2024 Annual Report

IPERION LIMITED
(Formerly Southern Charter Financial Group Limited)




FOR THE YEAR ENDED 31 MARCH 2024


ANNUAL REPORT

Page 1 Iperion Limited Annual Report 31 March 2024

CONTENTS

DIRECTORS’ REPORT ________________________________________________________________ 2
DIRECTORS' RESPONSIBILITY STATEMENT ________________________________________________ 4
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME _______________________ 5
STATEMENT OF FINANCIAL POSITION ___________________________________________________ 6
STATEMENT OF CHANGES IN EQUITY ____________________________________________________ 7
STATEMENT OF CASH FLOWS __________________________________________________________ 8
NOTES TO THE FINANCIAL STATEMENTS _________________________________________________ 9
INDEPENDENT AUDITOR’S REPORT ____________________________________________________ 23
CORPORATE GOVERNANCE STATEMENT ________________________________________________ 25
ADDITIONAL INFORMATION _________________________________________________________ 29
BUSINESS DIRECTORY ______________________________________________________________ 33

IPERION Limited (Formerly Southern Charter Financial Group Limited)
Page 2 Iperion Limited Annual Report 31 March 2024
DIRECTORS’ REPORT

Dear Shareholders

The Directors of Iperion Limited, formerly Southern Charter Financial Group Limited, (“the Company”
or “Iperion”) are pleased to report its financial results for the year ended 31 March 2024.

Financial Results
The Company reported a net loss attributable to shareholders of $822,259 for the year. This compares
with a net loss attributable to shareholders of $280,107 for the previous year.

A significant part of the cost for the year related to the establishment and operation of the outsourced
pilot manufacturing plant. The manufacturing plant expense for the year was $500,000, of which
$100,000 was for the establishment of the facility, with the balance of $400,000 being the fixed annual
facility and operating fees.

Administrative expenses for the year were $354,372 increasing by $48,175 on the prior year. The
expenses consist mostly of regulatory compliance costs but increased during the year to include
expenditure on oversight of the manufacturing plant and in commencing product marketing activities.

Operations
Since completing the setup of the manufacturing facility approximately halfway through the year, the
operations have been focused on completing production trials to validate the base product’s
manufacturing process and also to obtain necessary certifications for the facility and products.

Product Development – Pathoglaze®
Iperion has registered the trademark name Pathoglaze for products using the licensed antimicrobial
compound. The base product compound will be sold as Pathoglaze Hyperion.

There was no sales income for the year. However, most of the plant operations, particularly in the
second half of the year, had been on undertaking development and trials applying Pathoglaze in
various applications. This work was undertaken predominantly in response to and in collaboration with
a number of large multinational commercial customers interested in applying Pathoglaze in their
product manufacturing processes. As result of the development undertaken the possible applications
for Pathoglaze have significantly expanded from our initial expectations for the product to mainly be
used as a coating on glass and other surfaces.

IPERION Limited (Formerly Southern Charter Financial Group Limited)
Page 3 Iperion Limited Annual Report 31 March 2024

The possible applications of the Pathoglaze antimicrobial product now also includes; antimicrobial
coatings for furniture and egg cartons, kitchen chopping boards, applied to textiles to make odor
combating clothing, or mixed in plastics used in the automotive industry or in food containers to make
them antimicrobial and as a coating on curtains to reduce microbes in hospitals.

License agreement
Iperion has the exclusive world wide licence for Pathoglaze. In recognition of the collaborative efforts
undertaken between the inventor of Pathoglaze and Iperion in the establishment of the pilot
manufacturing facility and the ongoing product development, agreement was reached to extend the
minimum performance targets under the license agreement by a year. In accordance with the
variation, Iperion is to secure 5 customers for Pathoglaze with a total top line revenue of no less than
SGD150,000 for the 12 months ending 30 September 2025, increasing to SGD1,000,000 by 30
September 2026.

Future Growth Strategy
The Company remains in a good position with sufficient cash resource to carry it through the next 12
months. Having completed various product trials the focus of the company is on marketing activities
and converting the product trials undertaken with potential customers into long term sales
agreements.

On behalf of the Directors of Iperion the Company extends its thanks to the shareholders for their
support of the Company.

IPERION Limited (Formerly Southern Charter Financial Group Limited)
Page 4 Iperion Limited Annual Report 31 March 2024
DIRECTORS' RESPONSIBILITY STATEMENT

The Directors of Iperion Limited are pleased to present to shareholders the financial statements for
Iperion Limited for the year ended 31 March 2024.
The Directors are responsible for presenting financial statements in accordance with New Zealand law
and generally accepted accounting practice, which give a true and fair view of the financial position of
the Company as at 31 March 2024 and the results of its operations and cash flows for the year ended
on that date.
The Directors consider the financial statements of the Company have been prepared using accounting
policies which have been consistently applied and supported by reasonable judgements and estimates
and that all relevant financial reporting and accounting standards have been followed.
The Directors believe that proper accounting records have been kept which enable with reasonable
accuracy, the determination of the financial position of the Company and facilitate compliance of the
financial statements with the Financial Reporting Act 2013.
The Directors consider that they have taken adequate steps to safeguard the assets of the Company,
and to prevent and detect fraud and other irregularities. Internal control procedures are also
considered to be sufficient to provide a reasonable assurance as to the integrity and reliability of the
financial statements.
The Financial Statements are signed on behalf of the Board by:



Director: Bruce Dunlop Director: John Cilliers

28 June 2024

IPERION Limited (Formerly Southern Charter Financial Group Limited)
Page 5 Iperion Limited Annual Report 31 March 2024
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME






The accompanying notes form part of these financial statements
For the year ended 31 March 2024
YearYear
20242023
Notes$$
Outsourced manufacturing plant expenses2(500,000) -
Interest Income - financial asset at amortised cost41,396 26,121
Administrative expenses3(354,372) (306,197)
Depreciation, amortisation and impairment9(9,283) -
(822,259) (280,076)
Finance costs- (31)
Loss before income tax(822,259) (280,107)
Income tax expense4- -
Net loss for the period attributable to shareholders(822,259) (280,107)
Other comprehensive income- -
(822,259) (280,107)
Earnings per share:centscents
Basic and diluted loss per share6(0.1597) (0.0544)
Loss before interest and tax
Total comprehensive loss for the period attributable to shareholders

