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ANTEOTECH LTD — Interim / Quarterly Report 2014
Feb 24, 2014
64304_rns_2014-02-24_6f5ffe6a-71b2-49a3-8037-9c45f787773c.pdf
Interim / Quarterly Report
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Anteo Diagnostics Limited Results for Announcement to the Market Appendix 4D - Half Year report given to the ASX under listing rule 4.2A
Current Reporting Period Half year ended 31 December 2013
Previous Reporting Period Half year ended 31 December 2012
| Revenuefrom ordinaryactivities | up | 39% | to | $1,848,872 |
|---|---|---|---|---|
| Profit / (loss)from ordinary activities after tax attributable to members |
down | 16% | to | ($620,457) |
| Net profit / (loss)for the period attributable to members |
down | 16% | to | ($620,457) |
| Dividends / distributions | Amountper security | Franked amountper security | ||
| Interim dividend | - $ |
- $ |
||
| Final dividend | - $ |
- $ |
||
| Record date for determining entitlements to the dividend The directors do not propose or recommend the payment of a dividend Not applicable |
||||
| Not applicable |
For an explanation of the figures reported above please see the attached Interim Financial Report.
These accounts have been reviewed.
This information should be read in conjunction with the most recent annual financial report.
Net tangible assets As at 31 December 2013 cents per share Net tangible assets backing per ordinary share 0.01
As at 30 June 2012 cents per share
0.00
ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625
INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2013
ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625
INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2013
| Contents | Page Contents |
Page |
|---|---|---|
| Corporate Directory | 1 Statement of Cash Flows |
8 |
| Directors’ Report | 2 Notes to the Financial Statements |
9 |
| Statement of Profit or Loss and Other Comprehensive Income |
5 Directors’ Declaration |
11 |
| Statement of Financial Position | 6 Auditor’s Independence Declaration |
12 |
| Statement of Changes in Equity | 7 Independent Review Report |
13 |
| CORPORATE DIRECTORY | ||
| Directors | Mr Mark Bouris Non-Executive Chairman |
|
| Dr Geoffrey Cumming CEO, Executive Director |
||
| Mr Richard Martin Executive Director |
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| Mrs Sandra Andersen Non-Executive Director |
||
| Dr John Hurrell Non-Executive Director |
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| Company Secretary | Mr Shane Hartwig | |
| Registered office | 4/26 Brandl Street, Eight Mile Plains QLD 4113 | |
| Mailing address | 4/26 Brandl Street, Eight Mile Plains QLD 4113 | |
| E-mail: | [email protected] | |
| Website: | www.anteodx.com | |
| Legal advisors | ClarkeKann Lawyers | |
| 300 Queen Street, Brisbane QLD 4000 | ||
| Auditors | Grant Thornton | |
| 145 Ann Street, Brisbane QLD 4000 | ||
| Patent attorneys | Freehills Patent Attorneys | |
| 101 Collins Street, Melbourne VIC 3000 | ||
| Share registry | Boardroom Pty Limited | |
| Level 2, 28 Margaret Street, Sydney NSW 2000 | ||
| Insurance advisors | Marsh Pty Limited | |
| 123 Eagle Street, Brisbane QLD 4000 | ||
| Yellow Brick Road Wealth Management Pty Limited | ||
| 1 Chifley Square, SYDNEY, 2001 | ||
| Bankers | Australia and New Zealand Banking Group Limited | |
| 3 Sherwood Road, Toowong QLD 4066 |
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ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625
DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2013
The Directors of Anteo Diagnostics Limited submit herewith the interim financial report for the half-year ended 31 December 2013. In order to comply with the provisions of the Corporations Act 2001, the Directors’ report as follows:
The names of the Directors of the Company during or since the end of the half-year are:
Mr Mark Bouris Dr Geoffrey Cumming Mr Richard Martin Mrs Sandra Andersen Dr John Hurrell
REVIEW OF OPERATIONS
The first half of 2014 financial year has been a positive period for Anteo Diagnostics. While existing projects continue with success, there has been considerable activity following the filing of new patent applications and an injection of an additional $5.5 million, raised through the placement of 44 million shares at 12.5c each. We are now in a stronger position and have begun introducing new projects, along with advancing the significant commercial projects with leading companies in the Point-of Care sector.
