Grandbridge : GBA Preliminary Final Report

Appendix 4E - Preliminary Final Report

Name of Entity	Grandbridge Limited
ABN	64 089 311 026
Financial Year Ended	Year ended 30 June 2016
Previous Corresponding Reporting Period	Year ended 30 June 2015

Results for announcement to the market

$A'000

Revenues and other income from ordinary activities	Down	4%	to	678
Net profit/(loss) from ordinary activities after tax attributable	Up	103%	to	27
to members
Net profit/(loss) for the period attributable to members	Up	103%	to	27
Dividends (distributions)	Amount per security		Franked amount per security
Final dividend Interim dividend	nil		nil
Previous corresponding period	n/a		n/a

Other notes to the condensed financial statements

Ratios	Current period	Previous corresponding Period
Profit before tax / revenue Consolidated profit (loss) from ordinary activities before tax as a percentage of revenue	5.66%	(152.14%)
Profit after tax / equity interests Consolidated net profit (loss) from ordinary activities after tax attributable to members as a percentage of equity (similarly attributable) at the end of the period	(0.53%)	(16.04%)

NTA Backing	Current period	Previous corresponding period
Net tangible asset backing per ordinary security	19.00cps	18.88cps

Statement of Retained Earnings	Current period	Previous corresponding period
Balance at beginning of the year	(2,454,929)	(1,641,922)
Net loss attributable to members of the parent entity	(32,735)	(813,007)
Total available for appropriation	(2,428,099)	(2,454,929)
Dividends paid	-	-
Balance at year end	(2,428,099)	(2,454,929)

Commentary on Results

The consolidated profit of the economic entity after providing for income tax amounted to $26,830 (2015: $813,007).

The net assets of the economic entity have increased by $26,914 to $5,094,487 at 30 June 2016.

The increase in the value of listed investments has resulted in a net loss on the revaluation of investments of $99,873 (2015: $175,241) for the year end 30 June 2016.

Developments in the company's listed investments include:

BPH Energy Limited Cortical Dynamics Ltd

• In September 2015 Cortical Dynamics Ltd advised that it had received formal notification from the Therapeutic Goods Administration that a decision has been made to issue a conformity assessment certificate to Cortical under section 41EC of the Therapeutic Goods Act 1989.TGA certification will allow Cortical to market the Brain Anaesthesia Response ("BAR") monitor within Australia and via the TGA's mutual recognition agreement enable Cortical Dynamics to apply for CE Marking to sell the BAR monitor in Europe.

• During the period the results from the clinical trial written by Cortical's principal research scientist Dr Mehrnaz Shoushtarian, "Evaluation of the Brain Anaesthesia Response Monitor during anaesthesia for cardiac surgery: a double-blind, randomised controlled trial using two doses of fentanyl" were accepted for publication in the Journal of Clinical Monitoring and Computing.

• During the period the poster entitled "Comparisons of EEG measures of Hypnosis and Anti- Nociception in Response to Stimuli During Propofol Remifentanil Anesthesia" was presented at the 2015 Annual Meeting of the American Society of Anesthesiologists in San Diego. The paper was presented by Mr Marko Sahinovic who was one of the co-authors on this paper with Cortical's principal research scientist Dr Mehrnaz Shoushtarian.

• During the period Cortical Dynamics successfully completed a small scale offering to existing shareholders of the company. A total of 1,005,000 shares were issued at $0.10 per share raising $100,500 for the Company.

• During the period Cortical Dynamics signed a letter of intent ("LOI") with Device Technologies Australia Pty Ltd ("Device"). Under the LOI Device will have exclusive distribution rights for Australia and New Zealand for the sale of products for a period of six (6) months. Subject to the overall market assessment outcome Device will have the right to continue the exclusive distribution rights for an addition 4 and a half (4.5) years.

  Molecular Discover Systems Ltd

• The Molecular Cancer Research Group at the Harry Perkins Institute of Medical Research continued with their research of HLS5 during the year. In a significant further phase of this research the Perkins Institute researchers have developed a pre-clinical model of liver cancer and have demonstrated, in this model that removing the expression of HLS5 (TRIM35) can accelerate the development of liver disease.

  MEC Resources Ltd Advent Energy Ltd

• On 28 January 2016 Advent announced that the National Offshore Petroleum Titles Administrator (NOPTA) had approved a suspension of the PEP11 Year 2 work program of a 200 km 2D seismic survey and geotechnical studies until 12th August 2016. Further application has been made to NOPTA to allow the planned seismic program to occur in 2017. As at the time of writing this report, that application is still pending.

• Following application by Onshore Energy Pty Ltd the WA Department of Mines & Petroleum granted a suspension of the condition requiring the completion of the existing work commitments for a period of twelve (12) months to 31 March 2017.

• Advent signed a Letter Of Intent ("LOI") with Northern Minerals (ASX: NTU) for the potential future supply of gas to their Browns Range heavy rare earth element project in north-eastern Western Australia. The non-binding LOI provides an initial framework for discussion, information sharing and negotiation towards a possible gas supply agreement.

• During the period Asset Energy Pty Ltd executed a contract for the seismic activities within PEP11 in the offshore Sydney Basin. The contracted vessel will perform a high resolution 2D seismic survey covering approximately 200 line km to assist in the drilling of the Baleen target approximately 30 km south east of Newcastle, New South Wales

For further commentary please refer to the attached audited annual report

Compliance Statement

1. This report has been prepared under accounting policies, which comply with accounting standards as defined in the Corporations Act or other standards acceptable to the ASX.

2. This report, and the accounts upon which the report is based (if separate), use the same accounting policies.

3. This report does give a true and fair view of the matters disclosed.

   

4. This report is based on accounts to which one of the following applies. The accounts have been audited

The accounts are in the process of being audited or subject to review.

The accounts have been subject to review.The accounts have not yet been audited.

Sign here: ............................................................ Date: 26 August 2016

Director

Print name: Deborah Ambrosini