A.B.N 58 081 688 164
2024
ANNUAL REPORT
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
ANNUAL REPORT | 1
CONTENTS
CORPORATE DIRECTORY
Directors’ Report
2
BOARD
Farooq Khan
(Chairman and Managing Director)
Remuneration Report
11
Victor Ho
(Executive Director)
Yaqoob Khan
(Non-Executive Director)
Auditor’s Independence Declaration
18
Consolidated Statement of
COMPANY SECRETARY
Profit or Loss and
Victor Ho
Other Comprehensive Income
19
Consolidated Statement of
PRINCIPAL & REGISTERED OFFICE
Financial Position
20
Suite 1, Level 1
680 Murray Street
Consolidated Statement of
West Perth, Western Australia 6005
Changes in Equity
21
Telephone:
(08) 9214 9777
Facsimile:
(08) 9214 9701
Consolidated Statement of Cash Flows
22
Email:
info@queste.com.au
Website:
www.queste.com.au
Notes to the Consolidated Financial
Statements
23
AUDITOR
Consolidated Entity
In.Corp Audit & Assurance Pty Ltd
Disclosure Statement
38
(formerly Rothsay Audit & Assurance Pty Ltd)
Level 1, Lincoln House
Directors’ Declaration
39
4 Ventnor Avenue
West Perth, Western Australia 6005
Independent Auditor’s Report
40
Website:
https://australia.incorp.asia
Additional ASX Information
44
STOCK EXCHANGE
Australian Securities Exchange
Perth, Western Australia
ASX CODE
QUE
Queste’s 2024
Corporate Governance Statement
SHARE REGISTRY
can be found at the following
Automic
URL on the Company’s website:
Level 5, 126 Phillip Street,
www.queste.com.au/corporate-governance
Sydney, New South Wales 2000
GPO Box 5193
Sydney NSW 2001
Local Telephone:
1300 288 664
Visit www.queste.com.au for:
Telephone:
+61 2 9698 5414
•
Market Announcements
Email:
hello@automicgroup.com.au
•
Financial Reports
Website:
www.automic.com.au
•
Corporate Governance
•
Forms
Investor Portal:
•
Email subscription
https://investor.automic.com.au
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
DIRECTORS’ REPORT
ANNUAL REPORT | 2
The Directors present their report on Queste Communications Ltd ABN 58 081 688 164 (ASX:QUE) (Company or
QUE) and its controlled entities (Queste or the Consolidated Entity) for the financial year ended 30 June 2024
(Balance Date).
QUE is a public company limited by shares that is incorporated and domiciled in Western Australia and has been
listed on the Australian Securities Exchange (ASX) since November 1998. (ASX Code: QUE).
Queste’s results incorporate the results of controlled entity, ASX-listed investment company (LIC), Orion Equities
Limited ABN 77 000 742 843 (ASX:OEQ) (Orion or OEQ). The Company has a 59.86% (9,367,653 shares)
shareholding interest in Orion (30 June 2023: 59.86% (9,367,653 shares)).
PRINCIPAL ACTIVITIES
The principal activity of the Company during the financial year was the management of its assets.
The principal activities of controlled entity, Orion, during the financial year were the management of its investments,
including investments in listed and unlisted securities and real estate held for development and resale.
FINANCIAL POSITION
COMPANY
2024
$
2023
$
Cash and cash equivalents
4,636
11,773
Current investments – equities
2
2
Investment in controlled entity (OEQ)
1,217,795
693,206
Investment in Associate entity (BEL)
-
-
Receivables
-
754
Other assets
1,158
2,072
Total Assets
1,223,591
707,807
Loan from controlled entity
(236,583)
(165,403)
Other payables and liabilities
(335,587)
(299,394)
Net Assets
651,421
243,010
Issued capital
6,239,370
6,239,370
Reserves
4,480,557
4,480,557
Accumulated losses
(10,068,506)
(10,476,917)
Total Equity
651,421
243,010
Notwithstanding the accounting carrying value of the investments as outlined above, it is noted that the market
value of the share investments as at Balance Date are as follows:
ASX Market Value1
Investment
Shareholding
30 June 2024
30 June 2023
Orion Equities Limited (ASX:OEQ)
9,367,653
$1,217,795
$693,206
Bentley Capital Limited (ASX:BEL)
1,225,752
$24,515
$57,610
Total
$1,242,310
$750,816
1
Based on closing bid price on ASX
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
DIRECTORS’ REPORT
ANNUAL REPORT | 3
OPERATING RESULTS
COMPANY
2024
2023
$
$
Total revenues
395
43
Net gain/(loss) on financial assets
524,589
(1,555,028)
Share of Associate entity’s net loss
-
90,912
Other Expenses
(116,573)
(74,905)
Profit/(Loss) before tax
408,411
(1,538,978)
Income tax expense
-
-
Profit/(Loss) for the year
408,411
(1,538,978)
EARNINGS PER SHARE
CONSOLIDATED ENTITY
2024
2023
Basic and diluted earnings/(loss) per share (cents)
6.21
(1.85)
Weighted average number of fully paid ordinary shares in the Company outstanding
during the year used in the calculation of basic and diluted loss per share
27,072,332
27,072,332
CONSOLIDATED FINANCIAL PERFORMANCE
Queste’s results incorporate the results of Orion.
Queste’s overall net profit for the financial year relate principally to Orion booking a $5 million cash (gross) income
on the termination of the Orion Royalty2 in relation to the Paulsens East Iron Ore Project.3 Orion initially received
$2 million in January 20244, with an additional $3 million deferred until 30 June 2024, which was received on 4 July
2024.5.
Queste accounts for Bentley Capital Limited (ASX:BEL) as an Associate entity, which means that Queste is required
to recognise a share of BEL’s net profit or loss in respect of the financial period based on QUE’s (28.556% as at 30
June 2024) direct and indirect shareholding interest in BEL (this is known as the equity method of accounting for
an associate entity).
As a result, Queste’s carrying value of its investment in BEL has been reduced from cost to nil – as a consequence
of Queste’s accumulated recognition of BEL’s net losses. This compares with Bentley’s last closing price on ASX of
2 cents per share (valuing Queste’s investment at $0.025m and Orion’s investment at $0.41m) and Bentley’s after-
tax NTA value of 1.8 cents per share (valuing Queste’s investment at $0.022m and Orion’s investment at $0.37m
based on Bentley’s NTA backing), as at 30 June 2024.
Queste is not required to carry the BEL investment at a negative value (i.e.. below Nil) and if BEL should generate
net profits in the future, Queste will recognise a share of BEL’s net profits under the equity method, which will
permit Queste to recognise a positive carrying value for BEL.
Queste’s financial performance is also dependent on the share price performance of Strike (in which Orion has 10
million shares and Bentley has 56.7 million shares).
2 Refer to the following ASX announcements: Orion’s announcement dated 23 September 2005: CXL Retains a 25% Free Carried Interest
in NT Uranium Tenements, Strike’s announcement dated 20 September 2005: Acquisition of Uranium Tenements and Strike’s
announcement dated 11 August 2008: Acquisition of Outstanding Interests in Berau Coal and Paulsens East Iron Ore Projects.
3 Refer OEQ ASX Announcement dated 3 January 2024: $5 Million Receivable on Termination of Iron Ore Royalty Entitlement
4 Refer OEQ ASX Announcement dated 8 March 2024: $2 Million Received on Termination of Iron Ore Royalty Entitlement
5 Refer OEQ ASX Announcement dated 4 July 2024: $3 Million Deferred Payment Received on Termination of Iron Ore Royalty
Entitlement
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
DIRECTORS’ REPORT
ANNUAL REPORT | 4
The SRK share price has traded within a range of 3.3 cents (on 15 February 2024) to 7.9 cents (on 13 July 2023)
in the past 12 months, with a bid price of 4 cents (as at 30 June 2024) and a current price of 3 cents (as at 27
August 2024).
Further information about Orion’s operations financial position and performance for the financial year ended 30
June 2024 are outlined in Orion’s 30 June 2024 Full Year Report.
Further information about Bentley’s operations financial position and performance for the financial year ended 30
June 2024 are outlined in Bentley’s 30 June 2024 Full Year Report.
DIVIDENDS
The Company’s Directors have not declared a dividend in respect of the financial year ended 30 June 2024.
SECURITIES ON ISSUE
At the Balance Date (and currently), the Company had 27,072,332 listed fully paid ordinary shares (2023:
27,072,332 fully paid ordinary shares) on issue.
All such shares are listed on ASX. The Company does not have other securities on issue.
REVIEW OF OPERATIONS
1.
Orion Equities Limited (ASX:OEQ)
1.1.
Current Status of Investment in Orion
Orion is an investment entity.
The Company holds 9,367,653 shares in Orion, being 59.86% of its issued ordinary share capital (2023:
9,367,653 shares and 59.86%). Orion has been recognised as a controlled entity and included as part of
the Queste’s results since 1 July 2002.
Queste’s shareholders are advised to refer to the 30 June 2024 Full Year Report and monthly NTA disclosures
lodged by Orion for further information about the status and affairs of the company.
Information concerning Orion may be viewed from its website: www.orionequities.com.au.
Orion’s market announcements may also be viewed from the ASX website (www.asx.com.au) under ASX
code “OEQ”.
Sections 1.2 and 1.3 below contain information extracted from Orion’s public statements.
1.2.
Orion’s Portfolio Details as at 30 June 2024
Asset Weighting
% of Net Assets
2024
2023
Australian equities
8%
27%
Property held for development and resale
35%
82%
Net tax liabilities (current-year and deferred tax assets/liabilities)
(27)%
-
Net cash/other assets and provisions
84%
(9)%
TOTAL
100%
100%
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
DIRECTORS’ REPORT
ANNUAL REPORT | 5
Major Holdings in Securities Portfolio
Equities
Fair Value
$’million
% of Net
Assets
ASX
Code
Industry
Sector
Exposures
Bentley Capital Limited
0.41
8%
BEL
Diversified
Strike Resources Limited
0.40
8%
SRK
Materials
TOTAL
0.81
16%
1.3.
Orion’s Assets
(a)
Bentley Capital Limited (ASX:BEL)
Bentley is an LIC with a current exposure to Australian equities.
Queste holds 1.61% (1,225,752 shares) of Bentley’s issued ordinary share capital with Orion holding 26.95%
(20,513,783 shares) of Bentley’s issued ordinary share capital (2023: Queste held 1,225,752 shares (1.61%)
and Orion held 20,513,783 shares (26.95%)).
Shareholders are advised to refer to the 30 June 2024 Full Year Report and monthly NTA disclosures lodged
by Bentley for further information about the status and affairs of the company.
Information concerning Bentley may be viewed from its website: www.bel.com.au.
Bentley’s market announcements may also be viewed from the ASX website (www.asx.com.au) under ASX
code “BEL”.
(b)
Strike Resources Limited (ASX:SRK)
As at 30 June 2024 and currently, Orion holds 10,000,000 Strike shares (3.52%) (2023: 10,000,000 shares;
3.52%) while Associate entity, Bentley, holds 56,739,857 Strike shares (19.996%) (2023: 56,739,857
shares; 19.996%). Therefore, Orion has a deemed relevant interest in 66,739,857 Strike shares.
The SRK share price has traded within a range of 3.3 cents (on 15 February 2024) to 7.9 cents (on 13 July
2023) in the past 12 months, with a bid price of 4 cents (as at 30 June 2024) and a current price of 3 cents
(as at 27 August 2024).
Strike is an ASX listed resource company which owns the high grade Apurimac Iron Ore Project in Peru
where it has exported “Apurimac Premium Lump” DSO product of ~65% Fe. Strike also has a 27.7% (31.01
million shares) interest in Lithium Energy Limited (ASX:LEL), which was spun-out of Strike under a $9 Million
IPO in May 2021.6
On 8 March 20247, after the receipt of shareholder approval8, Strike completed the sale of its Paulsens East
Iron Ore Project (located in Western Australia) (Paulsens East) in consideration of $20.5 million cash,
which sale proceeds was also used to discharge a $11.26 million loan borrowed to finance Strike’s iron ore
operations at Paulsens East.