IPERION Limited (Formerly Southern Charter Financial Group Limited)
Page 6 Iperion Limited Annual Report 31 March 2024
STATEMENT OF FINANCIAL POSITION


For and on behalf of the Board of Directors, dated 28 June 2024


Director: Bruce Dunlop Director: John Cilliers

The accompanying notes form part of these financial statements
As at 31 March 2024
YearYear
20242023
Notes$$
Assets
Current assets
Cash and cash equivalents7168,647 382,113
Term Deposit7697,834 1,218,488
Prepaid production expenses1- 100,000
GST receivable- 11,391
Income tax receivable (RWT)12,030 5,766
878,511 1,717,758
Non-current assets
NZX Deposit820,000 20,000
20,000 20,000
Total assets898,511 1,737,758
Equity and liabilities
Current liabilities
Trade and other payables1093,105 111,418
GST payable1,325 -
Total liabilities94,430 111,418
Equity
Issued capital55,672,856 5,672,856
Accumulated loss(4,868,775) (4,046,516)
Total equity804,081 1,626,340
Total equity and liabilities898,511 1,737,758

IPERION Limited (Formerly Southern Charter Financial Group Limited)
Page 7 Iperion Limited Annual Report 31 March 2024
STATEMENT OF CHANGES IN EQUITY



The accompanying notes form part of these financial statements


For the year ended 31 March 2024
Issued
capital
Accumulated
Loss
Total equity
$$$
As at 1 April 20235,672,856 (4,046,516) 1,626,340
Loss for the year- (822,259) (822,259)
Total comprehensive income- (822,259) (822,259)
At 31 March 20245,672,856 (4,868,775) 804,081
As at 1 April 20225,672,856 (3,766,409) 1,906,447
Loss for the year- (280,107) (280,107)
Total comprehensive income- (280,107) (280,107)
At 31 March 20235,672,856 (4,046,516) 1,626,340

IPERION Limited (Formerly Southern Charter Financial Group Limited)
Page 8 Iperion Limited Annual Report 31 March 2024
STATEMENT OF CASH FLOWS




The accompanying notes form part of these financial statements







For the year ended 31 March 2024
Year
Year
2024
2023
Notes
$
$
Operating activities
41,479


22,265


Payments to suppliers
(782,103)


(444,164)


Interest paid
-


(31)


Net GST refunds received
22,134


17,153


Income tax paid
(12,030)


(5,766)


Income tax refund received
5,766


2,718


Net cash flows from operating activities
11
(724,754)


(407,825)


Investing activities
Purchase of intangible assets
9
(9,283)


-


520,571


768,189


Net cash flows from investing activities
511,288


768,189


Net increase / (decrease) in cash and cash equivalents
(213,466)


360,364


Cash and cash equivalents at beginning of year
382,113


21,749


Cash and cash equivalents at end of year
7
168,647


382,113


Interest received
Cash received from maturity of term deposit

Page 9 Iperion Limited Annual Report 31 March 2024
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF ACCOUNTING POLICIES
Reporting entity and statement of compliance
These financial statements and notes represent those of Iperion Limited (the “Company” or “Iperion”), formerly
Southern Charter Financial Group Limited.
Iperion Limited is a limited liability company incorporated and domiciled in New Zealand. It is registered under
the Companies Act 1993. Iperion is listed on the NZX Main Board (“NZSX”). Iperion is a FMC reporting entity
under Part 7 of the Financial Markets Conduct Act 2013 and its financial statements have been prepared in
accordance with the Companies Act 1993, The Financial Reporting Act 2013 and the Financial Markets Conduct
Act 2013 and the NZX Main Board Listing Rules.
As at 31 March 2024 the Company had completed establishment of an outsourced manufacturing facility for the
production and commercialisation of antimicrobial compounds and is commencing with marketing of the
product.
The registered office and principal place of business are disclosed in the directory to the annual report.
Basis of preparation
The financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New
Zealand (NZ GAAP). The company is a for-profit entity for the purposes of complying with NZ GAAP. The financial
statements comply with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) and
International Financial Reporting Standards (IFRS).
The information is presented in New Zealand dollars which is the Company’s functional currency and
presentation currency and is rounded to the nearest dollar.
Measurement base
The accounting principles adopted are those recognised as appropriate for the measurement and reporting of
financial performance and financial position on the historical cost basis.
Use of estimates and judgements
The preparation of financial statements in conformity with NZ IFRS requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses.
The estimates and associated assumptions are based on historical experience and various other factors that are
believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates
and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the year in which the estimates are revised and in any future periods affected.

Page 10 Iperion Limited Annual Report 31 March 2024
Prepaid Production Expenses
Prepaid production expenses in the prior year related to an outsourced production agreement entered into on 20
January 2024, for the production of antimicrobial coatings and associated operational services. As at 31 March
2023 the Company had pre-paid an initial $100,000 in relation to the fee for services to be provided in the
upcoming year, for the facility setup and completion of related licenses and permits. At 31 March 2023, activities
required for the setup of the pilot manufacturing facility had only just commenced and the full amount of the
payment was therefore determined to be a prepayment.
The prepaid expense has been expensed and recognised as part of the outsourced manufacturing plant expenses
for 2024 in the Statement of Profit and Loss.

Deferred Tax Asset
A deferred tax asset of $458,187 (2023: $209,876) has not been recognized in the Statement of Financial Position
(note 4). The operations of the antimicrobial manufacturing operations are still in the startup stage and
production and sales activities have not commenced. As such uncertainty remains that taxable profit will be
available against which the deductible temporary differences and carry-forward of unused tax losses can be
utilised. Deferred tax asset will only be recognised when the Company commences business activities that
provide a taxable profit.

