)(cid:1)(cid:3)!+(cid:3)(cid:16)(cid:23)(cid:3)(cid:23)(cid:1)

0((cid:10)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:14)(cid:3)(cid:9)(cid:10)(cid:1)(cid:10)(cid:3)(cid:5)(cid:9)(cid:12)(cid:24)(cid:16)(cid:11)(cid:1)(cid:12)((cid:1)(cid:3)8(cid:22)(cid:24)(cid:12)(cid:14)(cid:1)(cid:24)(cid:16)(cid:23)(cid:12)(cid:10)(cid:22).(cid:3)(cid:16)(cid:12)(cid:23)(cid:1)

(cid:24)(cid:23)(cid:23)(cid:22)(cid:3)(cid:15)3(cid:1)(cid:1)

(cid:25)*(cid:3)(cid:1)1(cid:9)(cid:5)1(cid:22)(cid:5)(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)(0(cid:1)(cid:23)*(cid:9)(cid:10)(cid:3)@/(cid:9)(cid:23)(cid:3)(cid:15)(cid:1)+(cid:9)(cid:14).(cid:3)(cid:16)(cid:12)(cid:23)(cid:1)

(cid:24)(cid:23)(cid:1)1(.+(cid:5)(cid:3)!(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:10)(cid:3)8(cid:22)(cid:24)(cid:10)(cid:3)(cid:23)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:9)++(cid:5)(cid:24)1(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)(0(cid:1)

•

•

•

•

•

A(cid:3)(cid:4)(cid:24)(cid:3)2(cid:3)(cid:15)(cid:1)(cid:10)(cid:3)(cid:5)(cid:3)(cid:4)(cid:9)(cid:16)(cid:12)(cid:1)(cid:23)(cid:22)++((cid:10)(cid:12)(cid:24)(cid:16)(cid:11)(cid:1)(cid:15)(1(cid:22).(cid:3)(cid:16)(cid:12)(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)(cid:12)((cid:1)(/(cid:12)(cid:9)(cid:24)(cid:16)(cid:1)(cid:9)(cid:16)(cid:1)

(cid:22)(cid:16)(cid:15)(cid:3)(cid:10)(cid:23)(cid:12)(cid:9)(cid:16)(cid:15)(cid:24)(cid:16)(cid:11)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)1((cid:16)(cid:12)(cid:10)(cid:9)1(cid:12)(cid:22)(cid:9)(cid:5)(cid:1)(cid:16)(cid:9)(cid:12)(cid:22)(cid:10)(cid:3)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:12)(cid:3)(cid:10).(cid:23)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)

1((cid:16)(cid:15)(cid:24)(cid:12)(cid:24)((cid:16)(cid:23)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)(cid:23)*(cid:9)(cid:10)(cid:3)@/(cid:9)(cid:23)(cid:3)(cid:15)(cid:1)+(cid:9)(cid:14).(cid:3)(cid:16)(cid:12)(cid:1)(cid:12)(cid:10)(cid:9)(cid:16)(cid:23)(cid:9)1(cid:12)(cid:24)((cid:16)(cid:23)>(cid:1)

(cid:21)(cid:23)(cid:23)(cid:3)(cid:23)(cid:23)(cid:3)(cid:15)(cid:1)2*(cid:3)(cid:12)*(cid:3)(cid:10)(cid:1)(cid:12)*(cid:3)(cid:1).(cid:3)(cid:12)*((cid:15)((cid:5)((cid:11)(cid:14)(cid:1)(cid:22)(cid:23)(cid:3)(cid:15)(cid:1)(cid:24)(cid:16)(cid:1)(cid:4)(cid:9)(cid:5)(cid:22)(cid:24)(cid:16)(cid:11)(cid:1)(cid:12)*(cid:3)(cid:1)

(cid:23)*(cid:9)(cid:10)(cid:3)@/(cid:9)(cid:23)(cid:3)(cid:15)(cid:1)+(cid:9)(cid:14).(cid:3)(cid:16)(cid:12)(cid:23)(cid:1)2(cid:9)(cid:23)(cid:1)(cid:9)++(cid:10)(+(cid:10)(cid:24)(cid:9)(cid:12)(cid:3)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:24)(cid:16)(cid:1)(cid:9)11((cid:10)(cid:15)(cid:9)(cid:16)1(cid:3)(cid:1)

2(cid:24)(cid:12)*(cid:1)(cid:21)(cid:22)(cid:23)(cid:12)(cid:10)(cid:9)(cid:5)(cid:24)(cid:9)(cid:16)(cid:1)(cid:21)11((cid:22)(cid:16)(cid:12)(cid:24)(cid:16)(cid:11)(cid:1)(cid:13)(cid:12)(cid:9)(cid:16)(cid:15)(cid:9)(cid:10)(cid:15)(cid:23)>(cid:1)

&(cid:4)(cid:9)(cid:5)(cid:22)(cid:9)(cid:12)(cid:3)(cid:15)(cid:1)(cid:12)*(cid:3)(cid:1)7(cid:3)(cid:14)(cid:1)(cid:24)(cid:16)+(cid:22)(cid:12)(cid:23)(cid:1)(cid:22)(cid:23)(cid:3)(cid:15)(cid:1)(cid:24)(cid:16)(cid:1)(cid:12)*(cid:3)(cid:1)1(cid:9)(cid:5)1(cid:22)(cid:5)(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)0(cid:9)(cid:24)(cid:10)(cid:1)

(cid:4)(cid:9)(cid:5)(cid:22)(cid:3)(cid:1)(cid:24)(cid:16)1(cid:5)(cid:22)(cid:15)(cid:24)(cid:16)(cid:11)(cid:1)(cid:10)(cid:24)(cid:23)7@0(cid:10)(cid:3)(cid:3)(cid:1)(cid:24)(cid:16)(cid:12)(cid:3)(cid:10)(cid:3)(cid:23)(cid:12)(cid:1)(cid:10)(cid:9)(cid:12)(cid:3)(cid:7)(cid:1)(cid:4)((cid:5)(cid:9)(cid:12)(cid:24)(cid:5)(cid:24)(cid:12)(cid:14)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:14)(cid:24)(cid:3)(cid:5)(cid:15)(cid:23)>(cid:1)(cid:1)

&(cid:4)(cid:9)(cid:5)(cid:22)(cid:9)(cid:12)(cid:3)(cid:15)(cid:1).(cid:9)(cid:16)(cid:9)(cid:11)(cid:3).(cid:3)(cid:16)(cid:12)=(cid:23)(cid:1)(cid:9)(cid:23)(cid:23)(cid:3)(cid:23)(cid:23).(cid:3)(cid:16)(cid:12)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)(cid:5)(cid:24)7(cid:3)(cid:5)(cid:24)*(((cid:15)(cid:1)(0(cid:1)