Post the sale of Paulsens East, Strike is focused on the advancement of its Apurimac Iron Ore Project in
Peru (Apurimac).9
6 Based on SRK ASX announcement dated 31 July 2024: Quarterly Reports – 30 June 2024
7 Refer SRK ASX Announcements dated 8 March 2024: Completion of Disposal of Paulsens East Iron Ore Project and 3 January 2024:
Proposed Divestment of Paulsens East Iron Ore Project and
8 Refer SRK ASX Announcement dated 6 March 2024: Results of General Meeting and SRK Notice of General Meeting, Explanatory
Statement and Proxy Form dated and released on ASX 5 February 2024
9 Refer SRK ASX Announcements dated 31 July 2024: Quarterly Reports – 30 June 2024 and 5 July 2024: Company Update
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A.B.N. 58 081 688 164
DIRECTORS’ REPORT
ANNUAL REPORT | 6
Further information about Strike’s resource projects and activities are contained in the company’s ASX
releases, including as follows:
•
31 July 2024: Quarterly Reports – 30 June 2024;
•
30 April 2024: Quarterly Reports – 31 March 2024; and
•
14 March 2024: Half Year Report – 31 December 2023.
Information concerning Strike may be viewed from its website: www.strikeresources.com.au.
Strike’s market announcements may also be viewed from the ASX website (www.asx.com.au) under ASX:
“SRK”.
Strike is also the largest shareholder of Lithium Energy Limited (ASX:LEL) with 31,010,000 shares (27.69%)
(2023: 31,410,000; 30.49%). Lithium Energy was spun out of Strike via a $9 million (at $0.20 per share)
initial public offering (IPO) in in May 2021.10
The LEL share price has traded within a range of $0.29 (on 14 February 2024) to $0.95 (on 4 July 2023) in
the past 12 months, with a bid price of $0.37 (as at 30 June 2024) and a current price of $0.35 (as at 27
August 2024).
Lithium Energy Limited is an ASX listed battery minerals company which is developing its flagship Solaroz
Lithium Brine Project in Argentina and the Burke and Corella Graphite Projects in Queensland. The Solaroz
Lithium Project (LEL:90%) comprises 12,000 hectares of highly prospective lithium mineral concessions
(where a JORC Indicated and Inferred Mineral Resource of lithium has been delineated11) located
strategically within the Salar de Olaroz Basin in South America’s “Lithium Triangle” in north-west Argentina.
Prior to the announced sale of the Solaroz Project (settlement pending)12, Lithium Energy had completed a
Scoping Study on Solaroz and had been investigating the development of a 20/40ktpa lithium carbonate
equivalent (LCE) production facility using conventional evaporation ponds; Lithium Energy has also been
evaluating direct-lithium extraction (DLE) technologies. The Burke and Corella Graphite Projects (LEL:100%)
in Queensland, Australia, contains high grade JORC Indicated and Inferred Mineral Resources of graphite.13
On 3 April 2024, Lithium Energy and NOVONIX Limited (ASX:NVX) announced the merger of their adjoining
Burke and Mt Dromedary Queensland Natural Graphite Deposits into Lithium Energy subsidiary, Axon
Graphite Limited (Proposed ASX Code: AXG) (Axon Graphite or AXG), which will undertake a $15 Million
to $25 Million IPO and seek admission to ASX as a dedicated vertically-integrated mine to battery anode
material product manufacturing company.14
On 30 April 2024, Lithium Energy announced the sale of its interest in the Solaroz Project to a subsidiary of
CNGR Advanced Materials Co Ltd for US$63 Million (~A$97 Million15) cash; completion is subject to the
satisfaction (or waiver, as applicable) of a number of conditions precedent, including receipt of Lithium
Energy shareholder approval (which was attained on 8 March 202416), receipt of regulatory approvals (in
China17 and Argentina, as required) and receipt of environmental and concession related approvals relating
to Solaroz.18
10 Refer LEL ASX Announcement released on 17 May 2021: Prospectus
11 Refer LEL ASX announcement dated 29 June 2023: Significant Maiden JORC Lithium Resource of 3.3Mt LCE at Solaroz Project in
Argentina
12 Refer LEL’s ASX Announcement dated 30 April 2024: Sale of Solaroz Lithium Project for A$97 Million
13 Based on LEL ASX announcement released on 31 July 2024: Quarterly Reports – 30 June 2024
14 Refer LEL ASX Announcement dated 3 April 2024: Merger of Lithium Energy and NOVONIX Natural Graphite Assets and Proposed
Axon Graphite Limited Spin-Out and IPO
15 Based on an exchange rate of A$1.00 : US$0.65
16 Refer LEL ASX Announcement dated 8 August 2024: Results of General Meeting and LEL Notice of General Meeting, Explanatory
Statement and Proxy Form dated and released on ASX on 3 July 2024
17 Refer LEL ASX Announcement dated 3 June 2024: Chinese Regulatory Approvals Secured by CNGR to Acquire Solaroz Lithium Project
18 Refer LEL ASX Announcements dated 8 August 2024: Shareholders Approve Sale of Interests in Solaroz Lithium Brine Project and 30
April 2024: Sale of Solaroz Lithium Project for A$97 Million
30 JUNE 2024
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A.B.N. 58 081 688 164
DIRECTORS’ REPORT
ANNUAL REPORT | 7
Pending completion of the sale of Solaroz, Lithium Energy will focus on advancing the Axon Graphite IPO
and securing the relevant approvals required to satisfy applicable conditions relating to the sale of Solaroz.19
Further information about Lithium Energy’s resource projects and activities are contained in their ASX
releases, including as follows:
•
31 July 2024: Quarterly Report – 30 June 2024;
•
30 April 2024: Quarterly Reports – 31 March 2024; and
•
4 March 2024: Half Year Report – 31 December 2023.
Information concerning Lithium Energy may be viewed from its website: www.lithiumenergy.com.au.
Lithium Energy’s market announcements may also be viewed from the ASX website (www.asx.com.au) under
ASX code “LEL”
(c)
$5 Million Income from Termination of Iron Ore Royalty Entitlement20
As part of Strike’s sale of its Paulsens East Iron Ore Project21, the buyer had requested the cancellation of
the Orion Royalty2 that was payable to CXM Pty Ltd (CXM) for iron ore produced from Paulsens East (with
CXM being a wholly-owned subsidiary of Orion) and CXM agreed to do so (under the sale agreement) on
the following terms (at completion of the agreement):
(a)
CXM agreed to terminate and provide releases to the purchaser of Paulsens East under the Orion
Royalty; and
(b)
The purchaser agreed to pay $2 million (with a further $3 million payment deferred to 30 June 2024)
to CXM as consideration for the termination of the Orion Royalty.
The entitlement under the Orion Royalty stems from Orion’s sale of a portfolio of tenements (including the
Paulsens East tenements) to Strike in September 20052. CXM had received $206,661 in royalty payments
from Strike to date (during the 2022/2023 financial year).
Completion of the sale agreement occurred on 8 March 20247 after receipt of Strike shareholder approval8.
(d)
Other Assets
Orion owns a property held for redevelopment or sale but currently rented out located in Mandurah, Western
Australia.
2.
Queste’s Other Assets
In addition to the investment in controlled entity, Orion, Queste has a direct share investment in Associate
entity, Bentley, being 1,225,752 shares (or 1.61% of Bentley’s issued ordinary share capital) (2023:
1,225,752 shares and 1.61%).
The Company notes that it lodges Monthly Cash Flow Reports and Quarterly Activities and Cash Flow Reports on
ASX, which may be viewed and downloaded from the Company’s website: www.queste.com.au or the ASX website
(www.asx.com.au) under ASX Code: “QUE”.
19 Refer LEL ASX Announcement dated 8 August 2024: Shareholders Approve Sale of Interests in Solaroz Lithium Brine Project
20 Refer OEQ ASX Announcement dated 3 January 2024: $5 Million Receivable on Termination of Iron Ore Royalty Entitlement
21 Refer SRK ASX Announcements dated 8 March 2024: Completion of Disposal of Paulsens East Iron Ore Project and 3 January 2024:
Proposed Divestment of Paulsens East Iron Ore Project and
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A.B.N. 58 081 688 164
DIRECTORS’ REPORT
ANNUAL REPORT | 8
3.
Material Business Risks
Risks facing the Company can be divided into the broad categories of operations, market and compliance
risks.
Operations risk refers to risks arising from day-to-day operational activities which may result in direct or
indirect loss from inadequate or failed internal processes, people or systems or external events. The
Company has clear accounting and internal control systems to manage risks to the accuracy of financial
information and other financial risks. The Executive Chairman/Managing Director and Executive Director
(also the Company Secretary) have delegated responsibility from the Board for identification of operations
risks generally, for putting processes in place to mitigate them and monitoring compliance with those
processes.
Market risk encompasses risks to the Company’s performance from changes in equity prices, interest rates,
currency exchange rates, capital markets and economic conditions generally. Management represents the
first line in managing this risk, under the supervision of the Board. The Board retains final responsibility to
assess the Company’s exposure to these risks and set the strategic direction for managing them.
Compliance risk is the risk of failure to comply with all applicable legal and regulatory requirements and
industry standards and the corresponding impact on the Company’s business, reputation and financial
condition. The Company’s compliance risk management strategy ensures compliance with key legislation
affecting the Company’s activities. The Company Secretary has oversight responsibility for managing the
Company’s compliance risk. The Company Secretary take external legal and other professional advice as
necessary. Comprehensive advice is taken from appropriate external professionals when establishing an
operation in a new country and standing relationships are maintained with relevant external advisers, whose
brief includes alerting the Company to material changes in law and government policy.
The Company also has policies on responsible business practices and ethical behaviour including a Statement
of Values, Board Charter, Code of Conduct, Continuous Disclosure Policy, Anti-Bribery and Anti-Corruption
Policy, Whistleblower Policy, Share Trading Policy and its Corporate Governance Statement (which is
updated and released on ASX annually) to maintain confidence in the Company’s integrity and ensure legal
compliance.
The Company’s approach to risk management is not stationary; it evolves constantly in response to
developments in operations and changing market conditions.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There were no significant changes in the state of affairs of the Consolidated Entity that occurred during the financial
year not otherwise disclosed in this Directors’ Report or the Consolidated Financial Statements.
FUTURE DEVELOPMENTS
The Consolidated Entity intends to continue its investment activities in future years. The results of these investment
activities depend upon the performance of the underlying companies and securities in which the Consolidated Entity
invests. The investments’ performances depend on many economic factors and also industry and company specific
issues. In the opinion of the Directors, it is not possible or appropriate to make a prediction on the future course
of markets, the performance of the Consolidated Entity’s investments or the forecast of the likely results of the
Consolidated Entity’s activities.
ENVIRONMENTAL REGULATION
The Consolidated Entity is not subject to any particular or significant environmental regulation under Australian
Commonwealth or State legislation.
30 JUNE 2024
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A.B.N. 58 081 688 164
DIRECTORS’ REPORT
ANNUAL REPORT | 9
DIRECTORS
Information concerning Directors in office during or since the financial year:
Farooq Khan
Executive Chairman and Managing Director
Appointed
10 March 1998
Qualifications
BJuris, LLB (Western Australia)
Experience
Farooq Khan is a qualified lawyer having previously practised principally in the field of corporate
law. Mr Khan has extensive experience in the securities industry, capital markets and the
executive management of ASX-listed companies. In particular, Mr Khan has guided the
establishment and growth of a number of public listed companies in the investment, mining and
financial services sector. He has considerable experience in the fields of capital raisings, mergers
and acquisitions and investments.
