2025 Annual Report

IPERION LIMITED





FOR THE YEAR ENDED 31 MARCH 2025


ANNUAL REPORT

Page 1 Iperion Limited Annual Report 31 March 2025

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
Page 2 Iperion Limited Annual Report 31 March 2025
DIRECTORS’ REPORT

Dear Shareholders

The Directors of Iperion Limited (“the Company” or “Iperion”) are pleased to report its financial results for the
year ended 31 March 2025.

Financial Results
The Company reported a net loss attributable to shareholders of $455,683 for the year. This compares with a net
loss attributable to shareholders of $822,259 for the previous year.

The manufacturing plant expense for the year was $150,000. This is significantly less than the $500,000 incurred
in the prior year. The prior year consisted of $100,000 for the establishment of the manufacturing facility and
$400,000 for the fixed annual facility and operating fees. The Company received a discount of $350,000 on the
fixed fee for the 2025 year in recognition of lower than expected production activity and the plant being partially
supported by research grants secured by the Operator, Three Summit Ventures, on the ongoing development in
applications for the Pathoglaze® product.
Three Summit Ventures has also agreed to fully discount the agreed $400,000 annual fixed fee for the next two
financial years ending March 2026 and March 2027 . Fees required to support cost of sales may still be payable
when sales activities commence.

Administrative expenses for the year were $317,781 decreasing by $36,591 on the prior year. Expenses remained
mostly in line with the previous year, except for stock exchange costs that were lower this year and the previous
year included higher costs for international trade fairs.

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, agreement was reached to extend the minimum performance
targets under the license agreement by a further 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 2026, increasing to SGD1,000,000 by 30 September 2027.

Operations and Product Development
Operations continue to be focused on completing product trials applying Pathoglaze in various applications,
undertaken in response to and in collaboration with potential large multinational commercial customers
interested in applying Pathoglaze in their own products manufacturing processes. Possible applications for
Pathoglaze previously successfully tested, includes antimicrobial coatings for furniture and egg cartons, kitchen
chopping boards, applied to textiles to make odour 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.

IPERION Limited
Page 3 Iperion Limited Annual Report 31 March 2025

Recent trials completed include manufacture of bags used in shipping cocoa and coffee beans, reducing microbial
contamination and associated losses incurred during transport, providing a new alternative to the standard bags
currently used in these industries.

The Company continues to work toward securing long term sales agreements.

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. Based on approved base
case forecasts with no sales, the Company has sufficient cash reserves to cover its costs over the next 12 months.

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

IPERION Limited
Page 4 Iperion Limited Annual Report 31 March 2025
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 2025.
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 2025 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

27 June 2025

IPERION Limited
Page 5 Iperion Limited Annual Report 31 March 2025
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME





The accompanying notes form part of these financial statements
For the year ended 31 March 2025
Year
Year
2025
2024
Notes
$
$
Interest Income - financial asset at amortised cost
20,382


41,396


Outsourced manufacturing plant expenses
2
(150,000)


(500,000)


Administrative expenses
3
(317,781)


(354,372)


Depreciation, amortisation and impairment
9
(8,284)


(9,283)


(455,683)


(822,259)


Finance costs
-


-


Loss before income tax
(455,683)


(822,259)


Income tax expense
4
-


-


Net loss for the period attributable to shareholders
(455,683)


(822,259)


Other comprehensive income
-


-


(455,683)


(822,259)


Earnings per share:
cents
cents
Basic and diluted loss per share
6
(0.0885)


(0.1597)


Loss before interest and tax
Total comprehensive loss for the period attributable to shareholders

IPERION Limited
Page 6 Iperion Limited Annual Report 31 March 2025
STATEMENT OF FINANCIAL POSITION


For and on behalf of the Board of Directors, dated 27 June 2025


Director: Bruce Dunlop Director: John Cilliers

The accompanying notes form part of these financial statements
As at 31 March 2025
Year
Year
2025
2024
Notes
$
$
Assets
Current assets
Cash and cash equivalents
7
425,341


168,647


Term Deposit
7
-


697,834


GST receivable
1,384


-


Income tax receivable (RWT)
7,563


12,030


434,288


878,511


Non-current assets
NZX Deposit
8
20,000


20,000


20,000


20,000


Total assets
454,288


898,511


Equity and liabilities
Current liabilities
Trade and other payables
10
105,890


93,105


GST payable
-


1,325


Total liabilities
105,890


94,430


Equity
Issued capital
5
5,672,856


5,672,856


Accumulated loss
(5,324,458)


