Announcement PDF BPH Global Limited (Formerly known as Stemcell United Limited) ACN 009 104 330 2023 ANNUAL REPORT For the year ended 30 June 2023 BPH Global Limited (Formerly known as Stemcell United Limited) ACN 009 104 330 DIRECTORS’ REPORT The Directors present their report, together with the financial statements, of BPH Global Limited (“the Company” or “BP8”) and the entities it controlled (together referred to as “the Group”) for the year ended 30 June 2023. Directors The following persons were Directors of the Company during the whole of the financial year and up to the date of this report, unless otherwise stated: Directors Philip Huanqing Gu Mr Gu is the inventor of BP8’s Dendrobium Officinale orchid plant (a Traditional Chinese Medicine (TCM) plant) stem cell products. He holds a Master of Science degree in Biology, majoring in plant physiology from South China Teachers University (renamed South China Normal University) and a Diploma in Business Management from Australian Academy of Business Studies. Mr. Gu has more than 20 years experience in the food and agricultural technology industry and previously served as a consultant to Food and Agriculture Organization (FAO) of the United Nations before launching his entrepreneurial journey in the 1990s. Mr Gu also specialises in the production of various other TCM products like canned abalone, bottled bird’s nest, cordyceps extract and ginseng extract. His in-depth industry knowledge and well-established business network has firm foundations in the manufacturing industry. Interests in shares: Interests in options: 112,666,667 ordinary shares 4,166,667 Options exp 07/07/2027 exercisable at $0.01 Other directorships in past 3 years: None. Chow Yee Koh (resigned 31 March 2023) Mr Chow Yee Koh graduated from the University of Strathclyde, Scotland and is a fellowship member of the Association of Chartered Certified Accountants (ACCA). Mr Koh has over 20 years’ accounting, finance and corporate experience in Australia, China, Singapore and Malaysia, which are accumulated from working in accounting firms and in listed companies. Interests in shares: Interests in options: 7,166,667 ordinary shares 4,166,667 Options exp 07/07/2027 exercisable at $0.01 Other directorships in past 3 years: None Yanhua Huang (resigned 19 September 2022, re-appointed 6 July 2023) Mr Huang is a seasoned businessman and management consultant with almost 20 years of experience, accumulated from working in management consulting firm Accenture and audit firm KPMG, and also from managing companies in the construction, manufacturing and trading industries. Mr Huang graduated from Lancaster University with a Bachelor degree and from the London School of Economics with a Master’s degree. Interests in shares: Interests in options: 103,947,368 ordinary shares 25,000,000 Options exp 07/07/2027 exercisable at $0.01 Other directorships in past 3 years: None. 1 BPH Global Limited (Formerly known as Stemcell United Limited) ACN 009 104 330 Qi Lu (resigned 19 September 2022) Mr Lu graduated from the University of Shanghai for Science and Technology with bachelor's degree in Business Administration and has worked in financial institutions, namely, China Bank of Communications and Shanghai Overseas Chinese Exit-Entry Service Co., Ltd for almost 20 years, providing financial services advice and advice on corporate activities and investments to high net worth individuals and family offices. With the experience gained, Mr Lu set up his own financial consulting company in Shanghai, offering a variety of services and financial advice to clients in China and overseas. Interests in shares: Interests in options: Nil 5,000,000 Options exp 18/12/2025 exercisable at $0.01 500,000 Options exp 28/02/27 exercisable at $0.01 Other directorships in past 3 years: None. Paul Stephenson Mr Paul Stephenson was a partner in the Sydney Office of HWL Ebsworth Lawyers (HWLE) for thirteen years before retiring from the partnership in 2017. Mr Stephenson remains a consultant with HWLE. Mr Stephenson specialises in public and private equity fundraising, initial public offerings, backdoor listings and reverse mergers (both in Australia and the United States), and mergers and acquisitions involving both private and listed companies. Mr Stephenson has experience in a large number of industry sectors including resources, oil and gas, retailing, financial markets, and cannabis. Mr Stephenson has acted on many cross-border transactions and has expertise in equity capital markets and M&A transactions involving the USA, UK, China, Indonesia, Singapore, Malaysia, Hong Kong and Israel. Interests in shares: Interests in options: 9,979,193 ordinary shares 4,166,665 Options exp 07/07/2027 exercisable at $0.01 5,000,000 Options exp 28/02/2027 exercisable at $0.017 Other directorships in past 3 years: None. Paul Rosen (Resigned 12 May 2023) Mr Rosen is a career entrepreneur and one of Canada’s most active and diversified investors in the emerging cannabis industry. Mr Rosen is currently Executive Chairman of Global Go, an international advisory firm with offices in 6 countries focusing on the global regulated cannabis industry and the emerging psychedelic industry. Mr Rosen was a co-founder of PharmaCan Capital, now Cronos Group Inc (TSX:CRON), where he served as President and CEO for four years during which he was instrumental in leading the company’s growth trajectory. Mr Rosen is a member of the Law Society in Upper Canada and holds both a B.A. in economics from the University of Western Ontario and an LL.B. from the University of Toronto. Interests in shares: Interests in options: 4,166,667 ordinary shares 4,166,667 Options exp 07/07/2027 exercisable at $0.01 25,000,000 Options exp 1/11/2027 exercisable