The Anteo and Mix&Go™ brands will strengthen as we move our development and commercialisation work for Mix&Go into new areas.
Our technology is now more widely recognised as an Australian innovation success story and in the marketplace, as its unique properties and diverse potential uses become more widely understood.
There has been a measurable increase in the target market’s exposure to Mix&Go as a result of the ongoing demonstration by our scientific team, particularly in environments where traditional approaches are inadequate with increased miniaturisation.
There is growing understanding of the vastly superior outcomes and potential of the product as it offers exacting control of minute nanoparticles (less than 20nm), a problem that has been unable to be solved by even the largest research organisations.
With Mix&Go healthcare companies are now able to move from resolving the technical issues of assay development to integrating the specific biology for their particular assay platform.
6-MONTH SNAPSHOT
New Patents Pending
The continued development and refinement of Mix&Go has led to a better understanding of how it can be utilised. This has enabled us to explore new opportunities in the Life Sciences and other industries, resulting in the filing of new patents that we are exemplifying.
Marketing and Sales
We have commenced the sale of our own products. This is the beginning of a product pipeline divided into three general types:
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Mix&Go Solutions for researchers who are interested to test our “glues” for novel applications.
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Simple and fast methods to prepare antibody, and other protein, coupled particles of different sizes. Currently no such ‘Universal Binding’ kits exist in the market.
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Protein coupled microtitre plates and particles to exemplify that Mix&Go can produce “best in class” products.
The first product to launch was AMG Streptavidin Plates and Beads, from 3 above . Other products will be progressively released.
Brand Development and Market Outreach
By providing the market with ready-to-use research tools we will not only generate sales revenue, but more importantly we will actively engage research and development teams that will gain a hands-on understanding of
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ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625
DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2013
the unique capabilities of Mix&Go. Combined with other efforts, this step will be instrumental in broadening the market awareness, knowledge and excitement about our technology.
What distinguishes Mix&Go
Mix&Go is easy to use and provides incomparable stability. It is reproducible, more sensitive and does not damage delicate biomolecules.
Mix&Go provides previously unheard of control and efficiencies across the board. The elements which clearly distinguish it from other approaches are:
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Simplicity and versatility
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Mix&Go functions in a benign neutral environment, that is, water, organic solvents, high vacuum or high energy techniques are not required, but they are common in traditional methods.
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Mix&Go provides the ability to control reaction speed and manipulate surfaces of all sorts of materials using different Mix&Go variations.
Nanotechnology and Mix&Go
Mix&Go is a truly innovative and unrivalled technology. It is an example of refined Nanotechnology that outclasses traditional technologies.
Nanotechnology is a branch of technology that deals with the engineering of functional objects at nanometre or molecular scale. Today, Nanotechnology is a common term used in many different fields and specialties, including engineering, chemistry, electronics, and medicine.
Obviously, “glues” that are thousands of nanometres thick cannot be used to construct objects that are hundreds of nanometres in size or smaller. Mix&Go forms mono-layer films of less than one nanometre that can act as protective coatings or glues to bind both synthetic and biological materials together.
To put this in context a nanometre is is one billionth of a metre, so if the diameter of a marble was a nanometre, then the earth’s diameter would be just one metre.
Anteo is a leader in Australian Innovation
Since the inception of our company in 2000 the Anteo team has been researching and developing our technologies in a specialised and advanced new area of science that has evolved as part of nanotechnology in the last 25 years; Supramolecular Chemistry.
Supramolecular Chemistry researches interactions between molecules: how they can recognise each other, assemble and function on a molecular scale. It provides a bottom-up approach to nanoscale systems with applications ranging from biology to materials science. This highly specialised process led to what is today, Mix&Go.
This extensive research and development at the nano and supramolecular level over more than a decade has resulted in a vastly superior technology.
