Announcement PDF ADALTA LTD ABN 92 120 332 925 (formerly AdAlta Pty Ltd) FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2016 ADALTA LTD ABN 92 120 332 925 CORPORATE DIRECTORY DIRECTORS Paul MacLeman PhD Samantha Cobb James Williams PhD Liddy McCall John Chiplin PhD COMPANY SECRETARY Ian Hobson REGISTERED OFFICE Unit 15 2 Park Drive Bundoora VIC 3083 Telephone: +61 3 9479 5159 Email: enquiries@adalta.com.au Website: adalta.com.au STOCK EXCHANGE Australian Securities Exchange Limited 2 The Esplanade Perth WA 6000 ASX CODE 1AD SHARE REGISTRY Automic Registry Services Suite 310, Level 3 50 Holt Street Surrey Hills NSW 2010 Telephone: 1300 288 664 Telephone: +61 2 9698 5414 Website: automic.com.au AUDITOR Butler Settineri (Audit) Pty Ltd Unit 16, First Floor 100 Railway Road Subiaco WA 6008 BANKERS Westpac Banking Corporation SOLICITORS Hive Legal Pty Ltd Level 4, 50 Market Street Melbourne VIC 3000 ADALTA LTD ABN 92 120 332 925 CONTENTS Page No. Directors' Report 2 Auditor's Independence Declaration 14 Corporate Governance Statement 15 Statement of Profit or Loss and Other Comprehensive Income 16 Statement of Financial Position 17 Statement of Changes in Equity 18 Statement of Cash Flows 19 Notes to the Financial Statements 20 Directors' Declaration 40 Independent Auditor's Report 41 Shareholder Information 43 ADALTA LTD ABN 92 120 332 925 DIRECTORS REPORT The Directors of AdAlta Limited ( AdAlta or the Company ) submit herewith the annual report of the Company for the financial year ended 30 June 2016. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows: Information about the Directors The names and particulars of the Directors of the Company during or since the end of the financial year are: Name Paul MacLeman MBA, BVSc, Grad Dip Tech, Grad Cert Eng, GAICD, MATTA Samantha Cobb BSc, MApL, GAICD Dr James Williams BSc (Hons), MBA, PhD, GAICD Eli abeth (Liddy) McCall, LLB., B.Juris, B.Com(Hons), GDipApFin(SIA), GAICD Particulars Chairman and non-executive Director, joined the Board 16 April 2015. Paul has wide ranging, hands on experience across the biotechnology sector, encompassing technical, commercial and financial areas. He has a career spanning veterinary practice, the pharmaceutical/biotechnology and investment banking sectors. Paul has experience in capital raising, business development, research management, technology commercialisation, staff development, and sales and marketing. He has also founded life sciences start-ups in the biologics area and worked in investment banking focusing on the analysis and financing of technology companies. Paul is currently CEO of ASX-listed pharmaceutical manufacturing Company IDT Australia Ltd (ASX:IDT). Managing Director / CEO, appointed 29 June 2007. Sam is the founding CEO of AdAlta and has over fifteen years experience in business development and commercialisation of early stage scientific technologies. Prior to AdAlta, Sam was the Business Development Director at the Cooperative Research Centre for Diagnostics. Sam has also worked for the biotech start-up companies Sensologix Inc and Nephrogenix Pty Ltd and at the University of ueensland’s technology commercialisation companies, Uniquest Pty Ltd and IMBcom Pty Ltd. Sam has a Bachelor of Science, a Masters of Intellectual Property Law and has completed the Australian Institute of Company Directors course. Non-Executive Director, joined the Board 16 December 2010. Dr Williams is the Executive Chairman of Dimerix Limited as well as co-founder and investment Director of Yuuwa Capital LP, a venture capital firm based in Western Australia. Prior to establishing Yuuwa Capital, he was managing Director of two medical device companies, ASX-listed Resonance Health Limited and Argus Biomedical Pty Ltd, both of which secured regulatory approvals under his leadership. Dr Williams conceived, co-founded and is a former CTO and Director of iCeutica Inc., a clinical stage nano drug reformulation company. iCeutica was acquired by Philadelphia-based Iroko Pharmaceuticals in 2011. Dr Williams is Executive Chairman of Dimerix Limited (ASX:DXB) and a Director of Yuuwa investee companies PolyActiva Pty Ltd and Nexgen Plants Pty Ltd. He is also a Director of Linear Clinical Research Ltd, a specialist early phase trial unit and a member of the Panel of Experts for the University of Western Australia’s Pathfinder Fund. Non-Executive Director, joined the Board 16 December 2010. Liddy is a cofounder and Investment Director of Yuuwa Capital LP. Liddy is also a Director of various unlisted Yuuwa investee companies. Her experience includes a range of roles in drug development and medical device companies, including business development and finance. She was cofounder and Director of iCeutica Inc. Liddy was also a co-founder of Dimerix Limited (now an ASX-listed clinical stage