Relevant interest in shares 5,344,872 shares22
Other current directorships in
listed entities
(1)
Executive Chairman of Bentley Capital Limited (ASX:BEL) (since 2 December 2003)
(2)
Executive Chairman of Orion Equities Limited (ASX:OEQ) (since 23 October 2006)
(3)
Executive Chairman (since 18 December 2015) of Strike Resources Limited (ASX:SRK)
(Director since 1 October 2015)
(4)
Executive Director of Lithium Energy Limited (ASX:LEL) (since 14 January 2021)
Former directorships in other
listed entities in past 3 years
None
Victor P. H. Ho
Executive Director and Company Secretary
Appointed Executive Director since 3 April 2013; Company Secretary since 30 August 2000
Qualifications BCom, LLB (Western Australia), CTA
Experience Victor Ho has been in Executive roles with a number of ASX-listed companies across the
investments, resources and technology sectors over the past 24+ years. Mr Ho is a Chartered
Tax Adviser (CTA) and previously had 9 years’ experience in the taxation profession with the
Australian Tax Office (ATO) and in a specialist tax law firm.
Mr Ho has been actively involved in the executive management of listed resources companies,
the investment management of listed investment companies (as an Executive Director and/or a
member of the Investment Committee), the structuring and execution of a number of corporate,
M&A and international joint venture (in South America (Peru, Chile and Argentina), Indonesia
and the Middle East (Saudi Arabia and Oman)) transactions, capital raisings, resources project
(debt) financing, spin-outs/demergers and IPO’s/re-listings on ASX and capital management
initiatives and has extensive experience in public company administration, corporations law,
ASIC/ASX compliance and investor/shareholder relations.
Relevant interest in shares 17,500 shares23
Other current positions held
in listed entities
(1)
Executive Director and Company Secretary of Orion Equities Limited (ASX:OEQ)
(Secretary since 2 August 2000 and Director since 4 July 2003)
(2)
Executive Director and Company Secretary of Strike Resources Limited (ASX:SRK)
(Director since 24 January 2014 and Company Secretary since 1 October 2015)
(3)
Company Secretary of Bentley Capital Limited (ASX:BEL) (since 5 February 2004)
(4)
Company Secretary of Lithium Energy Limited (ASX:LEL) (since 14 January 2021)
Former positions in other
listed entities in past 3 years
-
22 Refer Farooq Khan’s Change of Director’s Interest Notices dated 10 July 2019
23 Refer Victor Ho’s Initial Director’s Interest Notice dated 3 April 2013
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DIRECTORS’ REPORT
ANNUAL REPORT | 10
Yaqoob Khan
Non-Executive Director
Appointed 10 March 1998
Qualifications BCom (Western Australia), Master of Science in Industrial Administration (Carnegie Mellon)
Experience After working for several years in the Australian Taxation Office, Yaqoob Khan completed his
postgraduate Master’s degree and commenced work as a senior executive responsible for product
marketing, costing systems and production management. Mr Khan has been an integral member
of the team responsible for the pre-IPO structuring and IPO promotion of a number of ASX floats
and has been involved in the management of such companies. Mr Khan brings considerable
international experience in key aspects of corporate finance and the strategic analysis of listed
investments.
Relevant interest in shares 5,387,394 shares24
Other current directorships in
listed entities
Non-Executive Director of Orion Equities Limited (ASX:OEQ) (since 5 November 1999).
Former directorships in other
listed entities in past 3 years
None
DIRECTORS' MEETINGS
The following table sets out the number of meetings of the Company's Directors held during the financial year
(including Directors’ circulatory resolutions), and the numbers of meetings attended by each Director of the
Company:
Name of Director
Meetings Attended
Maximum Possible Meetings
Farooq Khan
7
7
Yaqoob Khan
7
7
Victor Ho
7
7
There were no meetings of committees of the Board of the Company.
Board Committees
During the financial year and as at the date of this Directors’ Report, the Company did not have separate
designated Audit or Remuneration Committees. In the opinion of the Directors, in view of the size of the
Board and nature and scale of the Queste’s activities, matters typically dealt with by an Audit or
Remuneration Committee are dealt with by the full Board.
24 Refer Yaqoob Khan’s Change of Director’s Interest Notice dated 30 March 2022
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
REMUNERATION REPORT
ANNUAL REPORT | 11
This Remuneration Report details the nature and amount of remuneration for each Director and Company Executive
(being a company secretary or senior manager) (Key Management Personnel) of Queste.
The information provided under headings (1) to (6) below has been audited for compliance with section 300A of
the Corporations Act 2001 (Cth) as required under section 308(3C).
(1)
Remuneration Policy
The Board determines the remuneration structure of all Key Management Personnel having regard to the
Company’s strategic objectives, scale and scope of operations and other relevant factors, including
experience and qualifications, length of service, the duties and accountability of Key Management Personnel,
the frequency of Board meetings, market practice (including available data concerning remuneration paid
by other listed companies and in particular, companies of comparable size and nature) and the objective of
maintaining a balanced Board which has appropriate expertise and experience, at a reasonable cost to the
Company.
Corporate Governance Principles: The Company’s Corporate Governance Statement (CGS) also
addresses matters pertaining to the Board, Senior Management and Remuneration. The latest version of
the CGS may be downloaded from the Company’s website: http://queste.com.au/corporate-governance.
Fixed Cash Short Term Employment Benefits: The Key Management Personnel of the Company are
paid a fixed amount per annum plus applicable employer superannuation contributions. The Non-Executive
Directors of the Company are paid a maximum aggregate base remuneration of $75,00025 per annum
inclusive of minimum employer superannuation contributions where applicable, to be divided as the Board
determines appropriate.
The Board has determined the following fixed cash remuneration for current Key Management Personnel as
follows (as at 30 June 2024):
Executive Director
(1)
Mr Farooq Khan (Executive Chairman and Managing Director) - a base annual salary of $31,250
(voluntarily reduced from $125,000) to assist the Company in reducing its corporate overheads) per
annum plus employer superannuation contributions (which Mr Khan has voluntarily agreed to
suspend in respect of the financial year); and
(2)
Mr Victor Ho (Executive Director and Company Secretary) - a base annual salary of $22,500
(voluntarily reduced from $45,000) per annum plus employer superannuation contributions (which
Mr Ho has voluntarily agreed to suspend in respect of the financial year). Mr Ho also agreed to join
the Board as an Executive Director on 3 April 2013 at no further cost to the Company.
Non – Executive Director
(3)
Mr Yaqoob Khan (Non-Executive Director) - a base annual fee of $15,000 per annum (the payment
of which Mr Khan has voluntarily agreed to suspend in respect of the financial year).
Key Management Personnel can also opt to “salary sacrifice” their cash fees/salary and have them paid
wholly or partly as further employer superannuation contributions or benefits exempt from fringe benefits
tax.
Special Exertions and Reimbursements: Pursuant to the Company’s Constitution, each Director is
entitled to receive:
(a)
Payment for reimbursement of all travelling, hotel and other expenses reasonably incurred by a
Director for the purpose of attending meetings of the Board or otherwise in and about the business
of the Company; and
(b)
In respect of Non-Executive Directors, payment for the performance of extra services or the making
of special exertions for the benefit of the Company (at the request of and with the concurrence of
the Board).
25 As approved by shareholders at the Annual General Meeting held on 30 November 1999; refer Queste’s ASX announcement dated 30
November 1999: Results of Annual General Meeting of Shareholders
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
REMUNERATION REPORT
ANNUAL REPORT | 12
Short-Term Benefits: The Company does not have any short-term incentive (STI) cash bonus schemes
(or equivalent) in place for Key Management Personnel.
Long-Term Benefits: The Company does not have any long-term incentive (LTI) cash bonus schemes (or
equivalent) in place for Key Management Personnel.
Equity Based Benefits: The Company does not presently have any equity (shares or options) based
remuneration arrangements for any personnel pursuant to any executive or employee share or option plan
or otherwise.
Post-Employment Benefits: The Company does not presently provide retirement benefits to Key
Management Personnel. Other than compulsory superannuation contribution and early termination benefits
disclosed in ‘Employment Agreement’ below, Key Management Personnel also have no right to termination
payments save for payment of accrued unused annual and long service leave (where applicable) (these
accrued employee entitlements are not applicable in respect of Non-Executive Directors). The Company
notes that shareholder approval is required where a Company proposes to make a “termination payment”
(for example, a payment in lieu of notice, a payment for a post-employment restraint and payments made
as a result of the automatic or accelerated vesting of share based payments) in excess of one year’s “base
salary” (defined as the average base salary over the previous 3 years) to a director or any person who holds
a managerial or executive office.
Performance-Related Benefits and Financial Performance of Company: The Company does not
presently provide short- or long-term incentive/performance-based benefits related to the Company’s
performance to Key Management Personnel, including payment of cash bonuses. The current remuneration
of Key Management Personnel is fixed, is not dependent on the satisfaction of a performance condition and
is unrelated to the Company’s performance.
The Board does not believe that it is appropriate at this time to implement an equity-based benefit scheme
or a performance related/variable component to Key Management Personnel remuneration or remuneration
generally linked to the Company’s performance but reserves the right to implement these remuneration
measures if appropriate in the future (subject to prior shareholder approval where applicable).
In considering the Company's performance and its effects on shareholder wealth, Directors have had regard
to the data set out below for the latest financial year and the previous four financial years.
2024
2023
2022
2021
2020
Profit/(Loss) Before Income Tax ($)
4,299,475
(849,698)
(4,189,159)
5,259,241
(847,983)
Basic Earnings/(Loss) per Share (cents)
6.21
(1.85)
(9.64)
11.60
(1.96)
Dividends Paid ($)
-
-
-
-
-
VWAP Share Price on ASX for financial year (cents)
4.1
3.2
6.0
4.3
3.1
Closing Bid Share Price at 30 June (cents)
5
2.4
4.3
6
2.2
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
REMUNERATION REPORT
ANNUAL REPORT | 13
(2)
Employment Agreement
Details of the material terms of an employment agreement entered by the Company with a Key Management
Personnel are as follows:
Key
Management
Personnel and
Position(s)
Held
Relevant
Date(s)
Base
Salary/Fees per
annum
Other Material Terms
Victor Ho
Company
Secretary (since
30 August
2000)
Executive
Director (since
3 April 2013)
25 January 2000
(date of
employment
agreement)
2009/2010
(date of effect
of current
remuneration)
$45,000
(but voluntarily
reduced to
$22,500, as at 30
June 2021)
plus employer
superannuation
contributions
•
The agreement has no fixed term or fixed rolling
terms of service.
•
Standard annual leave (20 days) and personal/sick
leave (10 days paid) entitlements plus entitlement to
long service leave of 60 days after 7 years of service
with an additional 5 days after each year of service
thereafter.
•
One month’s notice of termination by the Company or
employee. Immediate termination without notice if
employee commits any serious act of misconduct.
The Company does not presently have formal service agreements or employment agreements with any
other Key Management Personnel.