(cid:12)*(cid:3)(cid:1)(cid:4)(cid:3)(cid:23)(cid:12)(cid:24)(cid:16)(cid:11)(cid:1)1((cid:16)(cid:15)(cid:24)(cid:12)(cid:24)((cid:16)(cid:23)(cid:1)/(cid:3)(cid:24)(cid:16)(cid:11)(cid:1).(cid:3)(cid:12)>(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)

&(cid:4)(cid:9)(cid:5)(cid:22)(cid:9)(cid:12)(cid:3)(cid:15)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:9)(cid:15)(cid:3)8(cid:22)(cid:9)1(cid:14)(cid:1)(0(cid:1)(cid:15)(cid:24)(cid:23)1(cid:5)((cid:23)(cid:22)(cid:10)(cid:3)(cid:1).(cid:9)(cid:15)(cid:3)(cid:1)(cid:24)(cid:16)(cid:1)(cid:12)*(cid:3)(cid:1)0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)

(cid:23)(cid:24)(cid:11)(cid:16)(cid:24)0(cid:24)1(cid:9)(cid:16)(cid:12)(cid:1)(cid:24)(cid:16)1(cid:5)(cid:22)(cid:15)(cid:3)(cid:23)(cid:1)(cid:3)(cid:23)(cid:12)(cid:24).(cid:9)(cid:12)(cid:24)((cid:16)(cid:23)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)

(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)(cid:10)(cid:3)(cid:5)(cid:9)(cid:12)(cid:24)(cid:16)(cid:11)(cid:1)(cid:12)((cid:1)(cid:23)*(cid:9)(cid:10)(cid:3)(cid:1)/(cid:9)(cid:23)(cid:3)(cid:15)(cid:1)+(cid:9)(cid:14).(cid:3)(cid:16)(cid:12)(cid:23)(cid:1)(cid:24)(cid:16)1(cid:5)(cid:22)(cid:15)(cid:24)(cid:16)(cid:11)(cid:1)(cid:12)*((cid:23)(cid:3)(cid:1)

?(cid:22)(cid:15)(cid:11)(cid:3).(cid:3)(cid:16)(cid:12)(cid:23)(cid:1)(cid:24)(cid:16)(cid:1)1(cid:9)(cid:5)1(cid:22)(cid:5)(cid:9)(cid:12)(cid:24)(cid:16)(cid:11)(cid:1)(cid:12)*(cid:3)(cid:1)0(cid:9)(cid:24)(cid:10)(cid:1)(cid:4)(cid:9)(cid:5)(cid:22)(cid:3)(cid:1)(0(cid:1)

.(cid:9)(cid:15)(cid:3)(cid:1)2(cid:24)(cid:12)*(cid:1)(cid:10)(cid:3)(cid:23)+(cid:3)1(cid:12)(cid:1)(cid:12)((cid:1)?(cid:22)(cid:15)(cid:11)(cid:3).(cid:3)(cid:16)(cid:12)(cid:23)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:3)(cid:23)(cid:12)(cid:24).(cid:9)(cid:12)(cid:3)(cid:23)3(cid:1)

(cid:12)*(cid:3)(cid:1)(cid:3)8(cid:22)(cid:24)(cid:12)(cid:14)(cid:1)(cid:24)(cid:16)(cid:23)(cid:12)(cid:10)(cid:22).(cid:3)(cid:16)(cid:12)(cid:23)(cid:1)(cid:24)(cid:23)(cid:23)(cid:22)(cid:3)(cid:15)3(cid:1)

’((cid:16)(cid:23)(cid:3)8(cid:22)(cid:3)(cid:16)(cid:12)(cid:5)(cid:14)(cid:7)(cid:1)(cid:24)(cid:12)(cid:1)2(cid:9)(cid:23)(cid:1)1((cid:16)(cid:23)(cid:24)(cid:15)(cid:3)(cid:10)(cid:3)(cid:15)(cid:1)(cid:9)(cid:1)7(cid:3)(cid:14)(cid:1)

(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)(cid:1).(cid:9)(cid:12)(cid:12)(cid:3)(cid:10)3(cid:1)

(cid:1)

(cid:10)

(cid:19)(cid:26)(cid:28)(cid:23)(cid:25)(cid:10)(cid:29)(cid:27)(cid:30)(cid:5)(cid:25)(cid:7)(cid:8)(cid:26)(cid:29)(cid:5)(cid:27)(cid:10)(cid:10)

(cid:25)*(cid:3)(cid:1)(cid:15)(cid:24)(cid:10)(cid:3)1(cid:12)((cid:10)(cid:23)(cid:1)(cid:9)(cid:10)(cid:3)(cid:1)(cid:10)(cid:3)(cid:23)+((cid:16)(cid:23)(cid:24)/(cid:5)(cid:3)(cid:1)0((cid:10)(cid:1)(cid:12)*(cid:3)(cid:1)((cid:12)*(cid:3)(cid:10)(cid:1)(cid:24)(cid:16)0((cid:10).(cid:9)(cid:12)(cid:24)((cid:16)3(cid:1)(cid:1)(cid:25)*(cid:3)(cid:1)((cid:12)*(cid:3)(cid:10)(cid:1)(cid:24)(cid:16)0((cid:10).(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)1(.+(cid:10)(cid:24)(cid:23)(cid:3)(cid:23)(cid:1)(cid:12)*(cid:3)(cid:1)
(cid:24)(cid:16)0((cid:10).(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)(cid:24)(cid:16)(cid:1)(cid:12)*(cid:3)(cid:1)$(cid:24)(cid:10)(cid:3)1(cid:12)((cid:10)=(cid:23)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)0((cid:10)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:14)(cid:3)(cid:9)(cid:10)(cid:1)(cid:3)(cid:16)(cid:15)(cid:3)(cid:15)(cid:1),(cid:20)(cid:1)<(cid:22)(cid:16)(cid:3)(cid:1)(cid:19)(cid:20)(cid:6)(cid:29)(cid:7)(cid:1)/(cid:22)(cid:12)(cid:1)(cid:15)((cid:3)(cid:23)(cid:1)(cid:16)((cid:12)(cid:1)(cid:24)(cid:16)1(cid:5)(cid:22)(cid:15)(cid:3)(cid:1)(cid:12)*(cid:3)(cid:1)0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)
(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)((cid:10)=(cid:23)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)(cid:12)*(cid:3)(cid:10)(cid:3)((cid:16)3(cid:1)(cid:1)