drug discovery and development company) and held various executive roles during its establishment and growth. Liddy was co-founder and Director of Tessitura Pty Ltd, a consulting company providing services to the biotechnology industry. Previously, Liddy was an Associate Director in the Corporate Advisory Company of Macquarie Bank and prior to that worked as a lawyer with a leading Australian law firm. Page 2 ADALTA LTD ABN 92 120 332 925 John Chiplin BPharm, PhD, MRPharmS Non-Executive Director, appointed 16 May 2014. John has significant international experience in the life science and technology industries, from both an operational and investment perspective. Recent transactions in which John has been instrumental include Benitec BioPharma (US IPO), Medistem Inc. (acquired by Intrexon Corporation for US$26 million), former CEO of ASX-listed Arana Therapeutics (acquired by Cephalon Inc. for US$200 million), and Domantis (acquired by GS for 230 million). Immediately prior to running Arana, John was head of the ITI Life Sciences investment fund in the U , negotiating significant funding with Government Ministers. His own investment company, Newstar Ventures Ltd., has funded more than a dozen early stage companies in the past ten years. John currently serves on the boards of Batu Biologics, Benitec BioPharma (NASDA : BNTC), The Coma Research Institute, Cynata Therapeutics Limited (ASX: CYN), Prophecy Inc, Scancell Holdings plc (LSE: SCLP), and ScienceMedia Inc. The above named Directors held office during the whole of the financial year and since the end of the financial year. Directors shareholdings The following table sets out each Director’s relevant interest in shares, debentures and rights or options in shares or debentures of the Company as at the date of this report: Directors Paul MacLeman Samantha Cobb 1 James Williams 1 Liddy McCall John Chiplin Fully paid ordinary shares Number 73,273 653,092 54,119,848 54,159,848 561,756 Options under ESOP Number 366,363 790,751 249,127 1 James Williams and Elizabeth McCall’s interests are partly held (54,059,848 ordinary shares) indirectly through Yuuwa Capital LP, a venture capital firm managed by its General Partner which is associated with James Williams and Elizabeth McCall Company Secretary Ian Hobson B.Bus, FCA, ACIS, MAICD Mr Hobson is a chartered accountant and chartered company secretary with 30 years’ experience. Ian acts as non-executive director and company secretary for ASX listed companies and is experienced in the areas of biotech, technology, finance, mining exploration, marine and mining services. Ian is a governance professional and facilitates finance and governance courses for AICD. Dividends No dividends have been paid or declared since the start of the financial year and the Directors have not recommended the payment of a dividend in respect of the financial year. Shares under option or issued on exercise of options (a) Details of unissued shares or interests under option as at the date of this report are: Expiry date Number of shares Exercise price of under option Class of shares option of options 252,057 Ordinary $0.17* 27 September 2016 145,976 Ordinary $0.17* 1 July 2018 20,569 Ordinary $0.17* 21 September 2018 381,018 Ordinary $0.17* 1 November 2018 291,953 Ordinary $0.17* 1 July 2019 818,378 Ordinary $0.17* 1 November 2019 234,472 Ordinary $0.17 1 November 2020 *50% of 1,909,951 Options have an exercise price of $0.0002 if exercised within 3 months of vesting, and with the exercise price of the remaining 50% of those options being $0.09 if exercised within 12 months of vesting. Otherwise the exercise price is $0.17. Page 3 ADALTA LTD ABN 92 120 332 925 The holders of these options do not have the right to participate in any share issue of the Company. (b) Details of ordinary shares issued by the Company during the year on the exercise of options are: Date option granted 27 June 2015 19 August 2015 11 November 2015 Issue price of shares $0.001 $0.001 $0.001 Number of shares issued 24,903 3,597 25,000 Indemnification of officers and auditors During the financial year, the Company paid a premium in respect of a contract insuring the Directors of the Company (as named above), the company secretary and all executive officers of the Company and of any related body corporate against a liability incurred as such a Director, secretary or executive officer to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. The Company has not otherwise, during or since the end of the financial year, except to the extent permitted by law, indemnified or agreed to indemnify an officer or auditor of the Company or of any related body corporate against a liability incurred as such an officer or auditor. Directors meetings The following table sets out the number of Directors’ meetings (including meetings