(4,868,775)


Total equity
348,398


804,081


Total equity and liabilities
454,288


898,511

IPERION Limited
Page 7 Iperion Limited Annual Report 31 March 2025
STATEMENT OF CHANGES IN EQUITY




The accompanying notes form part of these financial statements


For the year ended 31 March 2025
Issued
capital
Accumulated
LossTotal equity
Notes$$$
As at 1 April 20245,672,856 (4,868,775) 804,081
Loss for the year- (455,683) (455,683)
Total comprehensive income- (455,683) (455,683)
At 31 March 202555,672,856 (5,324,458) 348,398
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 202455,672,856 (4,868,775) 804,081

IPERION Limited
Page 8 Iperion Limited Annual Report 31 March 2025
STATEMENT OF CASH FLOWS





The accompanying notes form part of these financial statements







For the year ended 31 March 2025
YearYear
20252024
Notes$$
Operating activities
20,382 41,479
Payments to suppliers(454,996) (782,103)
Net GST refunds (paid)/received(2,709) 22,134
Income tax paid(7,563) (12,030)
Income tax refund received12,030 5,766
Net cash ouflows from operating activities11(432,856) (724,754)
Investing activities
Purchase of intangible assets9(8,284) (9,283)
697,834 520,571
Net cash inflows from investing activities689,550 511,288
Net increase / (decrease) in cash and cash equivalents256,694 (213,466)
Cash and cash equivalents at beginning of year168,647 382,113
Cash and cash equivalents at end of year7425,341 168,647
Interest received
Cash received from maturity of term deposit

IPERION Limited

Page 9 Iperion Limited Annual Report 31 March 2025
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2025

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”).
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 2025 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® Accounting Standards).
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 2025
Deferred Tax Asset
A deferred tax asset of $583,179 (2024: $458,187) 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 2025 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 2024 or 2025.

Material accounting policies
The following material 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.
b) Adoption of new and revised standards
Changes in accounting policies
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 2024 that had a material impact on the financial
statements.
New NZ IFRS Standards and Interpretations Issued but not yet adopted.
There are no new standards, amendments or interpretations that have been adopted or are not yet effective that
have a material impact on the company except for the below standard:
• Disclosure of fees for audit firm’s services (Amendments to FRS-44)

Page 11 Iperion Limited Annual Report 31 March 2025
In May 2023 the NZASB issued amendments to FRS-44 to require a description of the services provided by a
reporting entity’s audit or review firm and to disclose the fees incurred by the entity for those service using
prescribed categories.
This amendment had no effect on the measurement of any items in the financial statements of the company, and
merely resulted in additional disclosures.
There are a number of standards, amendments to standards, and interpretations which have been issued by the
NZASB that are effective in future accounting periods that the company has decided not to adopt early.
The following amendments are effective for the period beginning 1 January 2025:
• Lack of Exchangeability – Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
The following amendments are effective for the period beginning 1 January 2026:
• Amendments to the Classification and Measurement of Financial Instruments – Amendments to NZ IFRS
9 Financial Instruments and NZ IFRS 7.
The following amendments are effective for the period beginning 1 January 2027:
• NZ IFRS 18 Presentation and Disclosure in Financial Statements.
The company is currently assessing the effect of these new accounting standards and amendments.
NZ IFRS 18 Presentation and Disclosure in Financial Statements supersedes NZ IAS 1 and will result in major
consequential amendments to IFRS accounting Standards including NZ IAS 8 Basis of Preparation of Financial
Statements. Even though NZ IFRS 18 will not have any effect on the recognition and measurement of items in the
financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items.
These changes include categorisation and sub-totals in the statement of profit or loss, aggregation/dis
aggregation and labelling of information and disclosure of management defined performance measures.
The accounting policies used in these financial statements have been applied consistently with those of the prior
year.
The company does not expect any other standards issued by the New Zealand Accounting Standards Board
(NZASB) or IASB, but not yet effective, to have a material impact on the company.

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.
2025
2024
$
$
Outsourced manufacturi ng pl ant expenses
150,000


500,000

Page 12 Iperion Limited Annual Report 31 March 2025
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. The Company received a discount
of $250,000 on the fee for the 2025 year in recognition of lower than expected production activity and the plant
being partially supported by research grants secured by the operator for the ongoing development in applications
of the product.
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 mainly in relation to sales and marketing activities. No
direct sales and marketing costs were required for exhibitions and supporting marketing material in the 2025
year.
*There were no other services provided to the Company by BDO Auckland.

