PLENTEX LIMITED PLENTEX LIMITED
A.C.N. 009 607 676
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015
CORPORATE INFORMATIONDirectors
Peter C Streader (Chairman & Executive Director) David Vinson (Executive Director)
Daniel P Goldman (Non-Executive Director) Christopher L Roberts (Non-Executive Director) Darwin Campi (Non-Executive Director)
David J Streader
Plentex Limited 246 Esplanade
BRIGHTON VIC 3186
Quinert Rodda & Associates Suite 1, Level 6,
50 Queen Street
MELBOURNE VIC 3000
Stannards, Accountants and Advisors Level 1
60 Toorak Road
SOUTH YARRA VIC 3141
BOO East Coast Partnership Level 14
140 William Street
MELBOURNE VIC 3000
Computershare Investor Services Pty Limited 452 Johnston Street
ABBOTSFORD VIC 3067
Australia
Stock Exchange Listing
Plentex Limited shares are quoted on the Australian Securities Exchange (ASX Code: PRM)
Website
www.plentex com.au
Directors' Report
The Directors of Plentex Limited and its controlled entities (referred to hereafter as the 'consolidated entity') submit herewith the financial report for the financial year ended 30 June 2015.
Directors
The names of the Directors in office since the start of the financial year and up to the date of this report are:-
Peter C Streader (Appointed 23 January 1998)
Daniel P Goldman (Appointed 24 January 2011)
David Vinson (Appointed 24 January 2011)
Christopher L Roberts (Appointed 18 August 2006)
Darwin Campi (Appointed 22 November 2006)
Mr Peter C Streader and Mr Daniel P Goldman have held the positions of Executive Chairman and Managing Director respectively of the Company since the start of the financial year up to 22 May 2015.
Mr. Goldman resigned as Managing Director of the Company on that date in order to focus on his role as Managing Director of Xerion Limited. He continues as a Non-Executive Director of Plentex Limited.
Mr David J Streader has held the position of Company Secretary since the start of the financial year.
Particulars of Directors' qualifications and experience are set out on pages 12 to 14 of this report, and details of their share and option holdings in the Company at the date of this report, are set out on page 4 of this financial report. The number of Directors' meetings and number of meetings attended by each of the Directors of the Company during the financial year were:-
Name of Director | Special Responsibilities | Number eligible to attend | Number attended |
Peter C Streader | Executive Chairman | 6 | 6 |
David Vinson | Executive Director | 6 | 5 |
Daniel P Goldman | Non-Executive Director | 6 | 6 |
Christopher L Roberts | Non-Executive Director | 6 | 5 |
Darwin Campi | Non-Executive Director | 6 | 6 |
Whilst the Company has established an Audit and Risk Committee and a Remuneration Committee, these committees did not meet during the financial year.
Directorships of listed companies
Positions as a Director of listed companies other than Plentex Limited currently held or previously held within the past three years are as follows:
Currently Held | Previously Held | |
Peter C Streader Daniel P Goldman Christopher L Roberts David Vinson Darwin Campi | - - - - - | - - - - - |
Directors' Report (cont'd)
DIRECTORS' INTERESTS
Particulars of Directors' interests in shares and options of Plentex Limited as at the date of this report are as follows:
Beneficially Owned (Held directly or indirectly) | Not Beneficially Owned (Held by Companies in which Directors may have voting or some dispositive power) | ||||
Peter C Streader | Shares 3,323,857 | Performance | Options - | Shares 32,000 | Options - |
Shares - | |||||
Daniel P Goldman | 1,424,848 | - | - | - | - |
David Vinson | 1,424,848 | - | - | - | - |
Christopher L Roberts | 24,375 | - | - | - | - |
Darwin Campi | 2,016,400 | - | - | 40,000 | - |
PRINCIPAL ACTIVITIES
The principal activity of the Company and its controlled entities (the economic entity) during the course of the 2015 financial year has been the advancement of its planned vertically integrated aquafeed and aquaculture business in the Philippines and the concurrent development of its proposed South Australian aquafeed/pet food manufacturing facility.
REVIEW OF OPERATIONS
Plentex Limited has reached an exciting time in its evolution and is well advanced to become an innovative aquafeed and fish production enterprise . Plentex's operations are based in the Philippines. The Company's objective is to capture a substantial opening in the US$58 billion aquafeed industry to target the burgeoning Asia Pacific market and to leverage its aquafeed intellectual property by establishing a co-located aquaculture business.
When fully developed, Plentex's operations will comprise a fully integrated feedstock plant, an aquafeed plant, fish farming and a fish processing facility. The feedstock plant will be the first to come online and features low capex and apex, low cost inputs offering a quick pathway to revenue generation . The development opportunities in the Philippines are vast and Plentex's operations will fill an urgent local market need as well as offering significant export potential.
The Company's Philippines business plans were accelerated during 2014, leading to th-e establishment of a subsidiary Plentex Philippines Inc. (PPI) in December 2014 and the decision to develop the operations discussed below.
Market Opportunity
As wild fish stocks are depleted through overfishing, fish farming is booming. Aquaculture already provides over half of the fish consumed globally - or nearly 63 million tonnes - and has grown faster than any other form of food production to become a US$170 billion industry. This in turn is driving the market for aquafeed, forecast to reach US$107 billion by 2018.
Asia Pacific, where seafood is an integral part of the diet, is the epicenter for this growth. South Asia , South-East Asia, China and Japan are projected to account for 70% of global fish consumption by 2030. The region already accounts for over 65% of total aquafeed consumption because of the widespread adoption of aquaculture. it is worth noting that feed costs account for a significant portion, ie. up to 75% of aquafarmers' total production costs, depending on the species being farmed and of some other factors.
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