TOP's major new investment has been a $7 million investment in TPI Enterprises Limited (TPI), currently a non‐listed public company. TOP and the private Thorney Group have participated in
a pre‐IPO capital raising round for TPI which is expected to proceed to an ASX compliance
listing in the coming months. It is another example of TOP shareholders being able to invest
alongside the private Thorney Group.
TPI is one of only nine companies globally to hold a licence to manufacture narcotic raw
material from processing opiate raw material. TPI operates in a highly regulated industry with
high barriers to entry. It contracts poppy seed growers in Tasmania and recently Victoria, the
Northern Territory and Portugal. The company is also in the final stages of commissioning a
new processing plant based in Coolaroo, Victoria, which will enable it to deal with increased
volume from its expansion plan.
The global demand for pain medication continues to grow and TOP is optimistic regarding the
outlook for TPI. I will provide you with more information about this investment in future