(3)
Details of Remuneration of Key Management Personnel
Details of the nature and amount of each element of remuneration of each Key Management Personnel of
the Company paid or payable by the Consolidated Entity during the financial year are as follows:
Paid by the Company (Queste) to its Key Management Personnel
2024
Performance
related
Short-term Benefits
Post-
Employment
Benefits
Other
Long-term
Benefits
Equity
Based
Key
Management
Person
%
Cash, salary
and
commissions
Non-cash
benefit
Superannuation
Long
service
leave
Shares &
Options
Total
$
$
$
$
$
$
Executive Directors:
Farooq Khan
-
-(A)
-
-
-
-
-
Victor Ho
-
-(A)
-
-
-
-
-
Non-Executive Director:
Yaqoob Khan
-
-(A)
-
-
-
-
-
(A) All Directors have voluntarily agreed to suspend their salaries in respect of the financial year
2023
Performance
related
Short-term Benefits
Post-
Employment
Benefits
Other
Long-term
Benefits
Equity
Based
Key
Management
Person
%
Cash, salary
and
commissions
Non-cash
benefit
Superannuation
Long
service
leave
Shares &
Options
Total
$
$
$
$
$
$
Executive Directors:
Farooq Khan
-
-(A)
-
-
-
-
-
Victor Ho
-
-(A)
-
-
-
-
-
Non-Executive Director:
Yaqoob Khan
-
-(A)
-
-
-
-
-
(B) All Directors have voluntarily agreed to suspend their salaries in respect of the financial year
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
REMUNERATION REPORT
ANNUAL REPORT | 14
Paid by Orion to Key Management Personnel (who are also KMP of Queste)
2024
Short-term Benefits
Post-
Employment
Benefits
Other
Long-term
Benefits
Equity
Based
Key
Management
Personnel
Performance
related
Cash, salary
and
commissions
Non-cash
benefit
Superannuation
Long
service
leave
Shares &
Options
Total
%
$
$
$
$
$
$
Executive Directors:
Farooq Khan
-
225,000(A)
-
24,750
-
-
249,750
Victor Ho
-
150,000(B)
-
16,500
-
-
166,500
Non-Executive Director:
Yaqoob Khan
-
50,000(C)
-
-
-
-
50,000
(A) Includes $150,000 salaries in respect of the 2023 and 2022 financial years
(B) Includes $100,000 salaries in respect of the 2023 and 2022 financial years
(C) Includes $25,000 fees in respect of the 2023 financial year
2023
Short-term Benefits
Post-
Employment
Benefits
Other
Long-term
Benefits
Equity
Based
Key
Management
Personnel
Performance
related
Cash, salary
and
commissions
Non-cash
benefit
Superannuation
Long
service
leave
Shares &
Options
Total
%
$
$
$
$
$
$
Executive Directors:
Farooq Khan
-
-(D)
-
-
-
-
-
Victor Ho
-
-(D)
-
-
-
-
-
Non-Executive Director:
Yaqoob Khan
-
-(E)
-
-
-
-
-
(A) Farooq Khan and Victor Ho had voluntarily agreed to suspend their salaries in respect of the 2023 and 2022 financial years
(B) Yaqoob Khan had voluntarily agreed to suspend his fees in respect of the 2023 financial year
Victor Ho is also Company Secretary of Queste and Orion.
The tables above may be aggregated to arrive at the aggregate amount of each element of remuneration
of each Key Management Personnel paid or payable by Queste and Orion during the financial year.
(4)
Other Benefits Provided to Key Management Personnel
No Key Management Personnel has during or since the end of the financial year, received or become entitled
to receive a benefit, other than a remuneration benefit as disclosed above, by reason of a contract made by
the Company or a related entity with the Director or with a firm of which he is a member, or with a Company
in which he has a substantial interest.
(5)
Engagement of Remuneration Consultants
The Company has not engaged any remuneration consultants to provide remuneration recommendations in
relation to Key Management Personnel during the year. The Board has established a policy for engaging
external Key Management Personnel remuneration consultants which includes, inter alia, that the Non-
Executive Directors on the Remuneration Committee be responsible for approving all engagements of and
executing contracts to engage remuneration consultants and for receiving remuneration recommendations
from remuneration consultants regarding Key Management Personnel. Furthermore, the Company has a
policy that remuneration advice provided by remuneration consultants be quarantined from Management
where applicable.
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
REMUNERATION REPORT
ANNUAL REPORT | 15
(6)
Shares held by Key Management Personnel
The number of ordinary shares in the Company held by Key Management Personnel is set below:
Key Management
Personnel
Balance at
30 June 2023
Additions
Received as part
of remuneration
Disposals
Balance at
30 June 2024
Executive Directors:
Farooq Khan
5,612,972
-
-
-
5,612,972
Victor Ho
17,500
-
-
-
17,500
Non-Executive Director:
Yaqoob Khan
5,387,394
-
-
-
5,387,394
Note:
The disclosures of shareholdings above are in accordance with the accounting standards which require disclosure of shares held
directly, indirectly or beneficially by each key management person, a close member of the family of that person, or an entity over
which either of these persons have, directly or indirectly, control, joint control or significant influence (as defined under Accounting
Standard AASB 124 Related Party Disclosures).
(7)
Voting and Comments on the Remuneration Report at the 2023 AGM
At the Company’s most recent (2023) AGM, a resolution to adopt the prior year (2023) Remuneration Report
was put to the vote and passed on a poll (called by the Chair) with 94.47% in favour of adopting the
Remuneration Report26. No comments were made on the Remuneration Report that was considered at the
AGM.
This concludes the audited Remuneration Report.
26 Refer Queste’s ASX announcement dated 16 November 2023: Results of 2023 Annual General Meeting
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
DIRECTORS’ REPORT
ANNUAL REPORT | 16
DIRECTORS DEEDS
In addition to the rights of indemnity provided under the Company’s Constitution (to the extent permitted by the
Corporations Act 2001 (Cth)), the Company has also entered into a deed with each of the Directors and the
Company Secretary (Officer) to regulate certain matters between the Company and each Officer, both during the
time the Officer holds office and after the Officer ceases to be an officer of the Company, including the following
matters:
(a)
The Company’s obligation to indemnify an Officer for liabilities or legal costs incurred as an officer of the
Company (to the extent permitted by the Corporations Act 2001 (Cth)); and
(b)
Subject to the terms of the deed and the Corporations Act 2001 (Cth), the Company may advance monies
to the Officer to meet any costs or expenses of the Officer incurred in circumstances relating to the
indemnities provided under the deed and prior to the outcome of any legal proceedings brought against the
Officer.
LEGAL PROCEEDINGS ON BEHALF OF CONSOLIDATED ENTITY
No person has applied for leave of a court to bring proceedings on behalf of the Consolidated Entity or intervene
in any proceedings to which the Consolidated Entity is a party for the purpose of taking responsibility on behalf of
the Consolidated Entity for all or any part of such proceedings. The Consolidated Entity was not a party to any
such proceedings during and since the financial year.
AUDITOR
Details of the amounts paid or payable to the Auditor for audit and non-audit services (tax services) provided during
the financial year are set out below:
Consolidated Entity
Company
Audit &
Review
Fees
Non-Audit
Services
Total
Audit &
Review
Fees
Non-
Audit
Services
Total
Auditor
$
$
$
$
$
$
In.Corp Audit & Assurance Pty Ltd
25,200
-
25,200
12,000
-
12,000
On 15 January 2024, Rothsay Audit & Assurance Pty Ltd ABN 14 129 769 151 changed its name to In.Corp Audit &
Assurance Pty Ltd.
In.Corp Audit & Assurance Pty Ltd continues in office in accordance with section 327C of the Corporations Act 2001
(Cth).
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the Auditor’s Independence Declaration as required under section 307C of the Corporations Act 2001
(Cth) forms part of this Directors Report and is set out on page 18. This relates to the Independent Auditor’s
Report, where the Auditor states that they have issued an independence declaration.
EVENTS SUBSEQUENT TO BALANCE DATE
The Directors are not aware of any other matters or circumstances at the date of this Directors’ Report, other than
those referred to in this Directors’ Report (in particular, in Review of Operations) or the financial statements or
notes thereto (in particular Note 24, that have significantly affected or may significantly affect the operations, the
results of operations or the state of affairs of the Company in subsequent financial years.
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
DIRECTORS’ REPORT
ANNUAL REPORT | 17
Signed for and on behalf of the Directors in accordance with a resolution of the Board.
Farooq Khan
Victor Ho
Executive Chairman and
Managing Director
Executive Director and
Company Secretary
29 August 2024
In.Corp Audit & Assurance Pty Ltd
ABN 14 129 769 151
Level 1
6-10 O’Connell Street
SYDNEY NSW 2000
Suite 11, Level 1
4 Ventnor Avenue
WEST PERTH WA 6005
GPO BOX 542
SYDNEY NSW 2001
T +61 2 8999 1199
E team@incorpadvisory.au
W incorpadvisory.au
To the directors of Queste Communications Limited:
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION
307C OF THE CORPORATIONS ACT 2001
Liability limited by a scheme approved under Professional Standards Legislation
In.Corp Audit & Assurance Pty Ltd
Volha Romanchik
Director
29 August 2024
As lead auditor of the audit of Queste Communications Limited for the
year ended 30 June 2024, I declare that, to the best of my knowledge
and belief, there have been:
•
no contraventions of the auditor independence requirements of the
Corporations Act 2001 in relation to the audit; and
•
no contraventions of any applicable code of professional conduct in
relation to the audit.
This declaration is in respect of Queste Communications Limited and
the entities it controlled during the year.
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
Note
2024
2023
$
$
Revenue
2
61,510
38,804
Other
Iron ore royalty entitlement termination payment
5,000,000
-
Other income
(18,787)
206,661
Impairment reversal on revaluation of property
-
100,000
held for development or resale
Total revenue
5,042,723
345,465
Expenses
3
Share of Associate entity's net loss
-
(560,643)
Net loss on financial assets at fair value through profit or loss
(200,000)
(499,998)
Land operation expenses
(9,649)
(9,712)
Personnel expenses
(440,067)
(33,751)
Occupancy expenses
(659)
(8,583)
Corporate expenses
(54,652)
(56,680)
Finance expenses
(178)
(317)
Administration expenses
(38,043)
(25,479)
Profit/(Loss) before tax
4,299,475
(849,698)
Income tax expense
5
(1,411,526)
-
Profit/(Loss) after income tax
2,887,949
(849,698)
Other comprehensive income
Other comprehensive income, after tax
-
-
Total comprehensive income for the year
2,887,949
(849,698)
Profit/(Loss)attributable to:
Owners of Queste Communications Ltd
1,682,097
(502,187)
Non-controlling interest
1,205,852
(347,511)
2,887,949
(849,698)
Total comprehensive income for the year is attributable to:
Owners of Queste Communications Ltd
1,682,097
(502,187)
Non-controlling interest
1,205,852
(347,511)
2,887,949
(849,698)
Basic and diluted earnings/(loss) per share (cents)
attributable to the ordinary equity holders
of the Company
6
6.21
(1.85)
CONSOLIDATED STATEMENT
OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
for the year ended 30 June 2024
The accompanying notes form part of these consolidated financial statements
ANNUAL REPORT | 19
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
as at 30 June 2024
Note
2024
2023
Current assets
$
$
Cash and cash equivalents
7
1,462,979
148,180
Financial assets at fair value through profit or loss
8
400,002
600,002
Receivables
11
3,000,000
1,407
Total current assets
4,862,981
749,589
Non current assets
Property held for development or resale
12
1,850,000
1,850,000
Investment in Associate entity
20
-
-
Property, plant and equipment
2,016
3,227
Total non current assets
1,852,016
1,853,227
Total assets
6,714,997
2,602,816
Current liabilities
Payables
13
320,634
145,367
Provisions
14
1,613,753
251,332
Total current liabilities
1,934,387
396,699
Non Current liabilities
Payables
13
91,636
405,092
Total liabilities
2,026,023
801,791
Net assets
4,688,974
1,801,025
Equity
Issued capital
15
6,239,370
6,239,370
Reserves
16
Profits reserve
13,011,391
9,414,438
Option premium reserve
2,138,012
2,138,012
Other reserve
318,164
884,748
Accumulated losses
(19,694,035)
(17,779,179)
Parent interest
2,012,902
897,389
Non-controlling interest
17
2,676,072
903,636
Total equity
4,688,974
1,801,025
The accompanying notes form part of these consolidated financial statements
ANNUAL REPORT | 20
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
$
$
$
$
$
Balance at 1 July 2022
6,239,370
12,104,082
(16,943,876)
1,251,147
2,650,723
Loss for the year
-
-
(502,187)
(347,511)
(849,698)
Profits reserve transfer
-
333,116
(333,116)
-
-
Other comprehensive income
-
-
-
-
-
Total comprehensive
-
333,116
(835,303)
(347,511)
(849,698)
income for the year
Transactions with owners in
their capacity as owners:
Transactions with
non-controlling interest
-
-
-
-
-
Balance at 30 June 2023
6,239,370
12,437,198
(17,779,179)
903,636
1,801,025
Balance at 1 July 2023
6,239,370
12,437,198
(17,779,179)
903,636
1,801,025
Profit for the year
-
-
1,682,097
1,205,852
2,887,949
Profits reserve transfer
-
3,596,953
(3,596,953)
-
-
Other comprehensive income
-
-
-
-
-
Total comprehensive
-
3,596,953
(1,914,856)
1,205,852
2,887,949
income for the year
Transactions with owners in
their capacity as owners:
Transactions with
non-controlling interest
-
(566,584)
-
566,584
-
Balance at 30 June 2024
6,239,370
15,467,567
(19,694,035)
2,676,072
4,688,974
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
for the year ended 30 June 2024
Issued
capital
Reserves
Accumulated
losses
Non-
controlling
interest
Total
The accompanying notes form part of these consolidated financial statements
ANNUAL REPORT | 21
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
2024
2023
Note
$
$
Cash flows from operating activities
Receipts from customers
37,700
37,700
Iron ore royalty entitlement termination payment
2,000,000
-
Interest received
23,810
1,104
Payments to suppliers and employees
(746,711)
(120,202)
Other receipts
-
206,661
Net cash provided by operating activities
7(a)
1,314,799
125,263
Cash flows from financing activities
Orion dividends paid
-
(135)
Net cash used in financing activities
-
(135)
Net increase in cash held
1,314,799
125,128
Cash and cash equivalents at beginning of financial year
148,180
23,052
Cash and cash equivalents at end of financial year
7
1,462,979
148,180
CONSOLIDATED STATEMENT
OF CASH FLOWS
for the year ended 30 June 2024
The accompanying notes form part of these consolidated financial statements
ANNUAL REPORT | 22
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
ANNUAL REPORT | 23
1.