Latest Developments
To date, the Mix&Go tool kit has been totally focused on immunoassays, that is, binding delicate proteins on synthetic surfaces without damaging their structure and function. More recently, we have been exploring the use of Mix&Go to construct complex nanoparticles by combining 200 nm magnetic particles with 10 nm quantum dots. Similarly, Mix&Go has been used to create gold films on glass using colloidal gold particles of 40 nm.
This latest development creates a vivid picture of what the future holds for Mix&Go. Now, synthetic polymers and nanoparticles, not just proteins, can be combined in all sorts of ways to vastly improve the performance of nanometre sized products commonly used in Life Sciences and other industries.
Using traditional approaches, the activities described would be extremely difficult, and in a benign environment, virtually impossible.
The efficacy of, and scope for, the applications of Mix&Go is established and assured.
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ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625
DIRECTORS’ REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2013
Mix&Go is an excellent tool for controlling and managing interactions between differing or similar objects on a level and in a way that is efficient, stable and far superior to existing widely-used methods.
Mix&Go has a broad range of application both in Life Sciences and other industries. In every-day healthcare applications this means that previously complex tests, involving laboratories and logistics, could be completed and conclusive results achieved in an instant in the GP’s rooms, or at home.
We remain confident, as we follow the business plan that the strong opportunities outlined above will result in commercial agreements for Anteo.
We look forward to reporting further progress during 2014.
RESULT FOR THE PERIOD
The net loss after tax for the half-year ending 31 December 2013 was $620,457 compared with a loss of $736,327 in the same period last year. During the period a R&D Tax Incentive Rebate of $1,203,659 was received (2012: $1,164,415); Commercialisation Australia Grant of $431,632 (2012: nil); andOther Revenue from Operating Activities $160,862 (2012: $63,995).
As at 31 December 2013, the Company held cash reserves of $7,475,786 (2012: $4,197,362)
DIVIDENDS
The Directors have not declared a dividend to be paid during the period.
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the Auditor’s Independence Declaration (as required under Section 307C of the Corporations Act 2001) is shown on page 12 and forms part of this report.
Signed in accordance with a resolution of the Directors made pursuant to Section 306(3) of the Corporations Act 2001.
On behalf of the Directors
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.............................................. Mark Bouris Chairman Sydney, Dated 24[th] February 2014
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ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 31 DECEMBER 2013
| Note Other revenue from ordinary activities 2 Selling, distribution and business development expenses Occupancy expenses Administration expenses Borrowing costs 2 Research and development expenses Loss from ordinary activities before income tax Income tax benefit relating to ordinary activities Loss from ordinary activities after income tax Loss attributable to members of the parent entity Other Comprehensive Income Total Comprehensive Income (Loss) |
31 December 2013 31 December 2012 $ $ 1,848,872 1,328,447 (640,423) (465,030) (83,637) (70,991) (347,363) (279,285) (38) (3) (1,397,868) (1,249,465) (620,457) (736,327) - - (620,457) (736,327) (620,457) (736,327) - - (620,457) (736,327) |
|---|---|
| Basic earnings per share (cents per share) Diluted earnings per share (cents per share) |
(0.1) (0.1) (0.1) (0.1) |
The financial statements should be read in conjunction with the accompanying notes.
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ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2013
| CURRENT ASSETS Cash assets Receivables Other TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant and equipment TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Payables Provisions TOTAL CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Contributed equity Share option reserve Accumulated losses TOTAL EQUITY |
31 December 2013 30 June 2013 $ $ 7,475,786 2,621,072 128,433 401,654 29,786 1,731 7,634,005 3,024,457 321,131 250,891 321,131 250,891 7,955,136 3,275,348 313,450 299,806 260,803 199,776 574,253 499,582 574,253 499,582 7,380,883 2,775,766 37,121,816 31,968,536 399,733 329,062 (30,140,666) (29,521,832) 7,380,883 2,775,766 |
|---|---|
The financial statements should be read in conjunction with the accompanying notes.