%(cid:22)(cid:10)(cid:1)(+(cid:24)(cid:16)(cid:24)((cid:16)(cid:1)((cid:16)(cid:1)(cid:12)*(cid:3)(cid:1)0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)(cid:15)((cid:3)(cid:23)(cid:1)(cid:16)((cid:12)(cid:1)1((cid:4)(cid:3)(cid:10)(cid:1)(cid:12)*(cid:3)(cid:1)((cid:12)*(cid:3)(cid:10)(cid:1)(cid:24)(cid:16)0((cid:10).(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)2(cid:3)(cid:1)(cid:15)((cid:1)(cid:16)((cid:12)(cid:1)(cid:3)!+(cid:10)(cid:3)(cid:23)(cid:23)(cid:1)(cid:9)(cid:16)(cid:14)(cid:1)
0((cid:10).(cid:1)(0(cid:1)(cid:9)(cid:23)(cid:23)(cid:22)(cid:10)(cid:9)(cid:16)1(cid:3)(cid:1)1((cid:16)1(cid:5)(cid:22)(cid:23)(cid:24)((cid:16)(cid:1)(cid:12)*(cid:3)(cid:10)(cid:3)((cid:16)3(cid:1)(cid:1)

4(cid:16)(cid:1)1((cid:16)(cid:16)(cid:3)1(cid:12)(cid:24)((cid:16)(cid:1)2(cid:24)(cid:12)*(cid:1)((cid:22)(cid:10)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:7)(cid:1)((cid:22)(cid:10)(cid:1)(cid:10)(cid:3)(cid:23)+((cid:16)(cid:23)(cid:24)/(cid:24)(cid:5)(cid:24)(cid:12)(cid:14)(cid:1)(cid:24)(cid:23)(cid:1)(cid:12)((cid:1)(cid:10)(cid:3)(cid:9)(cid:15)(cid:1)(cid:12)*(cid:3)(cid:1)((cid:12)*(cid:3)(cid:10)(cid:1)(cid:24)(cid:16)0((cid:10).(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)
(cid:9)(cid:16)(cid:15)(cid:7)(cid:1)(cid:24)(cid:16)(cid:1)(cid:15)((cid:24)(cid:16)(cid:11)(cid:1)(cid:23)((cid:7)(cid:1)1((cid:16)(cid:23)(cid:24)(cid:15)(cid:3)(cid:10)(cid:1)2*(cid:3)(cid:12)*(cid:3)(cid:10)(cid:1)(cid:12)*(cid:3)(cid:1)((cid:12)*(cid:3)(cid:10)(cid:1)(cid:24)(cid:16)0((cid:10).(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)(cid:24)(cid:23)(cid:1).(cid:9)(cid:12)(cid:3)(cid:10)(cid:24)(cid:9)(cid:5)(cid:5)(cid:14)(cid:1)(cid:24)(cid:16)1((cid:16)(cid:23)(cid:24)(cid:23)(cid:12)(cid:3)(cid:16)(cid:12)(cid:1)2(cid:24)(cid:12)*(cid:1)(cid:12)*(cid:3)(cid:1)0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)
(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)((cid:10)(cid:1)((cid:22)(cid:10)(cid:1)7(cid:16)(2(cid:5)(cid:3)(cid:15)(cid:11)(cid:3)(cid:1)(/(cid:12)(cid:9)(cid:24)(cid:16)(cid:3)(cid:15)(cid:1)(cid:24)(cid:16)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)(cid:1)((cid:10)(cid:1)((cid:12)*(cid:3)(cid:10)2(cid:24)(cid:23)(cid:3)(cid:1)(cid:9)++(cid:3)(cid:9)(cid:10)(cid:23)(cid:1)(cid:12)((cid:1)/(cid:3)(cid:1).(cid:9)(cid:12)(cid:3)(cid:10)(cid:24)(cid:9)(cid:5)(cid:5)(cid:14)(cid:1).(cid:24)(cid:23)(cid:23)(cid:12)(cid:9)(cid:12)(cid:3)(cid:15)3(cid:1)(cid:1)

40(cid:7)(cid:1)/(cid:9)(cid:23)(cid:3)(cid:15)(cid:1)((cid:16)(cid:1)(cid:12)*(cid:3)(cid:1)2((cid:10)7(cid:1)2(cid:3)(cid:1)*(cid:9)(cid:4)(cid:3)(cid:1)+(cid:3)(cid:10)0((cid:10).(cid:3)(cid:15)(cid:7)(cid:1)2(cid:3)(cid:1)1((cid:16)1(cid:5)(cid:22)(cid:15)(cid:3)(cid:1)(cid:12)*(cid:9)(cid:12)(cid:1)(cid:12)*(cid:3)(cid:10)(cid:3)(cid:1)(cid:24)(cid:23)(cid:1)(cid:9)(cid:1).(cid:9)(cid:12)(cid:3)(cid:10)(cid:24)(cid:9)(cid:5)(cid:1).(cid:24)(cid:23)(cid:23)(cid:12)(cid:9)(cid:12)(cid:3).(cid:3)(cid:16)(cid:12)(cid:1)(0(cid:1)(cid:12)*(cid:24)(cid:23)(cid:1)
((cid:12)*(cid:3)(cid:10)(cid:1)(cid:24)(cid:16)0((cid:10).(cid:9)(cid:12)(cid:24)((cid:16)(cid:7)(cid:1)2(cid:3)(cid:1)(cid:9)(cid:10)(cid:3)(cid:1)(cid:10)(cid:3)8(cid:22)(cid:24)(cid:10)(cid:3)(cid:15)(cid:1)(cid:12)((cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)(cid:12)*(cid:9)(cid:12)(cid:1)0(cid:9)1(cid:12)3(cid:1)(cid:1)(cid:18)(cid:3)(cid:1)*(cid:9)(cid:4)(cid:3)(cid:1)(cid:16)((cid:12)*(cid:24)(cid:16)(cid:11)(cid:1)(cid:12)((cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)(cid:24)(cid:16)(cid:1)(cid:12)*(cid:24)(cid:23)(cid:1)(cid:10)(cid:3)(cid:11)(cid:9)(cid:10)(cid:15)3(cid:1)(cid:1)

(cid:1)

(cid:20)(cid:23)"(cid:24)(cid:5)(cid:27)"(cid:29)(cid:3)(cid:29) (cid:29)(cid:26)(cid:29)(cid:23)"(cid:10)(cid:5)(cid:30)(cid:10)(cid:26)(cid:28)(cid:23)(cid:10)(cid:4)(cid:29)(cid:25)(cid:23)(cid:6)(cid:26)(cid:5)(cid:25)"(cid:10)(cid:30)(cid:5)(cid:25)(cid:10)(cid:26)(cid:28)(cid:23)(cid:10)(cid:31)(cid:29)(cid:27)(cid:8)(cid:27)(cid:6)(cid:29)(cid:8) (cid:10)(cid:20)(cid:23)(cid:24)(cid:5)(cid:25)(cid:26)(cid:10)(cid:10)