of committees of Directors) held during the financial year and the number of meetings attended by each Director (while they were a Director or committee member). During the financial year, 11 Board meetings were held. Board of Directors Directors Paul MacLeman Samantha Cobb James Williams Liddy McCall John Chiplin Held 11 11 11 11 11 Attended 11 11 8 9 11 Proceedings on behalf of the Company No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. Non-audit services Details of amounts paid or payable to the auditor for non-audit services provided during the year by the auditor are outlined in note 18 to the financial statements. In the event non-audit services are provided, the Board has established procedures to ensure that the provision of non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. These include: • all non-audit services are reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor; and • non-audit services do not undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants’ issued by the Accounting Professional & Ethical Standards Board, including reviewing or auditing the auditor’s own work, acting in a management or decision-making capacity for the Company, acting as advocate for the Company or jointly sharing economic risks and rewards. Page 4 ADALTA LTD ABN 92 120 332 925 Auditor s independence declaration The auditor’s independence declaration is included on page 14 of the financial report. Operating and financial review Principal activities The Company’s principal activity during the course of the financial year was to develop its novel ibody platform with a focus on its lead candidate AD-114, a first-in class treatment for idiopathic pulmonary fibrosis (IPF) and other fibrotic diseases. Operating results The loss of the Company for the year ended 30 June 2016, after accounting for income tax benefit, amounted to ($1,163,056) (30 June 2015: ($1,307,868)). The year ended 30 June 2016 operating results are attributed to the following: • Research and Development rebate: $738,046 (30 June 2015: $887,553); • Cost of services $1,413,975 (30 June 2015: $1,712,080); and • Employment benefit expense ($224,620) (30 June 2015: ($203,007)). Review of operations Summary At the General Meeting held on 18 January 2016, the shareholders approved the Company change its status from propriety limited to a limited company and change its name to AdAlta Limited. The issued capital of the Company split on the basis of that every 1 share or option be split into 5.8168 shares or options at the General meeting held on 9 May 2016. Considerable work was undertaken to prepare a prospectus to raise a minimum of $8,000,000 to a maximum of $10,000,000 and to make an application to the ASX for admission to the official list. During the year, the Company continued to develop its technology platform that produces unique compounds known as i-bodies, that mimic the shape of shark antibodies and engineers their key stability features into human proteins, for therapeutic intervention in disease. Strategy AdAlta Limited intends to develop its novel i-body platform with a focus on its lead candidate AD-114, a first-in class treatment for idiopathic pulmonary fibrosis (IPF) and other fibrotic diseases. AdAlta’s lead drug candidate, AD-114, is undertaking manufacturing scale up to commence clinical trials for the treatment of IPF and other human fibrotic diseases, for which current therapies are sub-optimal and there is a high unmet medical need. The Company’s proprietary technology platform generates a new class of protein therapeutics known as i-bodies, which are expected to be used as drugs to treat a range of diseases. The Company also plans to continue further drug discovery and development directed towards other drug targets and diseases using its i-body technology platform. The increase in cash and cash equivalents, net assets, contributed equity and accumulated losses was largely the result of receipt of funding by way of convertible notes and the Research and Development tax incentive. The Directors believe the Company is in a strong and stable financial position to expand and grow its current operations. Significant changes in state of affairs During the year, the Company changed its status from propriety limited company to a limited company and undertook a share split on the basis that 1 share or option split into 5.8618 shares or options. Events after the reporting period On 8 July 2016, the Company lodged a prospectus with ASIC for the offer of 32,000,000 and up to 40,000,000 ordinary fully paid shares at a price of $0.25 per share to raise a minimum of $8,000,000 and Page 5 ADALTA LTD ABN 92 120 332 925 a maximum of $10,000,000. On 12 August 2016, the Prospectus closed over-subscribed. The Company was admitted to the official list of the ASX on 22 August 