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ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2013
| Balance at 1 July 2012 Issued during the year Options expensed for the period Options lapsed for the period Options converted to shares for the period Losses attributable to members of the parent entity Balance at 31 December 2012 |
Contributed Equity Ordinary Shares Options $ $ $ $ 31,808,049 312,892 (27,348,376) 4,772,565 103,500 - - 103,500 - 33,234 - 33,234 - (7,299) 7,299 - 1,048 (1,048) - - - - (736,327) (736,327) Accumulated Losses Total |
|---|---|
| 31,912,597 337,779 (28,077,404) 4,172,972 |
|
| Balance at 1 July 2013 Issued during the year Capital Raising Costs Options expensed for the period Options lapsed for the period Options converted to shares for the period Losses attributable to members of the parent entity |
31,968,536 329,062 (29,521,832) 2,775,766 5,500,000 - - 5,500,000 (346,720) - - (346,720) - 72,295 - 72,295 - (1,624) 1,624 - - - - - - - (620,458) (620,458) |
| Balance at 31 December 2013 | 37,121,816 399,733 (30,140,666) 7,380,883 |
The financial statements should be read in conjunction with the accompanying notes.
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ANTEO DIAGNOSTCS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 31 DECEMBER 2013
| CASH FLOWS FROM OPERATING ACTIVITIES: Receipts from customers Receipt from R&D Tax Incentive Grant receipts |
31 December 2013 31 December 2012 $ $ 216,865 61,895 1,203,659 1,164,415 706,335 - |
|---|---|
| Payments to suppliers and employees | (2,303,889) (2,042,842) |
| Borrowing costs Interest received Net cash (used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Payment for property, plant and equipment Net cash (used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Captial raising costs Proceeds from issues of shares, options, etc. Net cash (used in) provided by financing activities Net increase (decrease) increase in cash held Opening cash brought forward Closing cash carried forward |
(38) (3) 46,426 103,195 (130,642) (713,340) (133,251) (75,972) (133,251) (75,972) (381,393) - 5,500,000 103,500 5,118,607 103,500 4,854,714 (685,812) 2,621,072 4,883,174 7,475,786 4,197,362 |
The financial statements should be read in conjunction with the accompanying notes.
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ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625
NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2013
1. Summary of accounting policies
Basis of Preparation
The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001, AASB 134 Interim Financial Reporting, Australian Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting. The half-year financial report does not include disclosures or notes of the type normally included in an annual financial report and should be read in conjunction with the most recent annual financial report and any other public announcements made during the half-year in accordance with the continuous disclosure requirements arising under the Australian Stock Exchange Listing Rules and the Corporations Act 2001.
The accounting policies set out below have been applied in preparing the financial statements for the half-year ended 31 December 2013.
(a) Going Concern
As at 31 December 2013, the company had cash reserves of $7,475,786 The Board believes that based upon current spending forecasts there is adequate funding to provide for the Company’s requirements to complete its strategic plan and in any case beyond 12 months of operation.
| 2. Loss from Ordinary Activities The loss from ordinary activities before income tax expense has been determined after: Depreciation of non-current assets: Loss on write-off Plant and equipment Total depreciation of non-current assets Borrowing costs: Interest, other persons Movements in provisions: Employee benefits increase / (decrease) Staff Remuneration |
31 December 2013 $ - 50,900 50,900 38 38 61,027 |
31 December 2012 $ 1,388 63,309 |
|---|---|---|
| 64,697 | ||
| 3 | ||
| 3 | ||
| 26,140 | ||
| Salaries Superannuation |
972,469 88,921 |
794,446 69,788 |
| Share Based Payments Other Revenue from ordinary activities Grants Revenue from operating activities R&D Tax Concession Rebate Interest – other corporations |
72,295 1,133,685 431,632 160,862 1,203,659 52,719 1,848,872 |
16,977 |
| 881,211 | ||
| - 63,995 1,164,415 100,037 |
||
| 1,328,447 | ||
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ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625
NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2013
| 3. Operating Lease Commitments Payable: |
31 December 2013 $ |
31 December 2012 $ |
|---|---|---|
| - Not later than one year - Later than one year and not later than five years |
289,844 887,284 |
291,479 1,225,200 |
| Receivable: | 1,177,128 | 1,516,679 |
| - Not later than one year - Later than one year and not later than five years |
58,992 52,423 |
70,666 94,363 |
| 111,415 | 165,029 | |
4. Events Subsequent to Reporting Date
There were no material events subsequent to Balance Date.