Impairment of Trademarks
The Company has registered a trademark in New Zealand and registration in other countries continues. The
trademark registration period ends in 2033 and can be renewed at the end of each registration period. The
trademark is an indefinite life intangible. The Company is yet to commence sales of the products related to the
trademark and as such future cash flows cannot be forecasted reliably. Neither can the recoverable value of the
intangible asset given the unique nature of the product and its novelty to the market. As such management have
determined that the recoverable value of the trademark at 31 March 2024 is $nil and that it be fully impaired
(note 9).

Other than Going Concern (note 16), there were no other significant judgements and estimates in 2023 or 2024.

Specific accounting policies
The following specific accounting policies, which materially affect the measurement of financial performance and
financial position, have been applied.
a) Goods and services tax
All amounts are shown exclusive of Goods and Services Tax (GST), except for receivables and payables that are
stated inclusive of GST.

Page 11 Iperion Limited Annual Report 31 March 2024
b) Adoption of new and revised standards
Changes in accounting policies
Definition of Accounting Estimates (Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates
and Errors)
The amendments to IAS 8, which added the definition of accounting estimates, clarify that the effects of a change
in an input or measurement technique are changes in accounting estimates, unless resulting from the correction
of prior period errors. These amendments clarify how entities make the distinction between changes in
accounting estimate, changes in accounting policy and prior period errors.
These amendments had no effect on the financial statements of the Company.
There are no NZ IFRS, NZ IFRIC interpretations or other applicable IFRS Accounting Standards that are effective for
the first time for the financial year beginning on or after 1 April 2023 that had a material impact on the financial
statements.
New NZ IFRS Standards and Interpretations Issued but not yet adopted.
There are a number of standards, amendments to standards, and interpretations which have been issued that are
effective for the year ended 31 March 2024. These amendments have no effect on the measurement or
presentation of any items in the consolidated financial statements of the Company but affect the disclosure of
accounting policies of the Company.
The Company has not adopted, and currently does not anticipate adopting, any standards prior to their effective
dates including NZ IFRS 18 Presentation and Disclosure of Financial Statements that is effective 1 January 2027.
The Company is still assessing the impact of this new standard.
2. OUTSOURCED MANUFACTURING PLANT EXPENSES

The outsourced manufacturing plant expense consists of a fixed annual fee of $400,000 paid quarterly in advance
covering the rent and fixed costs of the fully equipped facility. The 2024 value includes a $100,000 for the initial
setup cost of the facility which was included in prepaid production expenses in the statement of financial position
at 31 March 2023.
20242023
$$
Outsourced manufacturi ng pl ant expenses500,000 -

Page 12 Iperion Limited Annual Report 31 March 2024
3. ADMINISTRATION EXPENSES BY NATURE

The operating expenses generally relate to the cost associated with being a listed entity. Travel and
accommodation expenses for the current year were in relation to negotiation and due diligence on businesses
considered for acquisition.
*There were no other services provided to the Company by BDO Auckland.

4. TAXATION

20242023
$$
Fees pai d to BDO Auckl and* - statutory audi t35,000 20,400
Fees pai d to BDO Auckl and* - statutory audi t pri or year13,150 -
Contractors1349,360 39,055
Di rectors' fees13156,000 156,000
Sal es and marketi ng20,500 -
Travel and accommodati on30,455 12,847
Legal Fees5,920 41,509
NZX Li sti ng and regi stry costs38,539 33,478
Other5,448 2,908
354,372 306,197
20242023
$$
Income tax benefit
Current tax
Current tax on l oss for the year(230,233) (78,430)
Total current tax benefi t(230,233) (78,430)
Deferred income tax
Increase i n deferred tax assets [not yet recogni sed]230,233 78,430
Total deferred tax benefit230,233 78,430
Income tax benefit- -

Page 13 Iperion Limited Annual Report 31 March 2024
Numerical reconciliation of income tax expense to prima facie tax payable

Deferred tax asset
Company Losses to carry forward as at 31 March 2024 are $1,636,383 (2023: $749,558).
The deferred tax asset of $458,187 (2023: $209,876), resulting from carry forward tax losses, will only be
recognised when the Company commences business activities that provide a taxable profit (note 1).

Accounting policy: Taxation
The income tax expense or benefit for the period is the tax payable on the current period’s taxable income
adjusted by changes in deferred tax assets and liabilities attributed to temporary differences between the tax
base of assets and liabilities and their carrying amounts in the financial statements.
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities based on the current period’s taxable income. The tax rates and laws used to compute the
amount are those that are enacted or substantively enacted at reporting date.
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the
statement of financial position differs from its tax base, except for differences arising on:
- The initial recognition of an asset or liability in a transaction which is not a business combination and at the
time of the transaction affects neither accounting or taxable profit, and
- Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be
available against which the difference can be utilised.
The income tax expense or revenue attributable to amounts recognised directly in equity are also recognised
directly in equity.

20242023
$$
Loss before tax(822,259) (280,107)
Pri ma faci e i ncome tax at 28%(230,233) (78,430)
Subtotal(230,233) (78,430)
Tax l osses not recogni sed230,233 78,430
Income tax benefit- -
Tax losses carried forward.20242023
$$
Openi ng bal ance749,558 469,451
Thi s Year822,259 280,107
Pri or year adjustment64,564 -
Cl osi ng bal ance1,636,381 749,558

Page 14 Iperion Limited Annual Report 31 March 2024
5. SHARE CAPITAL
Share Capital

All ordinary shares have been fully paid and have equal voting and dividend rights. The shares have no par value.
No shares were issued or repurchased in the current or comparative years.
The Company’s capital is managed with the objectives of maintaining adequate working capital so that all
obligations can be met on time. All components of equity are regarded as “capital”. The company is not subject to
any externally imposed capital requirements.
Accounting policy: Share capital
Ordinary shares are classified as equity. Direct costs of issuing shares are deducted from the proceeds of the
issue.