2016. On 12 August 2016, the Company’s convertible notes and Series A Preference shares converted to ordinary shares. On 22 August 2016, the Company received a Research and Development tax incentive refund of $738,045 for the 2015/2016 financial year. Otherwise, there has not been any matter or circumstance that has arisen subsequent to the end of the financial year that has significantly affected, or may significantly affect, the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years. Future developments, prospects and business strategies AdAlta’s strategy is to develop its lead i-body drug candidate, AD-114, to demonstrate safety and advance the lead to the clinic for treatment of fibrosis related diseases. Demonstration of the lead i-body drug candidate in the clinic is also expected to increase interest in wider applications of the i-body platform and its unique features of safety and efficacy. AdAlta currently intends to license the lead candidate to a pharmaceutical or biotechnology company to generate up-front, milestone payments and licensing revenues. The i-body platform provides an opportunity for the expansion of the pipeline of i-body drug candidates in multiple therapeutic areas. The Company plans to maximise the benefits of its i-body platform and i-body libraries through partnerships, while retaining the ability to resource and focus on its own in-house discovery and development activities. Development of additional i-body drug candidates provides potential for additional revenue, including up-front, milestone payments and licensing payments. Environmental issues The Company’s operations are not subject to significant environmental regulation under the Australian Commonwealth or State Law. Remuneration report (audited) This remuneration report, which forms part of the Directors’ report, sets out information about the remuneration of AdAlta Limited’s key management personnel for the financial year ended 30 June 2016. The term key management personnel’ refers to those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, including any Director (whether executive or otherwise) of the Company. The prescribed details for each person covered by this report are detailed below under the following headings: • key management personnel • remuneration policy • relationship between the remuneration policy and Company performance • remuneration of key management personnel • key terms of employment contracts. Key management personnel The Directors and other key management personnel of the Company during the financial year were: Non-executive Directors Position Paul MacLeman Chairman & Non-executive Director James Williams Non-executive Director Liddy McCall Non-executive Director John Chiplin Non-executive Director Executive Directors Samantha Cobb Managing Director & CEO Page 6 ADALTA LTD ABN 92 120 332 925 The named persons held their current position for the whole of the financial year and since the end of the financial year. Remuneration policy The Board of Directors of the Company is currently responsible for determining and reviewing compensation arrangements for key management personnel. The Company has a Remuneration Committee, which consists of John Chiplin (Chair of Remuneration Committee), Paul MacLeman and Liddy McCall. The remuneration policy, which is set out below, is designed to promote superior performance and long-term commitment to the Company. Non-Executive Director remuneration Non-executive Directors are remunerated by way of fees, in the form of cash, non-cash benefits, superannuation contributions or salary sacrifice into equity and do not normally participate in schemes designed for the remuneration of executives. Shareholders approval must be obtained in relation to the overall limit set for the non-executive Directors’ fees. The maximum aggregate remuneration approved by shareholders for non-executive Directors is $350,000 per annum. The Directors set the individual non-executive Director fees within the limit approved by shareholders. Non-executive Directors are not provided with retirement benefits. Executive Director remuneration Executive Directors receive a base remuneration which is at market rates, and may be entitled to performance based remuneration, which is determined on an annual basis. Overall remuneration policies are subject to the discretion of the Board and can be changed to reflect competitive and business conditions where it is in the interests of the Company and shareholders to do so. Executive remuneration and other terms of employment are reviewed annually by the Board having regard to the performance, relevant comparative information and expert advice. The Board’s remuneration policy reflects its obligation to align executive remuneration with shareholders’ interests and to retain appropriately