ABOUT THIS REPORT
1.1
Background
This financial report covers the consolidated financial
statements of the consolidated entity consisting of Queste
Communications Ltd, its subsidiary (controlled entity, Orion
Equities Limited ABN 77 000 742 843 (ASX:OEQ) (Orion or
OEQ) and Orion’s controlled entities) and an investment in its
associate entity Bentley Capital Limited (ASX:BEL) ABN 87 088
128 218 (Bentley or BEL) (the Consolidated Entity or
Queste). The financial report is presented in the Australian
currency.
Queste Communications Ltd (ASX:QUE) (the Company or
QUE) is a company limited by shares, incorporated in Western
Australia, Australia and whose shares are publicly traded on
the Australian Securities Exchange (ASX).
These financial statements have been prepared on a
streamlined basis where key information is grouped together
for ease of understanding and readability. The notes include
information which is required to understand the financial
statements and is material and relevant to the operations,
financial position and performance of the Consolidated Entity.
Information is considered material and relevant if, for example:
(a)
the amount in question is significant because of its size
or nature;
(b)
it is important for understanding the results of the
Consolidated Entity;
(c)
it helps to explain the impact of significant changes in
the Consolidated Entity’s business; or
(d)
it relates to an aspect of the Consolidated Entity’s
operations that is important to its future performance.
The notes are organised into the following sections:
(a)
Key Performance: Provides a breakdown of the key
individual line items in the profit or loss that the
Directors consider most relevant to understanding
performance and shareholder returns for the year:
Notes
2
Revenue
3
Expenses
4
Segment information
5
Tax
6
Loss per share
(b)
Financial Risk Management: Provides information
about
the
Consolidated
Entity’s
exposure
and
management of various financial risks and explains
how these affect the Consolidated Entity’s financial
position and performance:
Notes
7
Cash and cash equivalents
8
Financial assets at fair value through
profit or loss
9
Financial risk management
10
Fair value measurement of financial
instruments
(c)
Other Assets and Liabilities: Provides information
on other balance sheet assets and liabilities that do not
materially affect performance or give rise to material
financial risk:
Notes
11
Receivables
12
Property held for resale
13
Payables
14
Provisions
(d)
Capital Structure: This section outlines how the
Consolidated Entity manages its capital structure and
related financing costs, as well as capital adequacy and
reserves. It also provides details on the dividends paid
by the Company:
Notes
15
Issued capital
16
Reserves
17
Non-controlling interest
(e)
Consolidated Entity Structure: Provides details and
disclosures relating to the parent entity of the
Consolidated Entity, controlled entities, investments in
associates and any acquisitions and/or disposals of
businesses in the year. Disclosure on related parties is
also provided in the section:
Notes
18
Parent entity information
19
Investment in controlled entity
20
Investment in associate entity
21
Related party transactions
(f)
Other: Provides information on items which require
disclosure to comply with Australian Accounting
Standards and other regulatory pronouncements
however,
are
not
considered
significant
in
understanding the financial performance or position of
the Consolidated Entity:
Notes
22
Auditor’s remuneration
23
Contingencies
24
Events occurring after the reporting
period
Significant and other accounting policies that summarise the
measurement basis used and presentation policies and are
relevant to an understanding of the financial statements are
provided throughout the notes to the financial statements.
1.2.
Basis of preparation
These general purpose financial statements have been
prepared in accordance with Australian Accounting Standards,
other
authoritative
pronouncements
of
the
Australian
Accounting
Standards
Board,
Australian
Accounting
Interpretations and the Corporations Act 2001 (Cth), as
appropriate for for-profit entities.
Compliance with IFRS
The consolidated financial statements of the Consolidated
Entity also comply with International Financial Reporting
Standards (IFRS) as issued by the International Accounting
Standards Board (IASB).
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
ANNUAL REPORT | 24
Reporting Basis and Conventions
The financial report has been prepared on an accruals and
going concern basis and is based on historical costs modified
by the revaluation of selected non-current assets, and financial
assets and financial liabilities for which the fair value basis of
accounting has been applied.
1.3.
New, revised or amending Accounting Standards
and Interpretations adopted
The Consolidated Entity has adopted all of the new, revised or
amending Accounting Standards and Interpretations issued by
the AASB that are mandatory for the current reporting period.
Any new, revised or amending Accounting Standards or
Interpretations that are not mandatory have not been early
adopted. These are not expected to have a material impact on
the Consolidated Entity’s financial statements.
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
2.
REVENUE
2024
2023
Revenue
$
$
Rental revenue
37,700
37,700
Interest revenue
23,810
1,104
61,510
38,804
Other
Iron ore royalty entitlement termination payment
5,000,000
-
Tenement royalties
(18,787)
206,661
Impairment reversal on revaluation of property
-
100,000
held for development or resale
5,042,723
345,465
3.
EXPENSES
Share of Associate entity's net loss
-
560,643
Net loss on financial assets at fair value through profit or loss
200,000
499,998
Land operations
9,649
9,712
Personnel expenses
Salaries, fees and employee benefits
368,292
4,702
Superannuation
71,775
29,049
Occupancy expenses
659
8,583
Finance expenses
178
317
Corporate expenses
ASX and CHESS fees
34,568
36,689
ASIC fees
11,500
11,996
Share registry
6,501
6,051
Other corporate expenses
2,083
1,944
Administration expenses
Audit fees
25,200
25,200
Legal fees
-
98
Depreciation
728
1,078
Reversal of provision of realisation costs
-
(4,039)
Other administration expenses
12,115
3,142
743,248
1,195,163
4.
2024
Investments
Corporate
Total
Segment revenues
$
$
$
Revenue
37,700
23,810
61,510
Other
4,981,213
-
4,981,213
Total segment revenues
5,018,913
23,810
5,042,723
Personnel expenses
-
440,067
440,067
Finance expenses
-
178
178
Administration expenses
-
37,315
37,315
Depreciation expenses
-
728
728
Other expenses
209,649
55,311
264,960
Total segment profit/(loss)
4,809,264
(509,789)
4,299,475
The Consolidated Entity's operating profit/(loss) before income tax includes
the following items of expenses:
SEGMENT INFORMATION
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
The Consolidated Entity's operating profit/(loss) before income tax includes
the following items of revenue:
ANNUAL REPORT | 25
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
4.
SEGMENT INFORMATION (continued)
Investments
Corporate
Total
Segment assets
$
$
$
Cash and cash equivalents
-
1,462,979
1,462,979
Financial assets
400,002
-
400,002
Receivables
3,000,000
-
3,000,000
Property held for development or resale
1,850,000
-
1,850,000
Property, plant and equipment
-
2,016
2,016
Total segment assets
5,250,002
1,464,995
6,714,997
2023
Segment revenues
Revenue
37,700
1,104
38,804
Other
306,661
-
306,661
Total segment revenues
344,361
1,104
345,465
Personnel expenses
-
33,751
33,751
Finance expenses
-
317
317
Administration expenses
-
28,441
28,441
Depreciation expenses
-
1,078
1,078
Other expenses
1,066,314
65,262
1,131,576
Total segment loss
(721,953)
(127,745)
(849,698)
Segment assets
Cash and cash equivalents
-
148,180
148,180
Financial assets
600,002
-
600,002
Receivables
655
752
1,407
Property held for development or resale
1,850,000
-
1,850,000
Property, plant and equipment
-
3,227
3,227
Total segment assets
2,450,657
152,159
2,602,816
Accounting policy
Description of segments
(a)
(b) Corporate items comprise corporate assets and operations.
Liabilities
The operating segments are reported in a manner consistent with the internal reporting provided to the "Chief
Operating Decision Maker" (CODM). The Consolidated Entity's CODM is the Board of Directors who are responsible
for allocating resources and assessing performance of the operating segments.
The Board has considered the business and geographical perspectives of the operating results and determined that
the Consolidated Entity operates only within Australia, with the main segments being Investments. Corporate
items are mainly comprised of corporate assets, office expenses and income tax assets and liabilities.
Investments comprise equity investments in companies listed on the Australian Securities Exchange (ASX)
and liquid financial assets; and
Liabilities are not reported to the Board of Directors by segment. All liabilities are assessed at a consolidated entity
level.
ANNUAL REPORT | 26
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
5.
TAX
2024
2023
The components of tax expense comprise:
$
$
Current tax
1,411,526
-
Deferred tax
-
-
1,411,526
-
(a)
1,289,842
(254,910)
Adjust tax effect of:
Non-deductible expenses
146,582
230,608
Non-assessable income
-
(30,000)
Share of Associate entity's loss
-
168,193
Tax losses utilised
(24,898)
(113,891)
Income tax attributable to entity
1,411,526
-
Unrecognised deferred tax balances
Unrecognised deferred tax asset - revenue losses
4,723,149
4,529,145
Unrecognised deferred tax asset - capital losses
77,890
77,889
Unrecognised deferred tax asset - timing differences
1,449,575
1,352,528
6,250,614
5,959,562
Critical accounting judgement and estimate
Accounting policy
6.
EARNINGS/(LOSS) PER SHARE
2024
2023
Basic and diluted earnings/(loss) per share (cents)
6.21
(1.85)
Profit/(Loss) after income tax attributable to Owners of Queste ($)
1,682,097
(502,187)
Weighted average number of ordinary shares
27,072,332
27,072,332
The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based
on the notional income tax rate for each taxing jurisdiction adjusted by changes in deferred tax assets and
liabilities attributable to temporary differences between the tax bases of assets and liabilities and their carrying
amounts in the financial statements, and to unused tax losses (if applicable).
The above deferred tax assets have not been recognised in respect of the above items because it is not probable
that future taxable profit will be available against which the Consolidated Entity can utilise the benefits. Revenue
and capital tax losses are subject to relevant statutory tests.
The income tax expense includes a provision for income tax expense of $1.5 million in respect of the total gross
consideration received ($2 million) and receivable ($3 million (refer Note 11)) by CXM Pty Ltd (a wholly-owned
subsidiary of Orion Equities Limited) on the termination of a royalty in relation to the Paulsens East Iron Ore
Project. Orion Equities Limited will review this income tax position vis a vis the utilisation of its available carried
forward tax losses of $12.6 million as part of the finalisation of its income tax return for the year ended 30 June
2024.
The following represents the loss and weighted average number of shares
used in the loss per share calculations:
Number of shares
The prima facie tax on operating profit/(loss) before income tax
is reconciled to the income tax as follows:
Prima facie tax payable on operating profit/(loss) before income tax at
30% (2023: 30%)
ANNUAL REPORT | 27
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
7.