6. EARNINGS PER SHARE
Earnings per share
At 31 March 2024 there were 514,894,500 shares on issue (2023: 514,894,500).

The Company does not currently have any dilutive interests.
Accounting policy: Earnings per share
The company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is
calculated by dividing the profit or loss attributable to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the year, adjusted for own shares held.
Diluted earnings/(loss) per share is determined by adjusting the profit or loss attributable to ordinary
shareholders and the weighted average number of ordinary shares outstanding, for the effects of all dilutive
potential ordinary shares.
Number of
Shares
Value in $
Balance at 31 March 2024514,894,500 5,672,856
Balance at 31 March 2023514,894,500 5,672,856
20242023
Total comprehensi ve l oss for the year[ $ ]($822,259)($280,107)
Wei ghted average number of shares514,894,500 514,894,500
Basi c l oss per share [ cents ](0.1597) (0.0544)
Di l uted average shares on i ssue514,894,500 514,894,500
Di l uted l oss per share[ cents ](0.1597) (0.0544)

Page 15 Iperion Limited Annual Report 31 March 2024
Net tangible assets
Net tangible assets per share is a non-GAAP measure that is required to be disclosed by the NZX Listing Rules.
The calculation of the net tangible assets per share and its reconciliation to the consolidated balance sheet is
presented below:


7. CASH AND TERM DEPOSITS
Cash and cash equivalents

Accounting policy: Cash and cash equivalents
For the purpose of the statement of cash flows, cash includes cash on hand, bank overdrafts, deposits at call and
short term highly liquid deposits with maturities of three months or less.

Term deposit

The Term Deposit is not included in cash and cash equivalents as it has maturity dates longer than three months.
The Term Deposit earns interest at 4.2% p.a. (2023: 3.8%) and matures on 7 April 2024.
20242023
Total Assets898,511 1,737,758
Less:
Total Li abi l i ti es(94,430) (111,418)
Net Tangi bl e Assets[ $ ]804,081 1,626,340
Shares on i ssue514,894,500 514,894,500
Net Tangi bl e Asset per share[ cents ]0.1562 0.3159
20242023
$$
Cash and cash equi val ents168,647 382,113
20242023
$$
Term deposi ts at bank691,074 1,211,811
Interest recei vabl e on term deposi t6,760 6,677
Term deposi t697,834 1,218,488

Page 16 Iperion Limited Annual Report 31 March 2024
8. OTHER RECEIVABLES

The deposit bond held at NZX is provided as security for all amounts payable to the NZX by the Company as an
Issuer and is provided in accordance with NZX Listing Rule 1.23.
Accounting policy: Other receivables
Other receivables are recognised initially at fair value and subsequently measured at amortised cost. The carrying
amount of the asset is reduced through the use of provision accounts, and the amount of the loss is recognised in
the statement of comprehensive income within ‘Administration expenses’.


9. INTANGIBLE ASSETS

Accounting policy: Trademarks and Impairment
Trademarks are carried at original cost incurred at the date of acquisition. The trademarks represents the costs
incurred on the registration of the trade name Pathoglaze. The trademark has an indefinite life and is not
amortised. Instead, the trademark is tested for impairment annually or more frequently if events or changes in
circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses.
An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use.

20242023
$$
Non Current:
Bond hel d at NZX20,000 20,000
20242023
$$
Trademarks
Openi ng net book val ue- -
Addi ti ons9,283 -
Impai rment l oss1(9,283) -
Cl osi ng net book val ue- -

Page 17 Iperion Limited Annual Report 31 March 2024
10. TRADE AND OTHER PAYABLES


Accounting policy: Trade and other payables
Trade and other payables are initially recognised at fair value net of directly attributable transaction costs and
thereafter carried at amortised cost and due to their short term nature they are not discounted. They represent
liabilities for goods and services provided to the Company by suppliers in the ordinary course of business prior to
the end of the financial year that are unpaid and arise when the Company become obliged to make future
payments in respect of the purchase of these goods and services. The amounts are unsecured and are usually
paid within normal business trading terms.


11. RECONCILIATION OF OPERATING CASHFLOW AND REPORTED LOSS


20242023
$$
Current:
Trade payabl es1,250 18,563
Accrued expenses35,000 20,000
Rel ated party payabl es1356,855 72,855
93,105 111,418
20242023
$$
Net l os s for the year(822,259) (280,107)
Add/(less) non cash items
Depreci ati on, amorti s ati on and i mpai rment9,283 -
Accrued i nteres t83 (3,856)
Changes in assets and liabilities
(Increas e)/decreas e i n GST recei vabl e12,716 (3,343)
Increas e i n current tax as s et(6,264) (3,048)
Decreas e i n trade and other payabl es(18,313) (17,471)
(Increas e)/decreas e i n prepayments100,000 (100,000)
Net cas h fl ows from operati ng acti vi ti es(724,754) (407,825)

Page 18 Iperion Limited Annual Report 31 March 2024
12. FINANCIAL INSTRUMENTS
The Company has entered into a number of non-derivative financial instruments all of which are classified as
financial assets and liabilities at amortised cost. The carrying values of these items approximate their fair value.
They are listed as follows:

All financial instruments are classified as current and have maturity dates of less than twelve months, other than
the NZX deposit which is repayable on delisting of Iperion from NZX main board.
The Company is subject to a number of financial risks.
Credit risk: Financial instruments that potentially subject the Company to credit risk are bank balances and short
term deposits. The maximum exposure to credit risk at reporting date is the value of the instruments as stated in
the Statement of Financial Position. The Company only places cash on deposit with Westpac Bank which has a
Standard & Poor’s credit rating of AA- rating.
Liquidity risk: Liquidity risk represents the company's ability to meet its contractual obligations as they fall due.
As at 31 March 2024, all financial liabilities have a contractual maturity of less than 3 months. Liquidity risk was
substantially eliminated by the cash and cash equivalents and term deposit balance of $866,481 (2023:
$1,600,601) in total. The Board regularly reviews its liquidity position by examining future cash requirements.
Currency risk: The Company has no exposure to foreign exchange risk.
Interest rate risk: Interest rate risk is the risk of loss to the Company arising from adverse changes in interest
rates. Cash and short term deposits are subject to interest rate risk. Changes to interest rates can impact the
Company’s financial results by affecting the interest earned or payable on these assets and liabilities. There is
minimal interest rate risk.