(cid:25)*(cid:3)(cid:1)(cid:15)(cid:24)(cid:10)(cid:3)1(cid:12)((cid:10)(cid:23)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)’(.+(cid:9)(cid:16)(cid:14)(cid:1)(cid:9)(cid:10)(cid:3)(cid:1)(cid:10)(cid:3)(cid:23)+((cid:16)(cid:23)(cid:24)/(cid:5)(cid:3)(cid:1)0((cid:10)(cid:1)(cid:12)*(cid:3)(cid:1)+(cid:10)(cid:3)+(cid:9)(cid:10)(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)(cid:12)*(cid:9)(cid:12)(cid:1)(cid:11)(cid:24)(cid:4)(cid:3)(cid:23)(cid:1)(cid:9)(cid:1)
(cid:12)(cid:10)(cid:22)(cid:3)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)0(cid:9)(cid:24)(cid:10)(cid:1)(cid:4)(cid:24)(cid:3)2(cid:1)(cid:24)(cid:16)(cid:1)(cid:9)11((cid:10)(cid:15)(cid:9)(cid:16)1(cid:3)(cid:1)2(cid:24)(cid:12)*(cid:1)(cid:21)(cid:22)(cid:23)(cid:12)(cid:10)(cid:9)(cid:5)(cid:24)(cid:9)(cid:16)(cid:1)(cid:21)11((cid:22)(cid:16)(cid:12)(cid:24)(cid:16)(cid:11)(cid:1)(cid:13)(cid:12)(cid:9)(cid:16)(cid:15)(cid:9)(cid:10)(cid:15)(cid:23)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:3)(cid:5)(cid:6)(cid:7)(cid:2)(cid:8)(cid:9)(cid:10)(cid:11)(cid:12)(cid:6)(cid:10)(cid:13)(cid:14)(cid:14)(cid:15)(cid:1)

46

(cid:1)

(cid:9)(cid:16)(cid:15)(cid:1)0((cid:10)(cid:1)(cid:23)(cid:22)1*(cid:1)(cid:24)(cid:16)(cid:12)(cid:3)(cid:10)(cid:16)(cid:9)(cid:5)(cid:1)1((cid:16)(cid:12)(cid:10)((cid:5)(cid:1)(cid:9)(cid:23)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:15)(cid:24)(cid:10)(cid:3)1(cid:12)((cid:10)(cid:23)(cid:1)(cid:15)(cid:3)(cid:12)(cid:3)(cid:10).(cid:24)(cid:16)(cid:3)(cid:1)(cid:24)(cid:23)(cid:1)(cid:16)(cid:3)1(cid:3)(cid:23)(cid:23)(cid:9)(cid:10)(cid:14)(cid:1)(cid:12)((cid:1)(cid:3)(cid:16)(cid:9)/(cid:5)(cid:3)(cid:1)(cid:12)*(cid:3)(cid:1)+(cid:10)(cid:3)+(cid:9)(cid:10)(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)
0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)(cid:12)*(cid:9)(cid:12)(cid:1)(cid:11)(cid:24)(cid:4)(cid:3)(cid:23)(cid:1)(cid:9)(cid:1)(cid:12)(cid:10)(cid:22)(cid:3)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)0(cid:9)(cid:24)(cid:10)(cid:1)(cid:4)(cid:24)(cid:3)2(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:24)(cid:23)(cid:1)0(cid:10)(cid:3)(cid:3)(cid:1)0(cid:10)(.(cid:1).(cid:9)(cid:12)(cid:3)(cid:10)(cid:24)(cid:9)(cid:5)(cid:1).(cid:24)(cid:23)(cid:23)(cid:12)(cid:9)(cid:12)(cid:3).(cid:3)(cid:16)(cid:12)(cid:7)(cid:1)2*(cid:3)(cid:12)*(cid:3)(cid:10)(cid:1)(cid:15)(cid:22)(cid:3)(cid:1)(cid:12)((cid:1)
0(cid:10)(cid:9)(cid:22)(cid:15)(cid:1)((cid:10)(cid:1)(cid:3)(cid:10)(cid:10)((cid:10)3(cid:1)

4(cid:16)(cid:1)+(cid:10)(cid:3)+(cid:9)(cid:10)(cid:24)(cid:16)(cid:11)(cid:1)(cid:12)*(cid:3)(cid:1)0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:7)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:15)(cid:24)(cid:10)(cid:3)1(cid:12)((cid:10)(cid:23)(cid:1)(cid:9)(cid:10)(cid:3)(cid:1)(cid:10)(cid:3)(cid:23)+((cid:16)(cid:23)(cid:24)/(cid:5)(cid:3)(cid:1)0((cid:10)(cid:1)(cid:9)(cid:23)(cid:23)(cid:3)(cid:23)(cid:23)(cid:24)(cid:16)(cid:11)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:9)/(cid:24)(cid:5)(cid:24)(cid:12)(cid:14)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)(cid:11)(cid:10)((cid:22)+(cid:1)(cid:12)((cid:1)
1((cid:16)(cid:12)(cid:24)(cid:16)(cid:22)(cid:3)(cid:1)(cid:9)(cid:23)(cid:1)(cid:9)(cid:1)(cid:11)((cid:24)(cid:16)(cid:11)(cid:1)1((cid:16)1(cid:3)(cid:10)(cid:16)(cid:7)(cid:1)(cid:15)(cid:24)(cid:23)1(cid:5)((cid:23)(cid:24)(cid:16)(cid:11)(cid:7)(cid:1)(cid:9)(cid:23)(cid:1)(cid:9)++(cid:5)(cid:24)1(cid:9)/(cid:5)(cid:3)(cid:7)(cid:1).(cid:9)(cid:12)(cid:12)(cid:3)(cid:10)(cid:23)(cid:1)(cid:10)(cid:3)(cid:5)(cid:9)(cid:12)(cid:3)(cid:15)(cid:1)(cid:12)((cid:1)(cid:11)((cid:24)(cid:16)(cid:11)(cid:1)1((cid:16)1(cid:3)(cid:10)(cid:16)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:22)(cid:23)(cid:24)(cid:16)(cid:11)(cid:1)(cid:12)*(cid:3)(cid:1)
(cid:11)((cid:24)(cid:16)(cid:11)(cid:1)1((cid:16)1(cid:3)(cid:10)(cid:16)(cid:1)/(cid:9)(cid:23)(cid:24)(cid:23)(cid:1)(0(cid:1)(cid:9)11((cid:22)(cid:16)(cid:12)(cid:24)(cid:16)(cid:11)(cid:1)(cid:22)(cid:16)(cid:5)(cid:3)(cid:23)(cid:23)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:15)(cid:24)(cid:10)(cid:3)1(cid:12)((cid:10)(cid:23)(cid:1)(cid:3)(cid:24)(cid:12)*(cid:3)(cid:10)(cid:1)(cid:24)(cid:16)(cid:12)(cid:3)(cid:16)(cid:15)(cid:1)(cid:12)((cid:1)(cid:5)(cid:24)8(cid:22)(cid:24)(cid:15)(cid:9)(cid:12)(cid:3)(cid:1)(cid:12)*(cid:3)(cid:1)9(cid:10)((cid:22)+(cid:1)((cid:10)(cid:1)(cid:12)((cid:1)1(cid:3)(cid:9)(cid:23)(cid:3)(cid:1)
(+(cid:3)(cid:10)(cid:9)(cid:12)(cid:24)((cid:16)(cid:23)(cid:7)(cid:1)((cid:10)(cid:1)*(cid:9)(cid:23)(cid:1)(cid:16)((cid:1)(cid:10)(cid:3)(cid:9)(cid:5)(cid:24)(cid:23)(cid:12)(cid:24)1(cid:1)(cid:9)(cid:5)(cid:12)(cid:3)(cid:10)(cid:16)(cid:9)(cid:12)(cid:24)(cid:4)(cid:3)(cid:1)/(cid:22)(cid:12)(cid:1)(cid:12)((cid:1)(cid:15)((cid:1)(cid:23)(3(cid:1)(cid:1)

