Papyrus Australia Ltd (ASX:PPY) Announces Quarterly Activity Report
Strategic Partnerships and Expansion
Papyrus Australia signed a terms sheet with Thanh Dung Co Ltd in Vietnam for a joint venture production facility. The partnership aims to commercialise Papyrus’ phase 2 technology for transforming banana plantation agriwaste into moulded fibre packaging. Additionally, Papyrus engaged L39 Capital Pty Ltd to support the joint venture’s development and secured progress in consolidating Papyrus Egypt with Papyrus Australia.
Financial Performance
The company received a $332k tax refund from the Australian Government’s R&D Tax Incentive Program for FY24 and secured a $131k R&D Tax Incentive loan. Related party payments amounted to $4,397 for director expenses. The quarterly cash flow report highlighted expenditures on research and development, staff costs, legal fees, and other overheads.
Corporate Governance
Papyrus Australia appointed three new non-executive directors to its board: Mr Brad Lemmon, Mr Nick Di Girolamo, and Mr Jim Huang. The company also announced the retirement of Mr Edward Byrt as Chair, acknowledging his contributions to the relocation of operations to Egypt and the establishment of Papyrus Egypt.
Future Outlook
For 2025, Papyrus plans to establish a Phase 2 Technology prototype and a commercial demonstration plant in Australia, alongside developing the joint venture plant in Vietnam. The consolidation of Papyrus Egypt operations will continue, with executive meetings scheduled for January 2025 to advance the proposal.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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