20242023
$$
Financial assets at amortised cost
Cas h and cas h equi val ents168,647 382,113
Term depos i t and i nteres t accrued697,834 1,218,488
NZX depos i t20,000 20,000
Total Financial assets886,481 1,620,601
Financial liabilities at amortised cost
Trade payabl es and other l i abi l i ti es36,250 38,563
Rel ated party payabl es56,855 72,855
Total financial liabilities93,105 111,418
Interest rate sensitivity analysis
IncreaseDecreaseIncreaseDecrease
$$$$
Effect of a 5% change i n the bank deposi t i nterest rate34,554 (34,554) 34,554 (34,554)
EquityProfit or loss

Page 19 Iperion Limited Annual Report 31 March 2024
Accounting policy: Financial instruments
Financial instruments recognised in the statement of financial position include cash balances, term deposits,
receivables and payables. The Company has no financial instruments that are not reported in the Statement of
Financial Position.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual
provisions of the financial instruments.
A financial asset is derecognised when the contractual rights to cash flows from the financial asset expire, or
when the financial asset and all subsequent risks and rewards are transferred. A financial liability is derecognised
when it is extinguished, discharged, cancelled or expires.
Impairment of financial assets
The Company recognises a loss allowance for expected credit losses on receivables. The amount of expected
credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the
respective financial instrument.
The Company recognises lifetime expected credit losses (‘ECL’) for receivables. The expected credit losses on
these financial assets are estimated using a provision matrix based on the Company’s historical credit loss
experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment
of both the current as well as the forecast direction of conditions at the reporting date, including time value of
money where appropriate.
Lifetime ECL represents the expected credit losses that will result from all possible default events over the
expected life of a financial instrument.
The Company recognises an impairment loss in profit or loss for all financial instruments with a corresponding
adjustment to their carrying amount. The carrying amount of the financial asset is reduced by the impairment
loss directly for all financial assets. Changes in the carrying amount of the allowance account are recognised in
profit or loss.
The Company writes off a financial asset when there is information indicating that there is no reasonable
expectation of recovery. For example, when the debtor has been placed under liquidation or has entered into
bankruptcy proceedings, or in the case of trade receivables, when the amounts are over one year past due,
whichever occurs sooner. Financial assets written off may still be subject to enforcement activities under the
Company’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are
recognised in profit or loss.

Page 20 Iperion Limited Annual Report 31 March 2024
13. RELATED PARTY TRANSACTIONS AND BALANCES
Remuneration
The directors are considered to be the key management personnel of the Company.
The following table provides the compensation for key management personnel and directors.

Related party trade and other payables

$100,000 was received during 2019 from Mr Chang Ku EE to cover the compliance costs associated with the
change in the majority shareholder from Golden Tower New Zealand Limited to Mr EE. Actual costs were less
than the payment received. The remaining balance of $56,855 is payable on demand, is unsecured and is
included in trade and other payables (note 10). The related party trade and other payables are interest free.
Transactions: 2024
There were no transactions with related parties during the year, other than compensation paid to directors or
their nominees, as disclosed above.
Transactions: 2023
There were no transactions with related parties during the year, other than compensation paid to directors as
disclosed above.
20242023
$$
Management and professi onal servi ces fees49,360 39,055
Di rectors' fees156,000 156,000
205,360 195,055
20242023
$$
Accrued management and professional service fees:
Kuan Chong NG- 3,000
Accrued directors fees:
Chang Ku EE- 4,000
Kuan Chong NG- 3,000
John Ci l l i ers- 3,000
Bruce Dunl op- 3,000
Payables for balance of funds received for shareholder transaction costs:
Chang Ku EE56,855 56,855
56,855 72,855

Page 21 Iperion Limited Annual Report 31 March 2024
14. SEGMENT INFORMATION
As at 31 March 2024, the company is organised into one operating segment and one geographical segment in
New Zealand. The Operating segments are reported in a manner consistent with the internal reporting provided
to the chief operating decision maker. The chief operating decision maker is the Board of Directors.
15. COMMITMENTS AND CONTINGENT LIABILITIES
The antimicrobial license agreement contains minimum performance targets that set minimum royalty of 2.1% to
be paid on revenue of SGD $150,000 by 30 September 2025 and 2.1% on revenue of SGD $1m annually from 30
September 2026. The maximum contingent liability arising in the event that no revenue has been earned by 30
September 2025 is approximately $3,780 and $25,200 on 30 September 2026.
In accordance with the terms of the Pilot Outsourcing Agreement entered on 20 January 2024 for the
commercialization of antimicrobial coatings, the Company will pay fixed fees of NZD$400,000 per annum towards
the setup of the facility, engagement of core personnel and subsequent services, as well as commission of 30% on
gross profit. Invoices under the Pilot Outsourcing Agreement are payable in 30-day instalments. However, the
Company has the ability to terminate the Pilot Outsourcing Agreement at any time, with prior notice to the
Licensor, with no break fees.
There were no other capital commitments or contingent liabilities at 31 March 2024 (2023: $nil).
16. GOING CONCERN
The Directors have concluded that the basis of preparation of the financial statements on a going concern basis is
appropriate.
The Company reported a loss of $822,259 from continuing operations for the year ended 31 March 2024. As at 31
March 2024 the Company reported a net total equity position of $804,081. The current assets of $878,511, which
include cash and term deposits of $866,481.
The Company is party to a Pilot Outsourcing Agreement as part of Iperion’s strategy for the commercialisation of
the rights granted under the license agreement to manufacture and supply a self-cleaning, antimicrobial, surface
coating product. In accordance with the terms of the agreement, the Company will pay fixed fees of
NZD$400,000 per annum towards the rent and operation of the facility as well as commission of 30% on gross
sales. Invoices under the Pilot Outsourcing Agreement are payable in 30-day instalments. Under the terms of the
license agreement is a commitment for Iperion to achieve revenue of SGP$150,000 by September 2025 and in
the event this is not achieved, there is a risk that if the license term is not extended or amended, that the license
is lost. Iperion has the ability to terminate the Pilot Outsourcing Agreement at any time, with prior notice to the
Licensor, with no break fees.
Based on approved base case forecasts with no sales, the Company has sufficient cash reserves to cover the costs
under the Outsourcing Agreement over the next 12 months. The production processes are new and the product
is new to the market and therefore uncertainty remains on the sales margins and volumes the product will
achieve. The Company can manage known expenditure within the current cash reserves as the agreement can be
terminated if the sales and profitability objectives for the product do not look likely to be sufficient to move the
Company into a profit position.