4. TAXATION

2025
2024
$
$
Fees paid to BDO Auckland* - statutory audit
46,250


35,000


Fees paid to BDO Auckland* - statutory audit prior year
19,190


13,150


Contractors
13
44,302


49,360


Directors' fees
13
156,000


156,000


Sales and marketing
-


20,500


Travel and accommodation
25,335


30,455


Legal Fees
1,730


5,920


NZX Listing and registry costs
24,411


38,539


Other
563


5,448


317,781


354,372


20252024
$$
Income tax benefit
Current tax
Current tax on loss for the year(127,591) (230,233)
Total current tax benefit(127,591) (230,233)
Deferred income tax
Increase in deferred tax assets [not yet recognised]127,591 230,233
Total deferred tax benefit127,591 230,233
Income tax benefit- -

Page 13 Iperion Limited Annual Report 31 March 2025
Numerical reconciliation of income tax expense to prima facie tax payable

Deferred tax asset
Company Losses to carry forward as at 31 March 2025 are $2,082,781 (2024: $1,636,383).
The deferred tax asset of $583,179 (2024: $458,187), 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.

2025
2024
$
$
Loss before tax
(455,683)


(822,259)


Prima facie income tax at 28%
(127,591)


(230,233)


Subtotal
(127,591)


(230,233)


Tax losses not recognised
127,591


230,233


Income tax benefit
-


-


Tax losses carried forward
2025
2024
$
$
Opening balance
1,636,381


749,558


This Year
455,683


822,259


Prior year adjustment
(9,283)


64,564


Closing balance
2,082,781


1,636,381

Page 14 Iperion Limited Annual Report 31 March 2025
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.

6. EARNINGS PER SHARE
Earnings per share
At 31 March 2025 there were 514,894,500 shares on issue (2024: 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.
Net tangible assets
Net tangible assets per share is a non-GAAP measure that is required to be disclosed by the NZX Listing Rules.
Number of
Shares
Value in $
Balance at 31 March 2025
514,894,500


5,672,856


Balance at 31 March 2024
514,894,500


5,672,856


2025
2024
Loss for the year
[ $ ]
($455,683)
($822,259)
Weighted average number of shares
514,894,500


514,894,500


Basic loss per share
[ cents ]
(0.0885)


(0.1597)


Diluted average shares on issue
514,894,500


514,894,500


Diluted loss per share
[ cents ]
(0.0885)


(0.1597)

Page 15 Iperion Limited Annual Report 31 March 2025
The calculation of the net tangible assets per share and its reconciliation to the Statement of Financial Position 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, 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.
During the 2025 year, Term Deposits earned interest at 2.9% to 4.3% p.a. (2024: 4.2.%). For operating purposes,
the Term Deposit was fully withdrawn as at 31 March 2025.
20252024
Total Assets454,288 898,511
Less:
Total Liabilities(105,890) (94,430)
Net Tangible Assets[ $ ]348,398 804,081
Shares on issue514,894,500 514,894,500
Net Tangible Asset per share[ cents ]0.0677 0.1562
20252024
$$
Cash and cash equi val ents425,341 168,647
2025
2024
$
$
Term deposi ts at bank
-


691,074


Interest recei vabl e on term deposi t
-


6,760


Term deposi t
-


697,834

Page 16 Iperion Limited Annual Report 31 March 2025
8. NZX DEPOSIT

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. The NZX deposit bond has an effective interest of
zero.
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
profit or loss 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.

2025
2024
$
$
Non Current:
Bond held at NZX
20,000


20,000


2025
2024
$
$
Trademarks
Openi ng net book val ue
-


-


Addi ti ons
8,284


9,283


Impai rment l oss
1
(8,284)


(9,283)


Cl osi ng net book val ue
-


-

Page 17 Iperion Limited Annual Report 31 March 2025
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, interest free and
are usually paid within normal business trading terms.


11. RECONCILIATION OF OPERATING CASHFLOW AND REPORTED LOSS


2025
2024
$
$
Current:
Trade payables
2,785


1,250


Accrued expenses
46,250


35,000


Related party payables
13
56,855


56,855


105,890


93,105


20252024
$$
Net loss for the year(455,683) (822,259)
Add/(less) non cash items
Depreciation, amortisation and impairment98,284 9,283
Accrued interest- 83
Changes in assets and liabilities
(Increase)/decrease in Net GST receivable(2,709) 12,716
(Increase)/decrease in current tax asset4,467 (6,264)
Increase/(decrease) in trade and other payables1012,785 (18,313)
Decrease in prepayments- 100,000
Net cash ouflows from operating activities(432,856) (724,754)

Page 18 Iperion Limited Annual Report 31 March 2025
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 2025, 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 $425,341 (2024: $866,481)
in total. The Board regularly reviews its liquidity position by examining future cash requirements.
Interest rate risk: Interest rate risk is the risk of loss to the Company arising from adverse changes in interest
rates. Cash at bank 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 on these assets. There is no interest rate risk as
cash is held in an on call account to provide liquidity to support anticipated sales activities. The company does not
earn interest on cash in the on call account.