qualified executive talent for the benefit of the Company. The main principles are: (a) remuneration reflects the competitive market in which the Company operates; (b) individual remuneration should be linked to performance criteria if appropriate; and (c) executives should be rewarded for both financial and non-financial performance. The total remuneration of executives consists of the following: (a) salary executives receive a fixed sum payable monthly in cash plus superannuation at 9.5% of salary; (b) cash at risk component executives may participate in share and option schemes generally made in accordance with thresholds set in plans approved by shareholders if deemed appropriate. However, the Board considers it appropriate to issue shares and options to executives outside of approved schemes in exceptional circumstances; (c) other benefits executives may, if deemed appropriate by the Board, be provided with a fully expensed mobile phone and other forms of remuneration; and (d) performance bonus. The Board has not formally engaged the services of a remuneration consultant to provide recommendations when setting the remuneration received by Directors or other key management personnel during the financial year. Relationship between the remuneration policy and Company performance The Board considers that at this time, evaluation of the Company’s financial performance using generally accepted measures such as profitability, total shareholder return or per Company comparison are not relevant as the Company is at an early stages of development trial which is continuing as outlined in the Directors’ report. Page 7 ADALTA LTD ABN 92 120 332 925 Remuneration of key management personnel Short-term employee benefits 2016 Salary & fees $ Postemployment benefits Superannuation $ Other $ Sharebased payment Options $ Total $ Non-executive Directors Paul MacLeman James Williams Liddy McCall John Chiplin 30,000 20,000 - - - 30,000 20,000 Executive Directors Samantha Cobb Total 151,376 201,376 45,413 45,413 18,695 18,695 - 215,484 265,484 Short-term employee benefits 2015 Non-executive Directors Paul MacLeman James Williams Liddy McCall John Chiplin Merilyn Sleigh (resigned 31 July 2014 John Ballard (resigned 13 May 2015) Executive Directors Samantha Cobb Total Salary & fees $ Postemployment benefits Superannuation $ Other $ Sharebased payment Options $ Total $ 4,950 20,000 - - - 4,950 20,000 1,833 - - - 1,833 26,250 - - - 26,250 151,376 204,409 27,123 27,123 16,957 16,957 - 195,456 248,489 No key management personnel appointed during the year received a payment as part of his or her consideration for agreeing to hold the position. Share options issued to key management personnel as remuneration during the year are set out in the following table (2015: 121,599*). 40,200* share options were exercised by key management personnel during the year (2015: nil). Page 8 ADALTA LTD ABN 92 120 332 925 2016 Samantha Cobb Paul MacLeman James Williams Liddy McCall John Chiplin Total Balance at 1 July No. 150,099 150,099 Granted as compensation No. 75,000 55,000 130,000 Exercised (15,200) (12,500) (12,500) (40,200) Net other change No. 655,852 303,863 206,627 1,166,342 Balance at 30 June No. 790,751 366,363 249,127 1,406,241 *Pre-split amounts. **On 9 May 2016 the options were split on the basis that every 1 option be split into 5.8618 options. The terms and conditions of each grant of options affecting remuneration in the current or future reporting period are: Grant date 11 Nov 2015 11 Nov 2015 11 Nov 2015 Vesting and exercise date 11 Nov 2015 11 Nov 2016 Date of transaction Expiry date 1 Nov 2018 1 Nov 2019 I Nov 2018 Exercise price $1.00 $1.00 $1.00 Value at grant date $0.00 $0.00 $0.00 Performance achieved N/A N/A Yes vested 100% 0% 0% *The exercise price of $1.00 is reduced to $0.0002 if 50% of the options are exercised within 3 months of vesting with the exercise price of the remaining 50% of those options being $0.09 if exercised within 12 months of vesting otherwise the exercise price is $0.17 following the split of issued capital. The value of the options at their date of grant has been taken as zero because, at the time of grant, the company was an unlisted entity and the equity structure operated such that any returns were paid to convertible note holders with any residual being paid to holders of Series A Preference shares with any final amount being available to ordinary shareholders. Based on the Company’s net assets at the date of grant there was no value attributable to ordinary shares. Options have been granted to the Managing Director on a case by case basis since 2011 based on the achievement of milestones which varied for the relevant year depending on the stage of the Company’s research projects and the achievement of funding. The milestones selected were