Page 22 Iperion Limited Annual Report 31 March 2024
However, if unplanned costs are incurred, sales do not eventuate or the agreement is not terminated in sufficient
time to manage cash flow, there is a risk that the business does not have sufficient funds to meet obligations as
and when they fall due. The factors represent a material uncertainty that may cast doubt on the entity’s ability to
continue as a going concern. If the entity is unable to continue as a going concern, the consequence is that
Iperion may be unable to realise its assets and discharge its liabilities in the normal course of business.
17. SIGNIFICANT EVENTS AFTER REPORTING DATE
Subsequent to the reporting date, the Company successfully completed registration of its product trademark
“Pathoglaze®” in New Zealand, Australia and China.
There were no other significant events subsequent to 31 March 2024.

Page 23


BDO Auckland

INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF IPERION LIMITED
Opinion

We have audited the financial statements of Iperion Limited (“the Company”), which comprise the
statement of financial position as at 31 March 2024, and the statement of profit or loss and other
comprehensive income, statement of changes in equity and statement of cash flows for the year then
ended, and notes to the financial statements, including material accounting policy information.

In our opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of the Company as at 31 March 2024, and its financial performance and its cash flows
for the year then ended in accordance with New Zealand equivalents to International Financial Reporting
Standards (“NZ IFRS”) and IFRS
®
Accounting Standards.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (New Zealand) (“ISAs
(NZ)”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities
for the Audit of the Financial Statements section of our report. We are independent of the Company in
accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance
Practitioners (including International Independence Standards) (New Zealand) issued by the New
Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities
in accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.

Other than in our capacity as auditor we have no relationship with, or interests in, the Company.

Material Uncertainty Related to Going Concern

We draw attention to Note 16 of the financial statements, which indicates that the Company incurred a
loss of $822,259 during the year ended 31 March 2024 and, as of that date, the Company’s reported a
total equity position of $804,081. The current assets of $878,511 include cash and term deposits of
$859,721. The Company is party to a Pilot Outsourcing Agreement as part of the Company’s strategy for
the commercialisation of the rights granted under the license agreement to manufacture and supply a
self-cleaning, antimicrobial, surface coating product. As at date, the Company has not yet entered into
product sales contracts and uncertainty remains on the sales margins and volumes the product will
achieve. As stated in Note 16, these events or conditions, along with other matters as set forth in Note
16, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to
continue as a going concern. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the context
of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.

We have determined that other than the material uncertainty related to going concern there are no key
audit matters to communicate in our report.

Other Information

The directors are responsible for the other information. The other information comprises the Annual
Report but does not include the financial statements and our auditor’s report thereon.

Page 24


BDO Auckland


Our opinion on the financial statements does not cover the other information and we do not express any
form of audit opinion or assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements 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.

Directors’ Responsibilities for the Financial Statements

The directors are responsible on behalf of the Company for the preparation and fair presentation of the
financial statements in accordance with NZ IFRS and IFRS Accounting Standards, and for such internal
control as the directors determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible on behalf of the Company for
assessing the Company’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 Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
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 ISAs (NZ) 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 decisions of users taken on the basis of
these financial statements.

A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board’s website at: https://www.xrb.govt.nz/assurance-standards/auditors-
responsibilities/audit-report-2/.

This description forms part of our auditor’s report.

Who we Report to

This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.

The engagement partner on the audit resulting in this independent auditor’s report is Richard Croucher.





BDO Auckland
New Zealand
28 June 2024

Page 25 Iperion Limited Annual Report 31 March 2024
CORPORATE GOVERNANCE STATEMENT
The Board of Directors (“Board”) of Iperion (“IPR”) recognize the need for strong corporate governance practices
and has adopted a comprehensive corporate governance code. The code is based on the recommendations set
out in the NZX Corporate Governance Code and the requirements of the NZX Main Board Listing Rules. The
Company’s website is currently under construction; but in the interim copies of key documents referred to in this
section can be requested by emailing john.cilliers@outlook.co.nz. The information contained in this section is
current as at 28 June 2024 and has been approved by the Board. The key documents within the code were last
reviewed effective June 2024 and a summary statement of the key documents is as follows:
Code of Ethics and Financial Products Trading Policy
Iperion has adopted policies that are designed to formalise its commitment to the highest standards of ethical
conduct and to provide all Directors and representatives with clear guidance on those standards. These are
governed by the Code of Ethics and also the Financial Products Trading Policy.
The Code of Ethics details the ethical and professional behavioural standards required of the Directors and all
employees.
The Financial Products Trading Policy details the procedure whereby Iperion Directors and employees may trade
in the Company’s shares. Directors and employees may not trade in Iperion shares when they have price sensitive
information that is not publicly available. In addition, except where the Directors have the permission of the
Board, the Directors may trade in the Company’s shares only during specified trading windows.
The Company maintains an interests register in which the particulars of certain transactions and matters involving
Directors must be recorded. Details of all matters entered into the register by individual Directors are outlined in
Note 12 of the Financial Statements.
Governance Code
The Board has adopted a Governance Code that sets out the roles and responsibilities of the Board and
distinguishes between the role and responsibilities of the Board and Management. Board's role is to direct the
Company and enhance its value for Shareholders in accordance with good governance principles. The Board
recognises that the quality with which it performs its functions is an integral part of the performance of the
Company and that there is a strong link between good governance and performance.
Role and Composition of the Board
Iperion retains a Board of Directors which aims to ensure that shareholders’ interests are held paramount. The
Board is responsible for the direction and control of Iperion and is accountable to shareholders and others for the
Company’s performance and compliance with the appropriate laws and standards. A key responsibility of the
Board is to monitor the performance of management on an ongoing basis.
The Company’s Constitution requires a minimum of three Directors with a maximum of seven. At least two of the
Directors must be ordinarily resident in New Zealand. The composition of the Board must include a minimum of
two Independent Directors. The Board elects a Chairman whose primary responsibility is the efficient functioning
of the Board. The Board is currently made up of four Directors and the Board considers that two Directors are
independent in terms of the New Zealand Exchange requirements.