CASH AND CASH EQUIVALENTS
2024
2023
$
$
Cash at bank
1,462,979
148,180
(a)
Profit/(Loss) after income tax
2,887,949
(849,698)
Add non-cash items:
Depreciation
728
1,078
Equipment written off
484
Share of Associate entity's net (profit)/loss
-
560,643
Net loss on financial assets at fair value through profit or loss
200,000
499,998
Impairment reversal on revaluation of property
-
(100,000)
held for development or resale
Changes in assets and liabilities:
Receivables
(2,998,593)
(1,407)
Payables
(138,189)
10,249
Provisions
1,362,420
4,400
1,314,799
125,263
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
2024
2023
$
$
Listed securities at fair value
400,002
600,002
Accounting policy
9.
FINANCIAL RISK MANAGEMENT
The Consolidated Entity's financial instruments consist of deposits with banks, accounts receivable and payable,
investments in listed securities, and other unlisted securities. The principal activity of the Consolidated Entity is the
management of these investments - "financial assets at fair value" (refer to Note 8). The Consolidated Entity's
investments are subject to market (which includes interest rate and price risk), credit and liquidity risks.
The Board of Directors are responsible for the overall internal control framework (which includes risk
management) but no cost-effective internal control system will preclude all errors and irregularities. The system is
based, in part, on the appointment of suitably qualified management personnel. The effectiveness of the system is
continually reviewed by management and at least annually by the Board.
Reconciliation of operating profit/(loss) after income tax to net
cash used in operating activities
Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the
related contractual rights or obligations exist.
Subsequent to initial recognition, financial assets at fair value
through profit and loss acquired principally for the purpose of selling in the short term or if so designated by
management and within the requirements of AASB 9: Financial Instruments will recognise its realised and
unrealised gains and losses arising from changes in the fair value of these assets are included in profit or loss in
the period in which they arise.
The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading
and available-for-sale securities) is based on quoted market prices at the balance sheet date which is the current
bid price. The Consolidated Entity’s investment portfolio is accounted for as “financial assets at fair value through
profit and loss” and is carried at fair value.
ANNUAL REPORT | 28
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
9.
FINANCIAL RISK MANAGEMENT (continued)
The Consolidated Entity holds the following financial assets and liabilities:
2024
2023
Notes
$
$
Cash and cash equivalents
7
1,462,979
148,180
Financial assets at fair value through profit or loss
8
400,002
600,002
Receivables
11
3,000,000
1,407
4,862,981
749,589
Payables
13
(320,634)
(145,367)
Net financial assets
4,542,347
604,222
(a) Market risk
(i)
Price risk
ASX All Ordinaries
2024
2023
2024
2023
Accumulation Index
$
$
$
$
Increase 15%
23,436
(28,439)
23,436
(28,439)
Decrease 15%
(23,436)
28,439
(23,436)
28,439
The financial receivables and payables of the Consolidated Entity in the table below are due or payable within 30
days. The financial investments are held for trading and are realised at the discretion of the Board of Directors.
Market risk is the risk that the fair value and/or future cash flows from a financial instrument will fluctuate as
a result of changes in market factors. Market risk comprises of price risk from fluctuations in the fair value of
equities and interest rate risk from fluctuations in market interest rates.
The Consolidated Entity is exposed to equity securities price risk. This arises from investments held by
the Consolidated Entity and classified in the Statement of Financial Position at fair value through profit
or loss. The Consolidated Entity is not exposed to commodity price risk, save where this has an indirect
impact via market risk and equity securities price risk.
The value of a financial instrument will fluctuate as a result of changes in market prices, whether those
changes are caused by factors specific to the individual instrument or its issuer or factors affecting all
instruments in the market. By its nature as an investment company, the Consolidated Entity will always
be subject to market risk as it invests its capital in securities that are not risk free - the market price of
these securities can and will fluctuate.
The Consolidated Entity does not manage this risk through
entering into derivative contracts, futures, options or swaps.
Equity price risk is minimised through ensuring that investment activities are undertaken in accordance
with Board established mandate limits and investment strategies.
The Consolidated Entity has performed a sensitivity analysis on its exposure to market price risk at
balance date. The analysis demonstrates the effect on the current year results and equity which could
result from a change in these risks. The ASX All Ordinaries Accumulation Index was utilised as the
benchmark for the unlisted and listed share investments which are financial assets available-for-sale or
at fair value through profit or loss.
Impact on
Impact on other
post-tax profit
components of equity
ANNUAL REPORT | 29
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
9.
FINANCIAL RISK MANAGEMENT (continued)
(ii)
Interest rate risk
(b) Credit risk
2024
2023
Cash and cash equivalents
$
$
AA-
1,461,852
147,053
Receivables (due within 30 days)
No external credit rating available
3,000,000
1,407
(c) Liquidity risk
10.
FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS
Fair value hierarchy
(i)
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
(ii)
(iii)
Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in
market interest rates. The Consolidated Entity's exposure to market risk for changes in interest rates
relate primarily to investments held in interest bearing instruments. The average interest rate for the
year for the table below is 4.19% (2023: 4.01%). The revenue exposure is immaterial in terms of the
possible impact on profit or loss or total equity.
Credit risk refers to the risk that a counterparty under a financial instrument will default (in whole or in part)
on its contractual obligations resulting in financial loss to the Consolidated Entity. Credit risk arises from cash
and cash equivalents and deposits with banks and financial institutions, including outstanding receivables and
committed transactions. Concentrations of credit risk are minimised primarily by undertaking appropriate due
diligence on potential investments, carrying out all market transactions through approved brokers, settling
non-market transactions with the involvement of suitably qualified legal and accounting personnel (both
internal and external), and obtaining sufficient collateral or other security (where appropriate) as a means of
mitigating the risk of financial loss from defaults.
The Consolidated Entity's business activities do not
necessitate the requirement for collateral as a means of mitigating the risk of financial loss from defaults.
The credit quality of the financial assets are neither past due nor impaired and can be assessed by reference
to external credit ratings (if available with Standard & Poor's) or to historical information about counterparty
default rates. The maximum exposure to credit risk at Balance Date is the carrying amount of the financial
assets as summarised below:
The Consolidated Entity measures credit risk on a fair value basis. The carrying amount of financial assets
recorded in the financial statements, net any provision for losses, represents the Consolidated Entity's
maximum exposure to credit risk.
AASB 13 (Fair Value Measurement) requires disclosure of fair value measurements by level of the following fair
value measurement hierarchy:
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (as prices) or indirectly (derived from prices); and
Liquidity risk is the risk that the Consolidated Entity will encounter difficulty in meeting obligations associated
with financial liabilities. The Consolidated Entity has no external borrowings. The Consolidated Entity's non-
cash investments can be realised to meet trade and other payables arising in the normal course of business.
The financial liabilities disclosed in the above table have a maturity obligation of not more than 30 days.
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
ANNUAL REPORT | 30
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
10.
FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (continued)
Level 1
Level 2
Level 3
Total
$
$
$
$
Financial assets at fair value through profit or loss:
Listed securities at fair value
2024
400,002
-
-
400,002
2023
600,002
-
-
600,002
There have been no transfers between the levels of the fair value hierarchy during the financial half year.
(a) Valuation techniques
(b) Fair values of other financial assets and liabilities
2024
2023
Notes
$
$
Cash and cash equivalents
7
1,462,979
148,180
Receivables
11
3,000,000
1,407
4,462,979
149,587
Payables
13
(320,634)
(145,367)
4,142,345
4,220
Accounting policy
The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for
disclosure purposes. The fair value of financial instruments traded in active markets (such as publicly traded
derivatives, and trading and available-for-sale securities) is based on quoted market prices at the Balance Date.
The quoted market price used for financial assets held by the Consolidated Entity is the current bid price; the
appropriate quoted market price for financial liabilities is the current ask price.
The fair value of financial instruments that are not traded in an active market (for example over-the-counter
derivatives) is determined using valuation techniques, including but not limited to recent arm’s length transactions,
reference to similar instruments and option pricing models. The Consolidated Entity may use a variety of methods
and makes assumptions that are based on market conditions existing at each Balance Date. Other techniques,
such as estimated discounted cash flows, are used to determine fair value for other financial instruments.
The Consolidated Entity’s investment portfolio (comprising listed and unlisted securities) is accounted for as
“financial assets at fair value through profit and loss” and is carried at fair value based on the quoted last bid
prices at the Balance Date (refer Note 8).
The fair value of the listed securities traded in active markets is based on closing bid prices at the end of the
reporting period. These investments are included in Level 1.
The fair value of any assets that are not traded in an active market are determined using certain valuation
techniques. The valuation techniques maximise the use of observable market data where it is available, or
independent valuation and rely as little as possible on entity specific estimates. If all significant inputs required
to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the
significant inputs is not based on observable market data, the instrument is included in Level 3.
Due to their short-term nature, the carrying amounts of cash, current receivables and current payables is
assumed to approximate their fair value.
ANNUAL REPORT | 31
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
11.
RECEIVABLES
2024
2023
Current
$
$
Iron ore royalty entitlement termination payment
3,000,000
-
Other receivables
-
1,407
3,000,000
1,407
Risk exposure
The Consolidated Entity’s exposure to credit and interest rate risks is discussed in Note 9.
Impaired trade receivables
None of the Consolidated Entity's receivables are impaired or past due.
12.
PROPERTY HELD FOR RESALE
2024
2023
$
$
Property held for development or resale
3,797,339
3,797,339
Revaluation of property
(1,947,339)
(1,947,339)
1,850,000
1,850,000
Critical accounting judgement and estimate
Accounting policy
13.
PAYABLES
2024
2023
Current
$
$
Trade payables
18,891
55,521
Dividend payable
6,592
6,592
GST payable
14,410
15,110
Other payables and accrued expenses
280,741
68,144
320,634
145,367
Non-current
Accrued Directors' fees and entitlements
91,636
405,092
Risk exposure
The Consolidated Entity’s exposure to risks arising from current payables is set out in Note 9.
14.
PROVISIONS
2024
2023
$
$
Current
Employee benefits - annual leave
69,552
106,624
Employee benefits - long service leave
132,675
144,708
Provision for income tax
1,411,526
-
1,613,753
251,332
The Consolidated Entity received the $3 million iron ore royalty entitlement termination payment on 3 July 2024.
Property held for resale is valued at the lower of cost and net realisable value.
Cost includes the cost of
acquisition, development, borrowing costs and holding costs until completion of development. Finance costs and
holding charges incurred after development are expensed. Profits are brought to account on the signing of an
unconditional contract of sale.
The carrying value of Property held for resale is based on the Directors’ judgement, having regard to the most
recent independent valuation report dated 30 June 2023 and an assessment of current pertinent real estate
market conditions. The Directors are of the view that the property is not impaired as at balance date.
ANNUAL REPORT | 32
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
14.
PROVISIONS (continued)
(a) Amounts not expected to be settled within 12 months
2024
2023
$
$
Leave obligations expected to be settled after 12 months
132,675
144,708
(b) Provision for income tax
15.
ISSUED CAPITAL
2024
2023
2024
2023
Number
Number
$
$
Fully paid ordinary shares
27,072,332
27,072,332
6,239,370
6,239,370
There was no movement in the Company's issued capital during the financial year.
Capital risk management
16.
RESERVES
2024
2023
$
$
Profits reserve
13,011,391
9,414,438
Option premium reserve
2,138,012
2,138,012
Other reserve
Dilution movement
1,071,663
1,071,663
Non-controlling interest
(753,499)
(186,915)
318,164
884,748
Total reserves
15,467,567 12,437,198
Movements in Profits reserve
Opening balance
9,414,438
9,081,322
Profits reserve transfer
3,596,953
333,116
Closing balance
13,011,391
9,414,438
The provision for income tax relates to the provision for income tax expense for the year ended 30 June 2024 -
this includes a provision for income tax expense of $1.5 million in respect of the total gross consideration
received ($2 million) and receivable ($3 million (refer Note 11)) by CXM Pty Ltd (a wholly-owned subsidiary of
Orion Equities Limited) on the termination of a royalty in relation to the Paulsens East Iron Ore Project (refer
also Note 5).