(cid:17)(cid:9)(cid:4)(cid:29)(cid:26)(cid:5)(cid:25)&"(cid:10)(cid:25)(cid:23)"(cid:24)(cid:5)(cid:27)"(cid:29)(cid:3)(cid:29) (cid:29)(cid:26)(cid:29)(cid:23)"(cid:10)(cid:30)(cid:5)(cid:25)(cid:10)(cid:26)(cid:28)(cid:23)(cid:10)(cid:8)(cid:9)(cid:4)(cid:29)(cid:26)(cid:10)(cid:5)(cid:30)(cid:10)(cid:26)(cid:28)(cid:23)(cid:10)(cid:31)(cid:29)(cid:27)(cid:8)(cid:27)(cid:6)(cid:29)(cid:8) (cid:10)(cid:20)(cid:23)(cid:24)(cid:5)(cid:25)(cid:26)(cid:10)(cid:10)

%(cid:22)(cid:10)(cid:1)(/?(cid:3)1(cid:12)(cid:24)(cid:4)(cid:3)(cid:23)(cid:1)(cid:9)(cid:10)(cid:3)(cid:1)(cid:12)((cid:1)(/(cid:12)(cid:9)(cid:24)(cid:16)(cid:1)(cid:10)(cid:3)(cid:9)(cid:23)((cid:16)(cid:9)/(cid:5)(cid:3)(cid:1)(cid:9)(cid:23)(cid:23)(cid:22)(cid:10)(cid:9)(cid:16)1(cid:3)(cid:1)(cid:9)/((cid:22)(cid:12)(cid:1)2*(cid:3)(cid:12)*(cid:3)(cid:10)(cid:1)(cid:12)*(cid:3)(cid:1)0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)(cid:9)(cid:23)(cid:1)(cid:9)(cid:1)2*((cid:5)(cid:3)(cid:1)(cid:24)(cid:23)(cid:1)0(cid:10)(cid:3)(cid:3)(cid:1)
0(cid:10)(.(cid:1).(cid:9)(cid:12)(cid:3)(cid:10)(cid:24)(cid:9)(cid:5)(cid:1).(cid:24)(cid:23)(cid:23)(cid:12)(cid:9)(cid:12)(cid:3).(cid:3)(cid:16)(cid:12)(cid:7)(cid:1)2*(cid:3)(cid:12)*(cid:3)(cid:10)(cid:1)(cid:15)(cid:22)(cid:3)(cid:1)(cid:12)((cid:1)0(cid:10)(cid:9)(cid:22)(cid:15)(cid:1)((cid:10)(cid:1)(cid:3)(cid:10)(cid:10)((cid:10)(cid:7)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:12)((cid:1)(cid:24)(cid:23)(cid:23)(cid:22)(cid:3)(cid:1)(cid:9)(cid:16)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)((cid:10)=(cid:23)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)(cid:12)*(cid:9)(cid:12)(cid:1)
(cid:24)(cid:16)1(cid:5)(cid:22)(cid:15)(cid:3)(cid:23)(cid:1)((cid:22)(cid:10)(cid:1)(+(cid:24)(cid:16)(cid:24)((cid:16)3(cid:1)(cid:1)A(cid:3)(cid:9)(cid:23)((cid:16)(cid:9)/(cid:5)(cid:3)(cid:1)(cid:9)(cid:23)(cid:23)(cid:22)(cid:10)(cid:9)(cid:16)1(cid:3)(cid:1)(cid:24)(cid:23)(cid:1)(cid:9)(cid:1)*(cid:24)(cid:11)*(cid:1)(cid:5)(cid:3)(cid:4)(cid:3)(cid:5)(cid:1)(0(cid:1)(cid:9)(cid:23)(cid:23)(cid:22)(cid:10)(cid:9)(cid:16)1(cid:3)(cid:7)(cid:1)/(cid:22)(cid:12)(cid:1)(cid:24)(cid:23)(cid:1)(cid:16)((cid:12)(cid:1)(cid:9)(cid:1)(cid:11)(cid:22)(cid:9)(cid:10)(cid:9)(cid:16)(cid:12)(cid:3)(cid:3)(cid:1)(cid:12)*(cid:9)(cid:12)(cid:1)(cid:9)(cid:16)(cid:1)
(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)(cid:1)1((cid:16)(cid:15)(cid:22)1(cid:12)(cid:3)(cid:15)(cid:1)(cid:24)(cid:16)(cid:1)(cid:9)11((cid:10)(cid:15)(cid:9)(cid:16)1(cid:3)(cid:1)2(cid:24)(cid:12)*(cid:1)(cid:12)*(cid:3)(cid:1)(cid:21)(cid:22)(cid:23)(cid:12)(cid:10)(cid:9)(cid:5)(cid:24)(cid:9)(cid:16)(cid:1)(cid:21)(cid:22)(cid:15)(cid:24)(cid:12)(cid:24)(cid:16)(cid:11)(cid:1)(cid:13)(cid:12)(cid:9)(cid:16)(cid:15)(cid:9)(cid:10)(cid:15)(cid:23)(cid:1)2(cid:24)(cid:5)(cid:5)(cid:1)(cid:9)(cid:5)2(cid:9)(cid:14)(cid:23)(cid:1)(cid:15)(cid:3)(cid:12)(cid:3)1(cid:12)(cid:1)(cid:9)(cid:1).(cid:9)(cid:12)(cid:3)(cid:10)(cid:24)(cid:9)(cid:5)(cid:1)
.(cid:24)(cid:23)(cid:23)(cid:12)(cid:9)(cid:12)(cid:3).(cid:3)(cid:16)(cid:12)(cid:1)2*(cid:3)(cid:16)(cid:1)(cid:24)(cid:12)(cid:1)(cid:3)!(cid:24)(cid:23)(cid:12)(cid:23)3(cid:1)(cid:1)(cid:8)(cid:24)(cid:23)(cid:23)(cid:12)(cid:9)(cid:12)(cid:3).(cid:3)(cid:16)(cid:12)(cid:23)(cid:1)1(cid:9)(cid:16)(cid:1)(cid:9)(cid:10)(cid:24)(cid:23)(cid:3)(cid:1)0(cid:10)(.(cid:1)0(cid:10)(cid:9)(cid:22)(cid:15)(cid:1)((cid:10)(cid:1)(cid:3)(cid:10)(cid:10)((cid:10)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:9)(cid:10)(cid:3)(cid:1)1((cid:16)(cid:23)(cid:24)(cid:15)(cid:3)(cid:10)(cid:3)(cid:15)(cid:1).(cid:9)(cid:12)(cid:3)(cid:10)(cid:24)(cid:9)(cid:5)(cid:1)
(cid:24)0(cid:7)(cid:1)(cid:24)(cid:16)(cid:15)(cid:24)(cid:4)(cid:24)(cid:15)(cid:22)(cid:9)(cid:5)(cid:5)(cid:14)(cid:1)((cid:10)(cid:1)(cid:24)(cid:16)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:9)(cid:11)(cid:11)(cid:10)(cid:3)(cid:11)(cid:9)(cid:12)(cid:3)(cid:7)(cid:1)(cid:12)*(cid:3)(cid:14)(cid:1)1((cid:22)(cid:5)(cid:15)(cid:1)(cid:10)(cid:3)(cid:9)(cid:23)((cid:16)(cid:9)/(cid:5)(cid:14)(cid:1)/(cid:3)(cid:1)(cid:3)!+(cid:3)1(cid:12)(cid:3)(cid:15)(cid:1)(cid:12)((cid:1)(cid:24)(cid:16)0(cid:5)(cid:22)(cid:3)(cid:16)1(cid:3)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:3)1((cid:16)(.(cid:24)1(cid:1)
(cid:15)(cid:3)1(cid:24)(cid:23)(cid:24)((cid:16)(cid:23)(cid:1)(0(cid:1)(cid:22)(cid:23)(cid:3)(cid:10)(cid:23)(cid:1)(cid:12)(cid:9)7(cid:3)(cid:16)(cid:1)((cid:16)(cid:1)(cid:12)*(cid:3)(cid:1)/(cid:9)(cid:23)(cid:24)(cid:23)(cid:1)(0(cid:1)(cid:12)*(cid:24)(cid:23)(cid:1)0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)3(cid:1)(cid:1)