2025
2024
$
$
Financial assets at amortised cost
Cash and cash equivalents
7
425,341


168,647


Term Deposit
7
-


697,834


NZX deposit
8
20,000


20,000


Total Financial assets
445,341


886,481


Financial liabilities at amortised cost
Trade and other payables
10
105,890


93,105


Total financial liabilities
105,890


93,105

Page 19 Iperion Limited Annual Report 31 March 2025
Accounting policy: Financial instruments
Financial instruments recognised in the statement of financial position include cash and cash equivalents, 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.
Impairment provisions are recognised based on a forward looking expected credit loss model. The methodology
used to determine the amount of the provision is based on whether there has been a significant increase in credit
risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly
since initial recognition of the financial asset, twelve month expected credit losses along with gross interest
income are recognised. For those for which credit risk has increased significantly, lifetime expected credit losses
along with the gross interest income are recognised. For those that are determined to be credit impaired, lifetime
expected credit losses (‘ECL’) along with interest income on a net basis are recognised.
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 2025
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: 2025
There were no transactions with related parties during the year, other than compensation paid to directors or
their nominees, as disclosed above.
Transactions: 2024
There were no transactions with related parties during the year, other than compensation paid to directors as
disclosed above.
14. SEGMENT INFORMATION
As at 31 March 2025, 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, including subsequent variations, contains minimum performance targets
that set minimum royalty of 2.1% to be paid on revenue of SGD $150,000 by 30 September 2026 and 2.1% on
revenue of SGD $1m annually from 30 September 2027.
20252024
$$
Management and professi onal servi ces fees44,302 49,360
Di rectors' fees156,000 156,000
200,302 205,360
2025
2024
$
$
Payables for balance of funds received for shareholder transaction costs:
Chang Ku EE
56,855


56,855


56,855


56,855

Page 21 Iperion Limited Annual Report 31 March 2025
The maximum contingent liability arising in the event that no revenue has been earned by 30 September 2026 is
approximately $3,780 and $25,200 on 30 September 2027.
In accordance with the terms of the Pilot Outsourcing Agreement entered on 20 January 2023 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. Subsequent to year end, the Vendor agreed to discount $250,000 of the fees for the
year ending 31 March 2025 (note 2) and the full $400,000 annual fee for the next two financial years ending 31
March 2026 and 31 March 2027. However, fees may be payable to support cost of sales when sales activities
commence.
There were no other capital commitments or contingent liabilities at 31 March 2025 (2024: $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 $455,863 (2024: $822,259) from continuing operations for the year ended 31
March 2025. As at 31 March 2025, the Company reported a net total equity position of $348,398 (2024:
$804,081) and current assets of $434,288 (2024: $878,511), which include cash and term deposits of $425,341
(2024: $866,481).
The Company is party to a Pilot Outsourcing Agreement, dated 2 September 2022, 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 SGD$150,000 by
September 2025. Subsequent to year end, the parties have agreed a variation to extend the date to 30
September 2026. 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. Subsequent to year end, the Vendor has agreed to
discount the agreed $400,000 fixed annual fees for the next two financial years ending 31 March 2026 and 31
March 2027.
Based on approved base case forecasts with no sales, the Company has sufficient cash reserves to cover costs
over the next 12 months. The production processes are new and the product is new to the market and therefore
uncertainty remains on the forecasted sales margins and volumes the product will achieve. The Company can
manage known expenditure within the current cash reserves as a discount on the fixed fees has been agreed for
the period ending 31 March 2027 and the service 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 2025
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. These factors represents material uncertainties that may cast significant doubt on the
Company’s ability to continue as a going concern. If the Company 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 year end, Three Summit Ventures agreed to discount $250,000 of the fixed outsourced
manufacturing fees for the year ending March 2025 (note 2) and the full $400,000 annual fee for the next two
financial years ending 31 March 2026 and 31 March 2027 and extend the minimum performance targets for
revenue of SGD $150,000 and SGD $1m annually by a year to 30 September 2026 and 30 September 2027
respectively (note 15).