The provision for annual leave and long service leave is presented as current since the Consolidated Entity
does not have an unconditional right to defer settlement for any of these employee benefits. Long service
leave covers all unconditional entitlements where employees have completed the required period of service
and also where employees are entitled to pro-rata payments in certain circumstances.
Based on past experience, the employees have never taken the full amount of long service leave or require
payment within the next 12 months. The following amounts reflect leave that is not expected to be taken or
paid within the next 12 months:
The Company's objectives when managing its capital are to safeguard its ability to continue as a going concern, so
that it can continue to provide returns for shareholders and benefits for other stakeholders and to maintain a
capital structure balancing the interests of all shareholders.
The Board will consider capital management initiatives as is appropriate and in the best interests of the Company
and shareholders from time to time, including undertaking capital raisings, share Buy-backs, capital reductions and
the payment of dividends. The Consolidated Entity has no external borrowings. The Consolidated Entity's non-
cash investments can be realised to meet accounts payable arising in the normal course of business.
ANNUAL REPORT | 33
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
16.
RESERVES (continued)
17.
NON-CONTROLLING INTEREST
2024
2023
$
$
Issued capital
7,549,512
7,549,512
Other reserve
753,499
186,915
Accumulated losses
(5,626,939)
(6,832,791)
2,676,072
903,636
Accounting policy
18.
PARENT ENTITY INFORMATION
2024
2023
$
$
Profit/(Loss) for the year
408,411
(1,538,978)
Other comprehensive income
-
-
Total comprehensive income for the year
408,411
(1,538,978)
Statement of financial position
Current assets
4,636
12,527
Non-current assets
1,218,955
695,281
Total assets
1,223,591
707,808
Current liabilities
164,319
72,447
Loan from controlled entity
236,583
165,403
Non-current liabilities
171,267
226,948
Total liabilities
572,169
464,798
Net assets
651,422
243,010
Issued capital
6,239,370
6,239,370
Reserves - Profits reserves
2,342,545
2,342,545
- Option premium reserve
2,138,012
2,138,012
Accumulated losses
(10,068,505)
(10,476,917)
Equity
651,422
243,010
Other Reserve relates to differences which may arise as a result of transactions with non-controlling interests that
do not result in a loss of control (refer also Note 17).
An increase in the Profits Reserve will arise when the Company or its subsidiaries generates a net profit (after tax)
for a relevant financial period (i.e. half year or full year) which the Board determines to credit to the company’s
Profits Reserve. Dividends may be paid out of (and debited from) a company’s Profits Reserve, from time to time.
The non-controlling interest is a 40.14% (2023: 40.14%) equity holding in Orion Equities Limited (not held by the
Company).
The Consolidated Entity treats transactions with non-controlling interests that do not result in a loss of control as
transactions with equity owners of the Consolidated Entity. A change in ownership interest results in an
adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative
interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and
any consideration paid or received is recognised in a separate reserve (refer to Note 16) within equity attributable
to owners of Queste Communications Ltd.
The
following
information
provided
relates
to
the
Company,
Queste
Communications Ltd, as at 30 June 2024.
ANNUAL REPORT | 34
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
19.
INVESTMENT IN CONTROLLED ENTITY
Ownership Interest
Incorporated
2024
2023
2024
2023
Orion Equities Limited
59.86%
59.86%
40.14%
40.14%
2024
2023
$
$
Revenue
5,062,445
358,196
Expenses
(646,794)
(1,223,946)
Profit/(Loss) from operations
4,415,651
(865,750)
Income tax expense
(1,411,526)
-
Profit/(Loss) after income tax expense
3,004,125
(865,750)
Other comprehensive income
-
-
Total comprehensive income for the year
3,004,125
(865,750)
Summarised Statement of Financial Position
Current assets
5,094,926
902,464
Non-current assets
1,850,858
1,851,155
Total Assets
6,945,784
2,753,619
Current liabilities
1,690,437
228,941
Non-current Liabilities
-
273,456
Net Assets
5,255,347
2,251,222
Statement of cash flows
Net cash used in operating activities
1,373,001
178,381
Net cash used in financing activities
(51,064)
(55,615)
Net increase/(decrease) in cash and cash equivalents
1,321,937
122,766
Other financial information
Profit/(Loss) attributable to non-controlling interest
1,205,852
(347,511)
Accumulated non-controlling interest at the end of the year
2,676,072
903,636
Accounting policy
Summarised financial information of the subsidiary with non-controlling interests that are material to the
consolidated entity are set out below:
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiary with
non-controlling interest:
Parent
Non-Controlling Interest
Changes in Ownership Interests
When the Consolidated Entity ceases to have control, any retained interest in the entity is re-measured to its fair
value with the change in carrying amount recognised in profit or loss. The fair value becomes the initial carrying
amount for the purposes of subsequently accounting for the retained interest as an associate or financial asset. In
addition, any amounts previously recognised in other comprehensive income in respect of that entity are
accounted for as if the Consolidated Entity has directly disposed of the related assets or liabilities. This may mean
that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
The controlled entity has a June financial year-end. All inter-company balances and transactions between entities
in the Consolidated Entity, including any unrealised profits or losses, have been eliminated on consolidation.
Summarised statement of profit or loss and other comprehensive
income
Australia
ANNUAL REPORT | 35
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
20.
INVESTMENT IN ASSOCIATE ENTITY
2024
2023
2024
2023
$
$
Bentley Capital Limited (ASX:BEL)
28.56%
28.56%
-
-
Movements in carrying amounts
Opening balance
-
560,643
Share of net profit/(loss) after tax
-
(560,643)
Closing balance
-
-
Fair value (at market price on ASX) of investment in Associate entity
434,791
1,021,758
Net asset backing value of investment in Associate entity
391,470
975,065
Summarised statement of profit or loss and other comprehensive income
Revenue
4,898
2,469
Expenses
(2,043,468)
(3,583,981)
Loss before income tax
(2,038,570)
(3,581,512)
Income tax expense
-
-
Loss after income tax
(2,038,570)
(3,581,512)
Other comprehensive income
-
-
Total comprehensive income
(2,038,570)
(3,581,512)
Summarised statement of financial position
Current assets
2,542,887
4,508,246
Non-current assets
745
268,929
Total assets
2,543,632
4,777,175
Current liabilities
1,172,775
1,362,676
Total liabilities
1,172,775
1,362,676
Net assets
1,370,857
3,414,499
21.
RELATED PARTY TRANSACTIONS
(a)
(b) Transactions with key management personnel
2024
2023
Directors
$
$
Short-term employment benefits
425,000
-
Post-employment benefits
41,250
-
466,250
-
Ownership Interest
Refer to the Remuneration Report contained in the Directors' Report for details of the remuneration paid or
payable to each member of the Consolidated Entity's KMP for the year ended 30 June 2024. The total
remuneration paid to KMP of the Consolidated Entity during the year is as follows:
Loan from Controlled Entity
The Company is deemed to have control of Orion Equities Limited (ASX:OEQ) (OEQ) as it holds 59.86%
(9,367,653 shares) of Orion's issued capital (2023: 59.86% and 9,367,653 shares).
OEQ and the Company have entered into a Loan Agreement for the Company to borrow up to $400,000 from
OEQ (Loan).
The Loan is unsecured and currently matures on 31 December 2025
(unless extended by
agreement of the parties) and accrues interest at 10% pa. During the financial year, the OEQ advanced
$60,200 to the Company and the Company repaid $9,136 to OEQ and incurred interest expenses of $20,117
under the Loan. The balance of the Loan is $236,583 as at balance date.
Carrying Amount
ANNUAL REPORT | 36
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
for the year ended 30 June 2024
21.
RELATED PARTY TRANSACTIONS (continued)
(b) Transactions with key management personnel (continued)
(c)
22.
AUDITOR'S REMUNERATION
During the year the following fees were paid for services provided by the auditor of the parent entity:
2024
2023
$
$
In.Corp Audit & Assurance Pty Ltd
Audit and review of financial statements
25,200
25,200
25,200
25,200
23.
CONTINGENCIES
(a)
24.
(a)
At Balance Date, the Company owes its Directors an aggregate $110,040 in unpaid salaries (net of PAYG
withholding tax remitted to the ATO) (2023: $110,040 respectively).
Short-term employment benefits include OEQ payments of Directors' salaries/fees attributable to previous
years (which payments were previously suspended with the agreement of the Directors): $150,000
attributable to the year ended 30 June 2023 and $125,000 attributable to the year ended 30 June 2022.
Further details are in the Remuneration Report.
The Consolidated Entity received the $3 million iron ore royalty entitlement termination payment on 3 July
2024 (which was recognised as a Receivable at Balance Date).
No other matter or circumstance has arisen since the end of the financial year that significantly affected, or may
significantly affect, the operations of the Consolidated Entity, the results of those operations, or the state of affairs
of the Consolidated Entity in future financial years.
Directors' Deeds
The Company has entered into Deeds of Indemnity with each of its Directors indemnifying them against
liability incurred in discharging their duties as Directors/Officers of the Consolidated Entity. At the end of the
financial period, no claims have been made under any such indemnities and accordingly, it is not possible to
quantify the potential financial obligation of the Consolidated Entity under these indemnities.
EVENTS OCCURRING AFTER THE REPORTING PERIOD
Transactions with Related Parties
During the financial half year there were transactions between the Company, Orion and Associate Entity,
Bentley Capital Limited (ASX:BEL), pursuant to shared office and administration expense arrangements.
There were no outstanding amounts at the Balance date.
During the year, the Consolidated Entity generated $37,700 rental income from a family member of Queste
and Orion Director, Farooq Khan, pursuant to a standard form residential tenancy agreement in respect of
Property Held for Resale (held by Orion subsidiary, Silver Sands Developments Pty Ltd) (2023: $37,700).
ANNUAL REPORT | 37
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
CONSOLIDATED ENTITY
DISCLOSURE STATEMENT
as at 30 June 2024
ANNAUL REPORT | 38
Entity name
Entity type
% of
Share
Capital
Place of
Incorporation
Tax Residency
Australian
or Foreign
Foreign
Jurisdiction
Queste Communications Ltd
(QUE or Company)
Body corporate
N/A
Australia
Australian
N/A
Orion Equities Limited (OEQ)
Body corporate
59.86%
Australia
Australian
N/A
Silver Sands Developments Pty Ltd (SSD)
Body corporate
59.86%
Australia
Australian
N/A
CXM Pty Ltd (CXM)
Body corporate
59.86%
Australia
Australian
N/A
Notes:
(1)
The Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with subsection
295(3A)(a) of the Corporations Act 2001 (Cth) and includes information for each entity that was part of the
Consolidated Entity as at the end of the financial year in accordance with AASB 10 Consolidated Financial
Statements.
(2)
The percentage of share capital disclosed for bodies corporate included in the CEDS represents the economic
interest consolidated in the consolidated financial statements. SSD and CXM are wholly-owned subsidiaries
of OEQ.
(3)
The Company has not formed a tax-consolidated group under Australian taxation law. OEQ has formed a
tax-consolidated group under Australian taxation law (with effect on 29 June 2004), with OEQ as the head
entity and SSD and CXM as members.
(4)
Section 295 (3A)(vi) of the Corporation Act 2001 defines tax residency as having the meaning in the Income
Tax Assessment Act 1997 (Cth) (ITAA 1997). Foreign incorporated companies can still be considered a
tax resident of Australia if their central management and control is in Australia. An entity can be both, an
Australian tax resident under the ITAA 1997, and a tax resident in another foreign jurisdiction under the tax
law applicable in that jurisdiction.
(5)
The determination of tax residency involves judgement as there are different interpretations that could be
adopted, and which could give rise to a different conclusion on residency. In determining tax residency, the
Consolidated Entity has applied the following interpretations:
(a)
The Consolidated Entity has applied current legislation and judicial precedent, including having regard
to the Tax Commissioner's public guidance in Tax Ruling TR 2018/5 and the advice of independent
Australian tax advisers; and
(b)
Where necessary, the Consolidated Entity has used independent tax advisers in foreign jurisdictions
to assist in its determination of tax residency to ensure applicable foreign tax legislation has been
complied with.