(cid:21)(cid:1)0(cid:22)(cid:10)(cid:12)*(cid:3)(cid:10)(cid:1)(cid:15)(cid:3)(cid:23)1(cid:10)(cid:24)+(cid:12)(cid:24)((cid:16)(cid:1)(0(cid:1)((cid:22)(cid:10)(cid:1)(cid:10)(cid:3)(cid:23)+((cid:16)(cid:23)(cid:24)/(cid:24)(cid:5)(cid:24)(cid:12)(cid:24)(cid:3)(cid:23)(cid:1)0((cid:10)(cid:1)(cid:12)*(cid:3)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)0(cid:24)(cid:16)(cid:9)(cid:16)1(cid:24)(cid:9)(cid:5)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)(cid:24)(cid:23)(cid:1)(cid:5)(1(cid:9)(cid:12)(cid:3)(cid:15)(cid:1)(cid:9)(cid:12)(cid:1)(cid:12)*(cid:3)(cid:1)
(cid:21)(cid:22)(cid:15)(cid:24)(cid:12)(cid:24)(cid:16)(cid:11)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)(cid:21)(cid:23)(cid:23)(cid:22)(cid:10)(cid:9)(cid:16)1(cid:3)(cid:1)(cid:13)(cid:12)(cid:9)(cid:16)(cid:15)(cid:9)(cid:10)(cid:15)(cid:23)(cid:1)#((cid:9)(cid:10)(cid:15)(cid:1)2(cid:3)/(cid:23)(cid:24)(cid:12)(cid:3)(cid:1):*(cid:12)(cid:12)+(cid:26)CC2223(cid:9)(cid:22)(cid:9)(cid:23)/3(cid:11)((cid:4)3(cid:9)(cid:22)CD(.(cid:3)3(cid:9)(cid:23)+!;(cid:1)(cid:9)(cid:12)(cid:26)(cid:1)(cid:1)

*(cid:12)(cid:12)+(cid:26)CC2223(cid:9)(cid:22)(cid:9)(cid:23)/3(cid:11)((cid:4)3(cid:9)(cid:22)C(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)((cid:10)(cid:23)E(cid:10)(cid:3)(cid:23)+((cid:16)(cid:23)(cid:24)/(cid:24)(cid:5)(cid:24)(cid:12)(cid:24)(cid:3)(cid:23)C(cid:9)(cid:10)(cid:6)3+(cid:15)0(cid:1)

(cid:25)*(cid:24)(cid:23)(cid:1)(cid:15)(cid:3)(cid:23)1(cid:10)(cid:24)+(cid:12)(cid:24)((cid:16)(cid:1)0((cid:10).(cid:23)(cid:1)+(cid:9)(cid:10)(cid:12)(cid:1)(0(cid:1)((cid:22)(cid:10)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)((cid:10)=(cid:23)(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)3(cid:1)

(cid:20)(cid:23)(cid:24)(cid:5)(cid:25)(cid:26)(cid:10)(cid:5)(cid:27)(cid:10)(cid:26)(cid:28)(cid:23)(cid:10)(cid:20)(cid:23)(cid:7)(cid:9)(cid:27)(cid:23)(cid:25)(cid:8)(cid:26)(cid:29)(cid:5)(cid:27)(cid:10)(cid:20)(cid:23)(cid:24)(cid:5)(cid:25)(cid:26)(cid:10)