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 2025, 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 2025, 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 net loss of $455,683 (2024: $822,259) during the year ended 31 March 2025 and, as of that date, the
Company’s reported a total equity position of $348,398 (2024: $804,081). The current assets of
$434,288 (2024: $878,511) include cash and term deposits of $425,341 (2024: $866,481). 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 27 June 2025, the Company has not yet entered into any
product sales contracts and an uncertainty remains on the forecasted 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
Company’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
matter described in the Material Uncertainty Related to Going Concern section, there are no key audit
matters to be communicated 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 Junita Sen.




BDO Auckland
Auckland
New Zealand
27 June 2025

Page 25 Iperion Limited Annual Report 31 March 2025
CORPORATE GOVERNANCE STATEMENT
The Board of Directors (“Board”) of Iperion (“IPR”) recognise 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 27 June 2025 and has been approved by the Board. The key documents within the code were last
reviewed effective June 2025 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 13 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 2025
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 2025:
Chang Ku EE (Chairman) -
Kuan Chong NG 10
John Cilliers 9
Bruce Dunlop 10
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 2025:
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 2025
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 2025
• 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 2024 Annual Meeting on 27 September 2024. The notice
of the Annual Meeting was released on 2 September 2024, 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 2025
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 2025. 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 2024)

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 2025
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 2025:
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
• Iperion TSV Services

• Myland Partners NZ Ltd


• Vineway Ltd
Bruce Dunlop

• Western City Holdings Ltd
• Pracsol Limited





Director fees
Professional
services fees
Other
employee
benefits
Total
$
$
$
$
Chang Ku EE
48,000


-


-


48,000


Kuan Chong NG
36,000


36,000


-


72,000


John Cilliers
36,000


8,302


-


44,302


Bruce Dunlop
36,000


-


-


36,000


156,000


44,302


-


200,302


2025

Page 31 Iperion Limited Annual Report 31 March 2025
DISTRIBUTION OF SECURITY HOLDERS (AS AT 8 JUN 2025)


20 LARGEST SHAREHOLDERS (AS AT 8 JUN 2025)

Size of Holding
Number
%
Number
%
1-1000
358


73.8%
196,000


0.04%
1001-5000
16


3.3%
39,200


0.01%
5001-10000
16


3.3%
139,495


0.03%
10001-50000
28


5.8%
677,592


0.13%
50001-100000
15


3.1%
1,229,728


0.24%
Greater than 100000
52


10.7%
512,612,485


99.55%
485


100.0%
514,894,500


100.00%
Number of Securities
Number of Security Holders
Ordinary shareholders
Number
%
1
Chang Ku Ee
398,528,343


77.4%
2
Kycz Limited
44,280,927


8.6%
3
Trinity Portfolio Limited
9,000,000


1.8%
4
Jo Ro Co Limited
8,405,130


1.6%
5
Robert Gregory Mcauley
7,464,312


1.5%
6
Roger Grice
7,459,505


1.5%
7
Uob Kay Hian Private Limited
5,247,406


1.0%
8
Russell Maloney
5,015,092


1.0%
9
John Sydney Philpott
4,938,425


1.0%
10
Lei Pei
4,000,000


0.8%
11
Global Paradigm
2,785,714


0.5%
12
Murray Horton Blackwell
2,576,400


0.5%
13
Richard Black
1,540,754


0.3%
14
Michael Patrick Mckenna & Challice Anne Mckenna
1,200,000


0.2%
15
Custodial Services Limited
988,212


0.2%
16
Parminder Kumar Sharma
617,750


0.1%
17
Betalert Limited
600,500


0.1%
18
M F Campbell Limited
600,000


0.1%
19
Christopher David Castle
579,432


0.1%
20
Graeme Craig Joynt
500,000


0.1%
21
Philip Stickland
500,000


0.1%
506,827,902


98.42%
Fully paid

Page 32 Iperion Limited Annual Report 31 March 2025
SUBSTANTIAL SHAREHOLDERS
As at 31 March 2025, 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 2025.
DONATIONS
No donations were made during the year.
PAYABLE TO AUDITOR
Amounts payable by the company to the person or firm holding office as auditor of the company as audit fees
and, as a separate item, fees payable by the company for other services provided by that person or firm.


ANNUAL REPORT CERTIFICATE
This Annual Report is dated 27 June 2025 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
2025
2024
Audit of the Financial Statements
65,440
$

48,150
$

Page 33 Iperion Limited Annual Report 31 March 2025

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