(6)
Where the entity is not an Australian tax resident but is a foreign tax resident based on the Australian
domestic law definition, then each foreign country in which the entity is a tax resident (as determined under
the law of foreign jurisdictions) must be disclosed in the CEDS. However, if the entity is an Australian tax
resident, this requirement does not apply and no further information needs to be provided about other tax
residencies of the entity.
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
DIRECTORS’ DECLARATION
ANNUAL REPORT | 39
The Directors of the Company declare that:
(1)
The financial statements, comprising the Consolidated Statement of Profit or Loss and Other Comprehensive
Income, Consolidated Statement of Financial Position, Consolidated Statement of Cash Flows, Consolidated
Statement of Changes in Equity, and accompanying notes as set out on pages 19 to 37 are in accordance
with the Corporations Act 2001 (Cth) and:
(a)
comply with Australian Accounting Standards, the Corporations Regulations 2001 and other
mandatory professional reporting; and
(b)
give a true and fair view of the Consolidated Entity’s financial position as at 30 June 2024 and of their
performance for the year ended on that date;
(2)
The Company has included in the notes to the Financial Statements an explicit and unreserved statement of
compliance with the International Financial Reporting Standards;
(3)
In the Directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its
debts as and when they become due and payable;
(4)
The Directors have been given the declarations required by section 295A of the Corporations Act 2001 (Cth)
by the Executive Chairman (the person who, in the opinion of the Directors, performs the Chief Executive
Officer function) and Company Secretary (the person who, in the opinion of the Directors, performs the Chief
Financial Officer function); and
(5)
In the Directors’ opinion, the Consolidated Entity Disclosure Statement on page 38 is true and correct.
This declaration is made in accordance with a resolution of the Directors made pursuant to section 295(5) of the
Corporations Act 2001 (Cth).
Farooq Khan
Victor Ho
Executive Chairman and
Managing Director
Executive Director and
Company Secretary
29 August 2024
In.Corp Audit & Assurance Pty Ltd
ABN 14 129 769 151
Level 1
6-10 O’Connell Street
SYDNEY NSW 2000
Suite 11, Level 1
4 Ventnor Avenue
WEST PERTH WA 6005
GPO BOX 542
SYDNEY NSW 2001
T +61 2 8999 1199
E team@incorpadvisory.au
W incorpadvisory.au
To the members of Queste Communications Limited
QUESTE COMMUNICATIONS LIMITED
INDEPENDENT AUDITOR’S REPORT
Basis for Opinion
We conducted our audit
in
accordance with
Australian
Auditing
Standards. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our report. We are independent of the Group in
accordance
with
the
auditor
independence
requirements
of
the
Corporations Act 2001 and the ethical requirements of the Accounting
Professional & Ethical Standards Board’s APES 110 Code of Ethics for
Professional Accountants (including Independence Standards) (“the
Code”) that are relevant to our audit of the financial report in Australia.
We have also fulfilled our other ethical responsibilities in accordance
with the Code.
We
confirm
that
the
independence
declaration
required
by
the
Corporations Act 2001, which has been given to the directors of the
Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Liability limited by a scheme approved under Professional Standards Legislation
Opinion
We have audited the financial report of Queste Communications Limited
(“the Company”)
and
its
controlled entities
(“the
Group”), which
comprises the consolidated statement of financial position as at 30 June
2024,
the
consolidated
statement
of
profit
and
loss
and
other
comprehensive income, consolidated statement of changes in equity
and consolidated statement of cash flows for the year then ended, and
notes to the financial statements, including material accounting policy
information, the consolidated entity disclosure statement and the
directors’ declaration.
In our opinion, the accompanying financial report of the Group, is in
accordance with the Corporations Act 2001, including:
a)
giving a true and fair view of the Group’s financial position as at 30
June 2024 and of its financial performance for the year then ended;
and
b)
complying
with
Australian
Accounting
Standards
and
the
Corporations Regulations 2001.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
We have determined the following key audit matters to communicate in our report:
QUESTE COMMUNICATIONS LIMITED
INDEPENDENT AUDITOR’S REPORT (continued)
Key Audit Matter - Royalty Termination
Payment
How our Audit Addressed the Key Audit
Matter
CXM Pty Ltd (CXM), a 100% owned subsidiary of
the Orion Equities Limited (of which the Group
has a 59.86% interest), had a royalty agreement
with Strike Resources Limited (SRK) for iron ore
produced from its Paulsens East project. During
the year, SRK sold the project and at the Buyer’s
request, CXM agreed to terminate the royalty
agreement
for
the
total
consideration
of
$5,000,000.
$2,000,000 of the consideration was received
during the year, and $3,000,000 received on 4
July 2024 subsequently.
We consider the royalty termination payment a
key audit matter based on its materiality and
effect on the financial position of the Group.
In assessing the transaction, our procedures
included, but were not limited to, the following:
•
Review of the terms and conditions of the
agreement
between
the
parties
to
the
transaction;
•
Review of the balances recorded at year end;
•
Review
of
the
balances
received
by
the
Group; and
•
Review of the tax implications related to the
consideration received or receivable.
We also reviewed the disclosures included in the
financial report and assessed whether it meets
the requirements of the Australian Accounting
Standards and the Corporations Act 2001.
Other Information
The directors are responsible for the other information. The other information comprises the
information included in the Company's annual report for the year ended 30 June 2024, but does not
include the financial report and our auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
QUESTE COMMUNICATIONS LIMITED
INDEPENDENT AUDITOR’S REPORT (continued)
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with Australian Auditing Standards will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing
and Assurance Standards Board website at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf. This description forms part of our
auditor’s report.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a)
the financial report (other than consolidated entity disclosure statement) that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b)
the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
ii) the financial report (other than consolidated entity disclosure statement) that gives a true and fair
view and is free from material misstatement, whether due to fraud or error; and
iii) the consolidated entity disclosure statement that is true and correct and is free of misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
In.Corp Audit & Assurance Pty Ltd
Volha Romanchik
Director
29 August 2024
QUESTE COMMUNICATIONS LIMITED
INDEPENDENT AUDITOR’S REPORT (continued)
REPORT ON THE REMUNERATION REPORT
Responsibilities for the Remuneration Report
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001.
Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted
in accordance with Australian Auditing Standards.
Opinion on the Remuneration Report
We have audited the remuneration report included in the directors’ report for the year ended 30 June
2024.
In our opinion, the remuneration report of Queste Communications Limited for the year ended 30 June
2024 complies with section 300A of the Corporations Act 2001.
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
ANNUAL REPORT | 44
ADDITIONAL ASX INFORMATION
as at 11 October 2024
CORPORATE GOVERNANCE STATEMENT
The Company has adopted the Corporate Governance Principles and Recommendations (4th Edition, 27 February
2019) issued by the ASX Corporate Governance Council in respect of the financial year ended 30 June 2024.
Pursuant to ASX Listing Rules 4.7.3 and 4.10.3, the Company’s 2024 Corporate Governance Statement (dated on
or about 15 October 2024) and ASX Appendix 4G (Key to Disclosures of Corporate Governance Principles
and Recommendations)
can
be
found
at
the
following
URL
on
the
Company’s
Internet
website:
www.queste.com.au/corporate-governance.
VOTING RIGHTS
Subject to any rights or restrictions for the time being attached to any class or classes of shares (at present there
are none), at meetings of shareholders of the Company:
(1)
Each shareholder entitled to vote may vote in person or by proxy or by power of attorney or, in the case of
a shareholder which is a corporation, by representative;
(2)
Every person who is present in the capacity of shareholder or the representative of a corporate shareholder
shall, on a show of hands, have one vote;
(3)
Every shareholder who is present in person, by proxy, by power of attorney or by corporate representative
shall, on a poll, have one vote in respect of every fully paid share held by him; and
DISTRIBUTION OF LISTED ORDINARY FULLY PAID SHARES
Spread
of
Holdings
Number of Holders
Number of Units
% of Total Issue Capital
1
-
1,000
20
8,823
0.03%
1,001
-
5,000
43
115,596
0.43%
5,001
-
10,000
54
488,067
1.80%
10,001
-
100,000
82
2,296,441
8.48%
100,001
-
and over
22
24,163,405
89.26%
Total
221
27,072,332
100%
UNMARKETABLE PARCELS
Spread
of
Holdings
Number of Holders
Number of Shares
% of Total Issued Capital
1
-
10,204
117
612,486
2.26%
10,205
-
over
104
26,459,846
97.74%
Total
221
27,072,332
100%
An unmarketable parcel is considered, for the purposes of the above table, to be a shareholding of 10,204 shares or less, being
a value of $500 or less in total, based upon the Company’s last sale price on ASX as at 11 October 2024 of $0.049 per share.
30 JUNE 2024
QUESTE COMMUNICATIONS LTD
A.B.N. 58 081 688 164
ADDITIONAL ASX INFORMATION
as at 11 October 2024
ANNUAL REPORT | 45
TOP 20 ORDINARY FULLY PAID SHAREHOLDERS
Rank Shareholder
Shares
Held
Total
Shares
% Issued
Capital
1
DYNASTY PEAK PTY LTD
5,391,975
19.92
2
YAQOOB KHAN
5,334,069
KYA CORPORATION PTY LTD
53,325
Sub-total
5,387,394
19.90
3
MR FAROOQ KHAN + MS ROSANNA DE CAMPO
4,921,295
ISLAND AUSTRALIA PTY LTD
423,577
Sub-total
5,344,872
19.74
4
RENMUIR HOLDINGS LTD
3,003,668
11.10
5
MR BOBBY VINCENT LI
1,324,919
4.89
6
GA & AM LEAVER INVESTMENTS PTY LTD
1,039,029
3.84
7
GIBSON KILLER PTY LTD
420,000
1.55
8
GLENVIEW SERVICES PTY LTD
380,000
1.40
9
MS ROSANNA DE CAMPO
268,100
0.99
10
NELLE RETT 1D PTY LTD
231,348
0.85
11
MR SANTOSA GUZZETTA
221,300
0.82
12
THE ESTATE OF MR AYUB KHAN
215,000
0.79
13
MRS AFIA KHAN
215,000
0.79
14
MR PAUL GERARD GRAFEN
200,000
0.74
15
MR SIMON KENNETH CATO + MRS KAYE LOUISE HOPKINS
118,000
ROSEMONT ASSET PTY LTD
75,000
Sub-total
193,000
0.71
16
TOMATO 2 PTY LTD
185,019
0.68
17
MISS ALICE JANE LI
161,086
0.60
18
MR EUGENE RODRIGUEZ
110,000
0.41
19
MRS LINDA ANN OATES
100,000
0.37
20
MRS MARY THERESE CAMILLERI
100,000
0.37
Total
24,491,710
90.46
SUBSTANTIAL SHAREHOLDERS
Substantial Shareholders
Registered Shareholder
Shareholding
Total
Shares
%Voting
Power
Geoff Wilson and Associates
Dynasty Peak Pty Ltd
5,391,975
19.92%
Yaqoob Khan and
Associate
Mr Yaqoob Khan
5,334,069
5,387,394
19.90%
KYA Pty Ltd
53,325
Farooq Khan
and Associate
Mr Farooq Khan
& Ms Rosanna De Campo
4,921,295
5,344,872
19.74%
Island Australia Pty Ltd
423,577
Renmuir Holdings Limited
Renmuir Holdings Ltd
3,003,668
11.10%
ASX Code: QUE
Queste Communications Ltd
A.B.N. 58 081 688 164
PRINCIPAL & REGISTERED OFFICE:
SHARE REGISTRY:
Suite 1, Level 1,
680 Murray Street,
West Perth, Western Australia 6005
T | (08) 9214 9777
F | (08) 9214 9701
E | info@queste.com.au
W | www.queste.com.au
Automic
GPO Box 5193
Sydney NSW 2001
Investor Portal
https://investor.automic.com.au
Level 5, 126 Phillip Street,
Sydney, New South Wales 2000
Local T | 1300 288 664
T | +61 2 9698 5414
E | hello@automicgroup.com.au
W | www.automic.com.au