AGM review

Hi everyone,
Here is my review of the AGM. Unfortunately I didn't get to hang around for too long due to flight home so didn't get to ask all my questions.

Mark Bouris;
- Anteo looked at 30 acquisitions over two years
- Diasource running at 60% capacity.
- big players pulling out of RIA market. Big opportunity for us to capture this and transition users to next generation products as developed.
- emphasis on vitamin d growth. 500M market to 2.2B by 2018.
- fixed date of acquisition but within 3 months of today. GC said he would be surprised if it hadn't closed by Christmas.
- there were 11 suitors for the Diasource acquisition. ADO don't want to announce details until deal done because it is not 100% bound until deal done. (I believe that's fair enough) offer was accepted on 2014 numbers so looks like a really good deal.
- 15% for share issuing should be enough for the acquisition.


GC presentation;
- 1 in 5 antibodies attach properly using conventional method. 5 out of 5 using mix and go.
- Merck - we are discussing new mix and go activated products
- Bangs - recent activity their as well.
- POC1 - discussions surrounding non protein test for minicare over next two weeks when GC and Rachael visit. 2 scientists to go for 2-3 weeks regarding this. GC said this came as a result of dialogue with scientists. Could have gotten this wrong context wise but got the impression the POC1 heads harder to deal with but scientists quite accommodating and want to work with us. Couldn't really get any further information out of GC or the board on this. Crowd said they were giving politicians answers. GC said everything ok. Doesn't sound like their relationship with them is as good as I thought. Not sure whether GC playing it down.
- more distribution partnerships to be announced in due course.
- i could have mis interpreted this but GC said other entities owned by Cook looking at how mix and go could assist with their products?
- UQ - investigating : validating safety of mix and go for in vivo products. Wondering whether this is for drug delivery rather than medical products? ( drug delivery wasn't mentioned at all)
- 3 kits to be released by ADO / IMRA 2016. Beta testing promising.
- Luminex originally not interested in supply agreement but feedback was that difficult to multi-plex on Luminex beads. Now in discussions with Luminex. It seems to be the AMG range is having the desired affect for the 200nm kit.
Anteo energy - Geoff said he wanted to sing from the mountain tops. Joe said wait till patents filed first. GC said he was 'clearing his throat' in this area. Richard Martin said testing / commercial discussions to be done in parallel. Unsure whether we are currently in discussions or contact with battery manufacturers.
- freehold owned by Diasource is worth 2 million euros more than what valuation was in purchase agreement. ADO had independent valuation.
- Diasource acquisition will excellerate the take up of mix and go.
- only 2 monoclonal vitamin D antibody tests in the world - Diasorin and Diasource. Diasource has FDA approval for this and China.
- Anteo would have had import duties imposed on products without Diasourcr acquisition. This way manufactured in heart of Europe.
- They refused to give any margin projection for EBITDA with mix and go incorporated into Diasource products. It should be noted that they WONT put mix and go through the entire range due to regulatory hurdles. Will only do so for need of higher sensitivity or major COGS reduction. Too much of a disruption. / cost otherwise but mix and go will be included in all newly developed products.
- an example of when they will add mix and go
Might be for a test that currently takes overnight compared to mix and go where results are same day.
- legislation for registration of new products tightening world wide.

Other items:

- Vet company at a stand still. Was Tina's baby but has stalled with her departure. Left on good terms. Josh to run with this.
- two new Anteo staff additions are not employees but consultants. One of them would be interested in Employment. Pretty sure it was president of Diasorin as Josh and him will go together to
close deals as he is good at that and Josh is a scientist developing into business development. Very happy with that strategy (my personal view)
BBI - working with them again but slowly and little information offered. I believe they are trying to dampen expectations on all deals.

Only got to ask 1 question before AGM finished due to time running out. Others may have extra to add with director discussions.

Happy to expand if required. Currently on iPhone so have kept it in for point.