Page 26 Iperion Limited Annual Report 31 March 2024
Independent Directors
• Bruce Dunlop
• John Cilliers
Director
• Chang Ku EE (Chairman)
• Kuan Chong NG

Board meetings
The Board met regularly during the year. The Board is provided with accurate timely information on all aspects of
the Company’s operations. The Board is kept informed of key risks to the Company on a continuing basis. In
addition, the Board meets whenever necessary to deal with specific matters needing attention between the
scheduled meetings.
The table below shows director attendance at board meetings during the year ended 31 March 2024:
Chang Ku EE (Chairman) -
Kuan Chong NG 17
John Cilliers 16
Bruce Dunlop 17
Diversity Policy
Iperion believes that diversity and inclusion contribute to competitive advantage and sustainable business
success which is reflected in the Companies Diversity Policy. Iperion is committed to an inclusive workplace that
fosters and promotes workplace diversity at all levels. This provides the capacity to view problems and
opportunities from many different perspectives.
Board diversity table as at 31 March 2024:
4 male directors
0 female directors
0 gender diverse directors
0 male officers
0 female officers
0 gender diverse officers
The Board believes that the current makeup of the Board is appropriate at this time.
Board Committees – Audit Finance and Risk Committee
The Board has overall responsibility for the Company’s system of risk management and internal control. The
Board has established a Committee known as the Audit, Finance and Risk Committee. The primary purpose of the
Audit, Finance and Risk Committee is to assist the Board of Iperion in fulfilling its responsibilities relating to the
company’s management systems, accounting and reporting, external and internal audit, finance and risk
management activities. The Committee comprises John Cilliers (Chairman of Committee), Bruce Dunlop and KC
Ng. Meetings are held not less than twice a year having regard to the Company’s reporting and audit cycle.

Page 27 Iperion Limited Annual Report 31 March 2024
Management tools used by Iperion include the audit committee function, outsourcing of certain functions to
experts, internal controls, financial and compliance reporting procedures and processes, business continuity
planning and insurance.
Other Committees
Due to the importance of Nomination and Remuneration matters these are addressed by the Board as a whole
and consequently there is no separate Nomination or Remuneration Committee at this time.
Continuous Disclosure
Iperion’s Market Disclosure Policy sets out the Company’s arrangements to ensure material information is
identified, reported, assessed and, where required, disclosed to the market in a timely manner. Iperion is
committed to ensuring the timely disclosure of material information about the Company to ensuring that the
Company complies with the NZX Main Board Listing Rules.
Remuneration Policy
Iperion’s Remuneration Policy is included in its Remuneration, Nomination and Health & Safety Committee
Charter which sets out the principles which apply to the remuneration of the Board and employees. Details of
individual director remuneration are outlined on page 30 and in Note 13 of the Financial Statements.
Auditors
The Audit, Finance and Risk Committee is accountable for ensuring the performance and independence of the
external auditors – BDO Auckland. The Committee also recommends to the Board, which services other than the
statutory audit, may be provided by BDO Auckland as auditors.
Shareholder Relations
The Board recognises the importance of providing comprehensive and timely information to shareholders.
Information is communicated to shareholders in the Interim Report and the Annual Report. The release of the
Annual Report is followed by the Annual Shareholders Meeting, which the Board recognises as an important
forum at which the shareholders can meet and question the Board. Full participation of shareholders is
encouraged at the Annual Shareholders Meeting to ensure a high level of accountability and identification with
the Company’s strategies and goals. Shareholders are encouraged to submit questions in writing prior to the
meeting.
Environmental, Social and Governance
Iperion recognises the importance of minimising our environmental, social and governance impact. The Company
is committed to minimise its environmental impact and achieve sustainable business practices.
Summary of Exceptions
The Company’s corporate governance code is based on the recommendations set out in the NZX Corporate
Governance Code and the requirements of the NZX Main Board Listing Rules. The Board considers that Iperion’s
corporate governance code has followed these recommendations and requirements in all material respects in the
current year with the following exceptions:

Page 28 Iperion Limited Annual Report 31 March 2024
• Recommendation 3.6 (protocols setting procedure to follow if takeover offer received including the set-
up of a separate committee) - there are no written protocols at this time but the whole Board would be
immediately involved and legal advice sought.
• Recommendation 4.4 (reporting includes non-financial disclosures such as exposure to environmental
risks and how those risks are managed) – due to the Company’s limited current operations such
reporting will be considered in future years.
• Recommendation 8.5 (the board should ensure that the notices of annual or special meetings of quoted
equity security holders is posted on the issuer’s website as soon as possible and at least 20 working days
prior to the meeting) - the Company held the 2023 Annual Meeting on 28 September 2023. The notice
of the Annual Meeting was released on 11 September 2023, being less than the 20 working days
recommended.
The alternate governance practices described above have been approved by the Board.