at $0.05 25,000,000 Options exp 1/11/2028 exercisable at $0.1 Other directorships in past 3 years: Delic Holdings Inc. (CSE) 1933 Industries Inc (CSE) Tidal Royalty Corp (CSE) (Resigned) High Tide Inc. (TSX) (Resigned) 2 BPH Global Limited (Formerly known as Stemcell United Limited) ACN 009 104 330 Francesco Cannavo Mr Cannavo is an experienced public company director with significant business and investment experience working with companies operating across various industry sectors. Mr Cannavo is the founder of Golden Venture Capital, a corporate advisory firm based out of Melbourne, Australia. He has been instrumental in assisting many listed and unlisted companies achieve their growth potential by providing strategic advice on raising investment capital and completing strategic acquisitions. He is an entrepreneur with a strong network of investors and industry contacts in the public company sector in Australia and throughout the Asia-Pacific region. He has extensive experience in capital raisings, investment activities and IPOs. Interests in shares: Interests in options: 5,828,033 ordinary shares 4,166,667 Options exp 07/07/2027 exercisable at $0.01 5,000,000 Options exp 28/02/2027 exercisable at $0.02 Other directorships in past 3 years: Western Mines Group Ltd (ASX) Lifespot Health Ltd (ASX) (resigned) Matthew Leonard (appointed 30 March 2023) Mr Leonard is an accomplished and internationally proven business development professional. With over 12 years of outstanding record of achievement in demanding, complex and highly competitive markets. He possesses expertise across advertising, marketing and media event management sectors, with recent focus on linking opportunities with high net worth individuals throughout Asia. Mr Leonard is also a member of Golden Venture Capital which provides corporate advisory and consultancy services. In this role, Mr Leonard has assisted a number of companies to raise capital throughout Asia and Australia Interests in shares: Interests in options: 4,166,667 4,166,667 Options exp 07/07/2027 exercisable at $0.01 Other directorships in past 3 years: Agri Skylight Ltd (NSX)˜ Company Secretaries Elizabeth Spooner Belinda Cleminson (Joint Company Secretary) 3 BPH Global Limited (Formerly known as Stemcell United Limited) ACN 009 104 330 Principle activities BPH Global Limited is a plant-focused biotechnology company with focus on producing foods and products which deliver Traditional Chinese Medicine-based health outcomes. It focuses on the research & development, production and commercialisation of traditional medicine products, including birds nests, seaweeds and sea plants and hemp to produce sustainable plant-based protein foods and nutraceutical and pharmaceutical ingredients (including CBD extracted from Hemp) for utilisation in the food, nutrition, healthcare, health supplements, cosmetics and personal care industries. The Company’s current range of products includes: • Raw birds’ nests and higher-end processed birds’ nest products; • Dendrobium Officinale Kimura et Migo (Dendrobium), including Dendrobium infused birds nest; • Daemonorops Draco Blume extract (Resina); • Industrial Hemp (Cannabis Sativa); and • Sea Grapes (Caulerpa Lentillifera) and seaweeds. The Company's key markets are China, Singapore, Australia and Southeast Asia. Review of Operations After a period of suspension from trading which began on 27 September 2021, the Company recommenced trading on 30 March 2023. Prior to the recommencement of trading, the Company took the initial steps to restructure its operations when it sought and obtained shareholder approval for the disposal of its subsidiary Shenzhen Lantene Dingzhi Biotechnology Co Ltd (“Lantene”). Since trading in the securities of BP8 re-commenced on 30 March 2023, BP8 has undertaken an extensive review and restructure, including: • the restructure of the Board with Paul Stephenson appointed as Chairman, Matthew Leonard joining the Board as an executive Director, Frank Cannavo transitioning to executive Director and Michael (Yanhua) Huang re-joining the Board to drive the Company’s China based business activities; • the appointment of a new management team lead by Matthew Leonard and Frank Cannavo; • the conduct of a rigorous assessment of the Company’s business operations, employees’ competencies, organisational culture, and financial position; and • the implementation of a variety of cost-saving measures, including a reduction in Director fees, contractors and excess headcount; cancellation of engagement agreements with certain advisors to the Company; and closure of the Company’s premises at Defu Lane, Singapore. The savings realised through these efforts are reinvested in key operational areas of the Company’s business. This focused approach to cost reduction and strategic capital utilisation has and will yield tangible results, and Company anticipates continued progress in this area. Operational decisions as outcomes of this review process include; • business development focus on strengthening the collaboration with the Company’s joint venture partners in China to conduct sales of raw bird’s nests and birds’ nest products in China via China Tobacco in the Guangzhou region, and social media influencers on Douyin, the Chinese version of TikTok; • execution of a joint venture R&D agreement with Chemokine Yuesheng for the development of new products including birds’ nest extract tablets infused with Australian honey; • appointment of Gaia Mariculture Pte Ltd to manage the Company’s research and development facility at the Singapore Marine Aquaculture Centre on St John’s Island; and • continued its R&D work at the St John’s Island facility to further develop BP8’s biotechnologies, including R&D into seaweed-based