(cid:19)(cid:24)(cid:29)(cid:27)(cid:29)(cid:5)(cid:27)(cid:10)(cid:5)(cid:27)(cid:10)(cid:26)(cid:28)(cid:23)(cid:10)(cid:20)(cid:23)(cid:7)(cid:9)(cid:27)(cid:23)(cid:25)(cid:8)(cid:26)(cid:29)(cid:5)(cid:27)(cid:10)(cid:20)(cid:23)(cid:24)(cid:5)(cid:25)(cid:26)(cid:10)(cid:10)

(cid:18)(cid:3)(cid:1)*(cid:9)(cid:4)(cid:3)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)(cid:3)(cid:15)(cid:1)(cid:12)*(cid:3)(cid:1)A(cid:3).(cid:22)(cid:16)(cid:3)(cid:10)(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)A(cid:3)+((cid:10)(cid:12)(cid:1)(cid:24)(cid:16)1(cid:5)(cid:22)(cid:15)(cid:3)(cid:15)(cid:1)(cid:24)(cid:16)(cid:1)+(cid:9)(cid:11)(cid:3)(cid:23)(cid:1)(cid:28)(cid:1)(cid:12)((cid:1)(cid:6)(cid:19)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)(cid:15)(cid:24)(cid:10)(cid:3)1(cid:12)((cid:10)(cid:23)=(cid:1)(cid:10)(cid:3)+((cid:10)(cid:12)(cid:1)0((cid:10)(cid:1)(cid:12)*(cid:3)(cid:1)
(cid:14)(cid:3)(cid:9)(cid:10)(cid:1)(cid:3)(cid:16)(cid:15)(cid:3)(cid:15)(cid:1),(cid:20)(cid:1)<(cid:22)(cid:16)(cid:3)(cid:1)(cid:19)(cid:20)(cid:6)(cid:29)3(cid:1)

4(cid:16)(cid:1)((cid:22)(cid:10)(cid:1)(+(cid:24)(cid:16)(cid:24)((cid:16)(cid:7)(cid:1)(cid:12)*(cid:3)(cid:1)A(cid:3).(cid:22)(cid:16)(cid:3)(cid:10)(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)A(cid:3)+((cid:10)(cid:12)(cid:1)(0(cid:1)(cid:8)(cid:24)1(cid:10)((cid:3)8(cid:22)(cid:24)(cid:12)(cid:24)(cid:3)(cid:23)(cid:1)(cid:21)(cid:23)(cid:23)(cid:3)(cid:12)(cid:1)(cid:8)(cid:9)(cid:16)(cid:9)(cid:11)(cid:3).(cid:3)(cid:16)(cid:12)(cid:1)9(cid:10)((cid:22)+(cid:1)(cid:2)(cid:24).(cid:24)(cid:12)(cid:3)(cid:15)(cid:7)(cid:1)0((cid:10)(cid:1)(cid:12)*(cid:3)(cid:1)
(cid:14)(cid:3)(cid:9)(cid:10)(cid:1)(cid:3)(cid:16)(cid:15)(cid:3)(cid:15)(cid:1),(cid:20)(cid:1)<(cid:22)(cid:16)(cid:3)(cid:1)(cid:19)(cid:20)(cid:6)(cid:29)(cid:7)(cid:1)1(.+(cid:5)(cid:24)(cid:3)(cid:23)(cid:1)2(cid:24)(cid:12)*(cid:1)(cid:23)(cid:3)1(cid:12)(cid:24)((cid:16)(cid:1),(cid:20)(cid:20)(cid:21)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)(cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:3)(cid:5)(cid:6)(cid:7)(cid:2)(cid:8)(cid:9)(cid:10)(cid:11)(cid:12)(cid:6)(cid:10)(cid:13)(cid:14)(cid:14)(cid:15)3(cid:1)(cid:1)

(cid:20)(cid:23)"(cid:24)(cid:5)(cid:27)"(cid:29)(cid:3)(cid:29) (cid:29)(cid:26)(cid:29)(cid:23)"(cid:10)

(cid:25)*(cid:3)(cid:1)(cid:15)(cid:24)(cid:10)(cid:3)1(cid:12)((cid:10)(cid:23)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)’(.+(cid:9)(cid:16)(cid:14)(cid:1)(cid:9)(cid:10)(cid:3)(cid:1)(cid:10)(cid:3)(cid:23)+((cid:16)(cid:23)(cid:24)/(cid:5)(cid:3)(cid:1)0((cid:10)(cid:1)(cid:12)*(cid:3)(cid:1)+(cid:10)(cid:3)+(cid:9)(cid:10)(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)(cid:9)(cid:16)(cid:15)(cid:1)+(cid:10)(cid:3)(cid:23)(cid:3)(cid:16)(cid:12)(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)
A(cid:3).(cid:22)(cid:16)(cid:3)(cid:10)(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)A(cid:3)+((cid:10)(cid:12)(cid:1)(cid:24)(cid:16)(cid:1)(cid:9)11((cid:10)(cid:15)(cid:9)(cid:16)1(cid:3)(cid:1)2(cid:24)(cid:12)*(cid:1)(cid:23)(cid:3)1(cid:12)(cid:24)((cid:16)(cid:1),(cid:20)(cid:20)(cid:21)(cid:1)(0(cid:1)(cid:12)*(cid:3)(cid:1)(cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:3)(cid:5)(cid:6)(cid:7)(cid:2)(cid:8)(cid:9)(cid:10)(cid:11)(cid:12)(cid:6)(cid:10)(cid:13)(cid:14)(cid:14)(cid:15)3(cid:1)(cid:1)%(cid:22)(cid:10)(cid:1)(cid:10)(cid:3)(cid:23)+((cid:16)(cid:23)(cid:24)/(cid:24)(cid:5)(cid:24)(cid:12)(cid:14)(cid:1)
(cid:24)(cid:23)(cid:1)(cid:12)((cid:1)(cid:3)!+(cid:10)(cid:3)(cid:23)(cid:23)(cid:1)(cid:9)(cid:16)(cid:1)(+(cid:24)(cid:16)(cid:24)((cid:16)(cid:1)((cid:16)(cid:1)(cid:12)*(cid:3)(cid:1)A(cid:3).(cid:22)(cid:16)(cid:3)(cid:10)(cid:9)(cid:12)(cid:24)((cid:16)(cid:1)A(cid:3)+((cid:10)(cid:12)(cid:7)(cid:1)/(cid:9)(cid:23)(cid:3)(cid:15)(cid:1)((cid:16)(cid:1)((cid:22)(cid:10)(cid:1)(cid:9)(cid:22)(cid:15)(cid:24)(cid:12)(cid:1)1((cid:16)(cid:15)(cid:22)1(cid:12)(cid:3)(cid:15)(cid:1)(cid:24)(cid:16)(cid:1)(cid:9)11((cid:10)(cid:15)(cid:9)(cid:16)1(cid:3)(cid:1)2(cid:24)(cid:12)*(cid:1)
(cid:21)(cid:22)(cid:23)(cid:12)(cid:10)(cid:9)(cid:5)(cid:24)(cid:9)(cid:16)(cid:1)(cid:21)(cid:22)(cid:15)(cid:24)(cid:12)(cid:24)(cid:16)(cid:11)(cid:1)(cid:13)(cid:12)(cid:9)(cid:16)(cid:15)(cid:9)(cid:10)(cid:15)(cid:23)3(cid:1)(cid:1)