Page 29 Iperion Limited Annual Report 31 March 2024
ADDITIONAL INFORMATION
STOCK EXCHANGE LISTING
Iperion Ltd is listed on NZSX under the code IPR for ordinary shares.
REGISTRY
Link Market Services is Iperion’s security register manager and holds all shareholder records electronically. Link
Market Services is also responsible for the maintenance of shareholder records, Iperion’s call centre, and the
preparation of distribution payments. Contact details for Link Market Services are set out in the business
directory on the last page.
ANNUAL REPORT AND ANNUAL MEETING
All shareholders are entitled to receive a copy of the Annual Report. If you do not require the Annual Report, or if
you receive more copies than you require, please notify Link Market Services at the address shown on the last
page.
The next Annual General Meeting is intended to be held in September 2024. The Notice of Meeting and Proxy
Form will be sent shortly.
PRINCIPAL ACTIVITIES AND CHANGES IN STATE OF AFFAIRS
The Company is currently in the process of commercialisation of novel antimicrobial compounds.
DIRECTORS
The following directors held office during the financial year:
Current directors:
Chang Ku EE (appointed 17 December 2018)
Kuan Chong NG (appointed 8 April 2019)
John Cilliers (appointed 19 February 2018)
Bruce Dunlop (appointed 24 February 2023)

DIRECTORS INTEREST IN IPERION LIMITED
The following table sets out each current director’s relevant interest (direct and indirect) in shares of the
company as at the date of this report.

Directors
Fully paid
ordinary
shares
%
Chang Ku EE398,528,343 77.40%
John Ci l l i ers50,000 0.01%

Page 30 Iperion Limited Annual Report 31 March 2024
REMUNERATION
The following table provides the compensation for key management personnel and directors.

During the financial year there were no employees or former employees who received remuneration and other
benefits in their capacity as employees of the Company of which was or exceeded $100,000 per annum.
The Board received no notice during the year from directors requesting to use the Company information received
in their capacity as directors which would not have been otherwise available to them.

DIRECTORS DISCLOSURE OF INTERESTS
The following general disclosures of interest were received in relation to the year ended 31 March 2024:
Chang Ku EE John Cilliers
• ESA Holdings Limited

• Incrementum Ltd


• Acanthus Ltd
Kuan Chong NG

• Callisto One Ltd
• C&T Graphics

• Millenium Mineral Resources Ltd Group


• Myland Partners NZ Ltd
Bruce Dunlop

• Vineway Ltd
• Pracsol Limited

• Western City Holdings Ltd

________


Director fees
Professional
services fees
Other
employee
benefits
Total
$$$$
Chang Ku EE48,000 - - 48,000
Kuan Chong NG36,000 36,000 - 72,000
Johannes Ci l l i ers36,000 13,360 - 49,360
Bruce Dunl op36,000 - - 36,000
156,000 49,360 - 205,360
2024

Page 31 Iperion Limited Annual Report 31 March 2024
DISTRIBUTION OF SECURITY HOLDERS (AS AT 21 JUN 2024)


20 LARGEST SHAREHOLDERS (AS AT 21 JUN 2024)

Size of HoldingNumber%Number%
1-1000357 73.6%195,000 0.04%
1001-500017 3.5%41,000 0.01%
5001-1000016 3.3%139,495 0.03%
10001-5000028 5.8%677,592 0.13%
50001-10000015 3.1%1,229,728 0.24%
Greater than 10000052 10.7%512,611,685 99.56%
485 100.0%514,894,500 100.00%
Number of SecuritiesNumber of Security Holders
Ordinary shareholdersNumber%
1Chang Ku Ee398,528,343 77.4%
2Kycz Li mi ted44,280,927 8.6%
3Tri ni ty Portfol i o Li mi ted9,000,000 1.8%
4Jo Ro Co Li mi ted8,405,130 1.6%
5Robert Gregory Mcaul ey7,464,312 1.5%
6Roger Gri ce7,459,505 1.5%
7Uob Kay Hi an Pri vate Li mi ted5,247,406 1.0%
8Rus s el l Mal oney5,015,092 1.0%
9John Sydney Phi l pott4,938,425 1.0%
10Lei Pei4,000,000 0.8%
11Gl obal Paradi gm2,785,714 0.5%
12Murray Horton Bl ackwel l2,576,400 0.5%
13Ri chard Bl ack1,540,754 0.3%
14Mi chael Patri ck Mckenna & Chal l i ce Anne Mckenna1,200,000 0.2%
15Cus todi al Servi ces Li mi ted987,412 0.2%
16Parmi nder Kumar Sharma617,750 0.1%
17Betal ert Li mi ted600,500 0.1%
18M F Campbel l Li mi ted600,000 0.1%
19Chri s topher Davi d Cas tl e579,432 0.1%
20Graeme Crai g Joynt500,000 0.1%
21Phi l i p Sti ckl and500,000 0.1%
506,827,102 98.42%
Fully paid

Page 32 Iperion Limited Annual Report 31 March 2024
SUBSTANTIAL SHAREHOLDERS
As at 31 March 2024, the following holders are Substantial Product Holders in Iperion within the meaning of that
expression under Section 274 of the Financial Markets Conduct Act 2013:

VOTING RIGHTS
Under the Company’s Constitution, each member present at a general meeting is entitled:
1. on a show of hands, to one vote; and
2. on a poll, to one vote for each share held or represented.
WAIVERS
There were no waivers granted or published by the NZX in relation to Iperion or relied upon by the Company in
the 12 month period to 31 March 2024.
DONATIONS
No donations were made during the year.

ANNUAL REPORT CERTIFICATE
This Annual Report is dated 28 June 2024 and is signed on behalf of the Board by:


Director: Bruce Dunlop Director: John Cilliers

HolderShares held%Classification of holding
Chang Ku Ee398,528,343 77.4%Regi stered hol der and benefi ci al owner
KYCZ Li mi ted44,280,927 8.6%Regi stered hol der and benefi ci al owner

Page 33 Iperion Limited Annual Report 31 March 2024

BUSINESS DIRECTORY

Company
number:
4844319

Directors:
Chang Ku EE, Chairman
Kuan Chong NG
John Cilliers
Bruce Dunlop

Registered
office:
Level 2 Tower Building
50 Customhouse Quay
Wellington, 6011
New Zealand

Share Registrar

Link Market Services
Level 7, Zurich House
21 Queen Street
Auckland 1010

Bankers:
Westpac Bank Limited

Solicitors:
Duncan Cotterill
Wellington

Auditors:
BDO Auckland