5. Options Issued
During the period 10,550,000 options maturing on 15[th] August, 2017 with an exercise price of $0.12 were issued to employees as part of the Anteo Diagnostics Limited Officer, Employee and Consultants Share Option Plan and a value of $49,945 was charged. On 31[st] October, 2013 9,000,000 options maturing on 31[st] October, 2017 with an exercise price of $0.12 were issued to directors in accordance ordinary resolutions of shareholders of the Company and a value of $22,350 was charged.
6. Equity Issued
On 19[th] December 2013 44,000,000 shares were issued at a price of $0.125 each, in accordance with a directors resolution.
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ANTEO DIAGNOSTICS LIMITED AND ITS CONTROLLED ENTITIES ABN 75 070 028 625
DIRECTORS’ DECLARATION
In the opinion of the directors:
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a. the consolidated financial statements and notes of Anteo Diagnostics Limited set out on pages 5 to 10 are in accordance with the Corporations Act 2001, including
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i. giving a true and fair view of its financial position as at 31 December 2013 and of its performance for the half-year ended on that date; and
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ii. complying with Accounting Standard AASB 134 Interim Financial Reporting; and
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b. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
Signed in accordance with a resolution of the directors:
On behalf of the Directors
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............................................... Mark Bouris Chairman
Dated 24[th] February 2014
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Grant Thornton Audit Pty Ltd ACN 130 913 594
Level 18 King George Central 145 Ann Street Brisbane QLD 4000 Correspondence to: GPO Box 1008 Brisbane QLD 4001
T + 61 7 3222 0200 F + 61 7 3222 0444 E [email protected] W www.grantthornton.com.au
Independent Auditor’s Review Report To the Members of Anteo Diagnostics Limited
We have reviewed the accompanying half-year financial report of Anteo Diagnostics Limited (“Company”), which comprises the consolidated financial statements being the statement of financial position as at 31 December 2013, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a statement or description of accounting policies, other explanatory information and the directors’ declaration of the consolidated entity, comprising both the Company and the entities it controlled at the halfyear’s end or from time to time during the half-year.
Directors’ responsibility for the half-year financial report
The directors of Anteo Diagnostics Limited are responsible for the preparation of the halfyear financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such controls as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express a conclusion on the consolidated half-year financial report based on our review. We conducted our review in accordance with the Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Anteo Diagnostics Limited consolidated entity’s financial position as at 31 December 2013 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Anteo Diagnostics Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.
Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.
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A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Independence
In conducting our review, we complied with the independence requirements of the Corporations Act 2001.
Conclusion
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Anteo Diagnostics Limited is not in accordance with the Corporations Act 2001, including:
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a giving a true and fair view of the consolidated entity’s financial position as at 31 December 2013 and of its performance for the half-year ended on that date; and
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b complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001.
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GRANT THORNTON AUDIT PTY LTD Chartered Accountants
==> picture [69 x 49] intentionally omitted <==
M S Bell Partner - Audit & Assurance
Brisbane, 24 February 2014
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Grant Thornton Audit Pty Ltd ABN 91 130 913 594
Level 18 145 Ann Street Brisbane Queensland 4000 GPO Box 1008 Brisbane Queensland 4001
T + 61 7 3222 0200 F + 61 7 3222 0444 E [email protected] W www.grantthornton.com.au
Auditor’s Independence Declaration To The Directors of Anteo Diagnostics Limited
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Anteo Diagnostics Limited for the half-year ended 31 December 2013, I declare that, to the best of my knowledge and belief, there have been:
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a No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
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b No contraventions of any applicable code of professional conduct in relation to the review.
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GRANT THORNTON AUDIT PTY LTD Chartered Accountants
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M S Bell
Partner – Audit & Assurance
Brisbane, 24 February 2014
Grant Thornton Australia Limited ABN 41 127 556 389
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of , and do not obligate one another and are not liable for one another’s acts or omissions in the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.
Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where current scheme applies.