considered relevant to enable the Company to progress its research projects and the assessment as to their achievement was performed by the Board. Options granted to the non-executive Directors related to their efforts in securing additional funding for the Company. A performance condition is attached to a portion of the options issued being that the options can only be exercised in the event of a transaction or exit of the Company. All other options are subject to time based vesting conditions with no specific performance condition attached. Key terms of employment contracts Samantha Cobb is employed in the position of Managing Director/CEO of the Company on the following material terms: 1. Effective 12 August 2016 (completion of the capital raising), a salary of $225,000 plus superannuation. 2. A short term cash incentive of up to 30% of the annual salary subject to achieving key performance indicators as set by the Board from time to time. 3. Either party is entitled to terminate the employment contract by giving 3 months’ notice. 4. After termination of employment, Ms Cobb is subject to a non-compete condition within Australia for a period of 3 months, non-solicitation of employees and customers for a period of 6 months. Page 9 ADALTA LTD ABN 92 120 332 925 Set out below are the remuneration arrangements with Non-Executive Directors Effective 12 August 2016 (completion of the capital raising): Name Position Paul MacLeman Non-Executive Chairman Non-Executive Director Non-Executive Director Non-Executive Director James Williams Elizabeth McCall John Chiplin Annual Salary (inclusive of superannuation) $65,000 $45,000 $45,000 $45,000 The Company has entered into consulting agreements with both Paul MacLeman (Chairman) and John Chiplin as independent Directors of the Board. Under the terms of these consulting agreement, the agreements can be terminated by either party by giving one months’ notice. Further, continuation of appointment is subject to re-election at a forthcoming AGM. The Directors fees for Paul MacLeman are paid to Dalroar Pty Ltd, ATF MacLeman Investment Trust, which is his personal company. Both Elizabeth McCall and James Williams are currently appointed as nominated Directors of Yuuwa Capital LP. Their annual fixed fees of $45,000 including superannuation will be paid to Yuuwa Capital LP. No additional fees are payable to Directors for their involvement in Board committees. On appointment to the Board, all non-executive Directors are required to sign a letter of appointment with the Company. The letter of appointment summarises the Board policies and terms, including compensation relevant to the office or Director. On 29 January 2016, Mr Ian Hobson was appointed as company secretary. His services are provided through Churchill Services Pty Ltd ( Churchill Services ). Churchill Services is paid a fee of $200/Hr for the provision of company secretarial services. Key management personnel equity holdings Fully paid ordinary shares of AdAlta Limited 2016 Samantha Cobb Paul MacLeman James Williams Liddy McCall John Chiplin Balance at 1 July Granted as compensation Net other change Balance on Resignation Balance at 30 June - Received on exercise of options No. 15,200 No. 96,215 No. No. 541,677 - No. 653,092 - - 12,500 60,773 - 73,273 - - 12,500 60,773 - 73,723 *The net other change relates to the share and option split at 5.8618 as approved by shareholders at a meeting on 9 May 2016. Page 10 ADALTA LTD ABN 92 120 332 925 2015 Samantha Cobb Paul MacLeman James Williams Liddy McCall John Chiplin Merilyn Sleigh (resigned 31 July 2014) John Ballard (resigned 13 May 2015) Balance at 1 July No. 96,215 Granted as compensati on No. - Received on exercise of options No. - - - - Net other change Balance on Resignation Balance at 30 June No. - - No. 96,215 - - - - - - - - - - - - - - - - - - - - - 105,994 - - - (105,994) - Share options of AdAlta Limited 2016 Samantha Cobb Paul MacLeman James Williams Liddy McCall John Chiplin 2015 Samantha Cobb Paul MacLeman James Williams Liddy McCall John Chiplin Merilyn Sleigh (resigned 31 July 2014) John Ballard (resigned 13 May 2015) Balance at 1 July Granted as compen -sation Exercised Net other change Balance at 30 June Balance vested at 30 June Vested and exercise -able Options vested during year No. 150,099 No. - No. (15,200) No. 655,852 No. 790,751 No. 256,160 No. 256,160 No. 178,798 - 75,000 (12,500) 303,863 366,363 73,273 73,273 73,273 - - - - - - - - - - - - - - - - - 55,000 (12,500) 206,627 249,127 73,273 73,273 73,273 Balance at 1 July Granted as compen -sation Expired Net other change Balance at 30 June Balance vested at 30 June Vested and exercise -able Options vested during year No. 40,500 No. 121,599 No. (12,000) No. No. 150,099 No. 28,500 No. 28,500 No. - - - - - - - - - - - - - - - - - - - - - - - -