!(cid:13)(cid:19)(cid:10)(cid:14)(cid:8)"(cid:26)(cid:10)’(cid:5)(cid:8)"(cid:26)(cid:10)(cid:15)(cid:8)(cid:25)(cid:26)(cid:27)(cid:23)(cid:25)"(cid:28)(cid:29)(cid:24)(cid:1)

(cid:1)

(cid:21)(cid:10)(cid:12)*(cid:22)(cid:10)(cid:1)(cid:8)(cid:24)(cid:5)(cid:16)(cid:3)(cid:10)(cid:1)

)(cid:9)(cid:10)(cid:12)(cid:16)(cid:3)(cid:10)(cid:1)

(cid:13)(cid:14)(cid:15)(cid:16)(cid:3)(cid:14)(cid:7)(cid:1)(cid:6)(cid:30)(cid:1)(cid:21)(cid:22)(cid:11)(cid:22)(cid:23)(cid:12)(cid:1)(cid:19)(cid:20)(cid:6)(cid:29)(cid:1)

47

Microequities Asset Management Group Limited
Corporate directory
30 June 2019

Directors 

Leslie Szekely - Non-Executive Chairman 
Craig Shapiro - Non-Executive Director 
Carlos Gil - Executive Director, Chief Executive Officer and Chief Investment Officer 
Samuel Gutman - Executive Director and Company Secretary 

Company secretary 

Samuel Gutman 

Registered office and 
Principal place of business 

Suite 3105, Level 31 Governor Macquarie Tower 
1 Farrer Place 
Sydney NSW 2000 
Telephone: +61 2 9009 2900 

Share register 

Auditor 

Solicitors 

Link Market Services Limited 
Level 12, 680 George Street 
Sydney NSW 2000 
Telephone: 1300 554 474 

BDO East Coast Partnership 
Level 11, 1 Margaret Street 
Sydney NSW 2000 

Mills Oakley 
Level 12, 400 George Street 
Sydney NSW 2000 

Stock exchange listing 

Microequities Asset Management Group Limited shares are listed on the Australian 
Securities Exchange (ASX code: MAM) 

Website 

http://microequities.com.au/ 

Corporate Governance Statement  The directors and management are committed to conducting the business of 
Microequities Asset Management Group Limited in an ethical manner and in 
accordance with the highest standards of corporate governance. Microequities Asset 
Management Group Limited has adopted and has substantially complied with the 
ASX Corporate Governance Principles and Recommendations (Third Edition) 
('Recommendations') to the extent appropriate to the size and nature of the Group’s 
operations. 

The Corporate Governance Statement, which sets out the corporate governance 
practices that were in operation during the financial year and identifies and explains 
any Recommendations that have not been followed, which is approved at the same 
time as the Annual Report can be found at: 
http://microequities.com.au/governance-policies/ 

48 

  
Microequities Asset Management Group Limited
Shareholder information
30 June 2019

The shareholder information set out below was applicable as at 19 July 2019. 

Distribution of equitable securities
Analysis of number of equitable security holders by size of holding: 

1 to 1,000 
1,001 to 5,000 
5,001 to 10,000 
10,001 to 100,000 
100,001 and over 

Holding less than a marketable parcel 

Equity security holders 

Twenty largest quoted equity security holders 
The names of the twenty largest security holders of quoted equity securities are listed below: 

GIL INVESTMENT COMPANY PTY LTD 
GUTMAN INVESTMENT PARTNERS PTY LTD 
SZEKELY SMSF PTY LTD 
BELLITE PTY LTD 
DESIGN MANGEMENT INVESTMENT PTY LTD 
MICROEQUITIES VENTURE CAPITAL 
ANDANSA PTY LIMITED 
MR SHUO YANG 
BRENMORE PTY LTD 
IME HOLDINGS PTY LTD 
OZSUN INVESTMENTS PTY LTD 
PORTLAND 41 PTY LIMITED 
I M E INVESTMENTS PTY LTD 
TREPLO PTY LIMITED 
C & M LAVERS PTY LTD 
ELYSIUM FAMILY SUPER PTY LIMITED 
MANN SUPERANNUATION FUND PTY LTD 
JMAS PTY LTD 
BCDO PTY LIMITED 
SELLMALL PTY LTD 

49 

Number 
of holders 
of ordinary 
shares

6
111
51
222
104

494

-

Ordinary shares

Number held

% of total 
shares
issued

53,634,560
22,955,539
12,991,949
5,325,408
2,662,376
1,270,344
1,250,000
787,200
759,161
740,000
645,000
639,272
630,000
625,000
546,040
532,672
532,672
532,016
480,669
479,536

108,019,414

40.32
17.26
9.77
4.00
2.00
0.95
0.94
0.59
0.57
0.56
0.48
0.48
0.47
0.47
0.41
0.40
0.40
0.40
0.36
0.36

81.19

  
Microequities Asset Management Group Limited
Shareholder information
30 June 2019

Unquoted equity securities 

Rights over ordinary shares issued under loan funded share plan 
Performance rights over ordinary shares 
Awards under employee share trust plan 

Substantial holders 
Substantial holders in the Company are set out below: 

GIL INVESTMENT COMPANY PTY LTD 
GUTMAN INVESTMENT PARTNERS PTY LTD 
SZEKELY SMSF PTY LTD 

Voting rights 
The voting rights attached to ordinary shares are set out below: 

Number
on issue

Number
of holders

1,367,432
3,129,066
1,270,344

2
2
2

Ordinary shares

Number held

53,634,560
22,955,539
12,991,949

% of total 
shares
issued

40.32
17.26
9.77

Ordinary shares 
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each 
share shall have one vote. 

There are no other classes of equity securities. 

Restricted securities 

Class

Ordinary shares 

Expiry date

Share issued under Loan Funded Share Plan 
restricted until the related loan has been repaid 

Number 
of shares

1,367,432

50