topical and ingestible products for TCM based health outcomes and for seeding and cultivation of seaweeds in Australian conditions. The Group recorded a revenue from continuing operations of $339 (FY2022: $494,005) and a net loss of $4,046,728 (FY2022: net loss $4,564,525) from continuing operations. The loss of revenue is due to discontinued 4 BPH Global Limited (Formerly known as Stemcell United Limited) ACN 009 104 330 operation from disposal of subsidiary Lantene, while the increase of losses is mainly from the impairment of Intellectual Properties of $1,010,559 and decrease of $420,000 in the fair value of the investment. At year end, the Group has a cash balance of $510,217 (FY2022: $624,962). During the 2023 financial year, the Company raised approximately $1.5 million of cash (after costs) via placements in September 2022 and March 2023, and post balance date, approximately $800,000 commitments was received for shares and via convertible notes placement. Significant changes in state of affairs The following significant changes in the state of affairs of the Group during 2023 financial year and subsequently: • Reactivation of the China-based birds’ nest business: Following on from the re-appointment of Michael Huang as a Director of the Company, the executive Directors have been working with Michael in China on reactivating and expanding the Company’s birds’ nest business in China. This initiative builds on the pilot program which successfully trialled supply and distribution channels for the sale of bird’s nest products via China Tobacco’s outlets in Guangzhou and via social media influencers on Douyin, most recently from December 2022 to February 2023 (“Pilot Study”). Most recently, the executive Directors worked with Michael Huang during a visit to China in July to consolidate the Company’s plans for growing its sales and distribution footprint for birds’ nest products in China. The executive Directors together with Michael Huang also met with their Pilot Study joint venture partners. The Company has entered a binding agreement to acquire 100% of Foshan Gedishi Biotechnology Co Ltd, the company which operates the Pilot Study with the joint venture partners. Post-acquisition, the Company will provide for the ongoing operation and expansion of their joint venture operations pursuant to the two (2) China Tobacco sales and distribution contracts and the trademarks that were used in the Pilot Study. On completion of this agreement, the Company will be seeking to leverage its relationship with China Tobacco to rapidly expand its China-based birds’ nest sales and distribution activities beyond the Guangzhou region. The Company will continue to develop its options for the purchase of raw birds’ nests and birds’ nest products from Malaysian suppliers for on-sale in China and elsewhere. Other potential supply arrangements include leveraging the Company’s own stem cell technologies or partnering with another Singapore based technology company to infuse nutraceuticals extracted from birds’ nests into food products for sale in the Chinese market. The Company has already begun to realise this potential by its execution of a joint venture R&D agreement with Chemokine Yuesheng for the development of new products including birds’ nest extract tablets infused with Australian honey. • Reactivation of other China related activities: The re-opening of China’s economy following the end of Covid19 lockdowns and restrictions, provides a strong opportunity for BP8 to re-activate its sales channels and distribute its Dendrobium and Resina products throughout China its Hemp related joint ventures. Michael Huang will direct the Company’s expansion of these activities in China. • Seaweed ventures – Singapore activities: BP8 has developed cultivation methods and nutraceutical extraction technologies to extract proteins, polysaccharides and bioactive ingredients from seaweed for infusion into topical creams and foods for TCM – based health outcomes. The Company has appointed Gaia Mariculture Pte Ltd (Gaia) to manage the Company’s research and development facility at the Singapore Marine Aquaculture Centre on St John’s Island. In particular, Gaia will focus its research on the commercial cultivation and harvesting of seaweed in Australia. • Intellectual Property and Assets: The Company owns various proprietary biotechnology, including macroalgae seed bank, macroalgae proprietary precision cultivation system and key downstream extraction technologies. The Company is constantly seeking opportunities to create operational opportunities to commercialise its intellectual property. 5 BPH Global Limited (Formerly known as Stemcell United Limited) ACN 009 104 330 Other than the matters mentioned or otherwise announced to the ASX, no other significant changes in the Group’s state of affairs occurred during the financial year. Events subsequent to the end of the reporting date Refer Note 26 to the Financial Statements Future development, prospects and business strategies The Group’s future development, prospects and business strategies are addressed in the “Significant changes in state of affairs” section above. Environmental issues The Group is not regulated by any significant environmental regulations under a law of the Commonwealth or of a state or territory of Australia. Dividends paid, recommended or declared No dividends were paid or declared since the start of the financial year. No recommendation for payment of dividends has been made. 6 BPH Global Limited (Formerly known as Stemcell United Limited) ACN 009 104 330 Options The terms and conditions of each grant of options affecting the current or a future reporting period are as follows: Options Number Options to Directors, exercisable at $0.01 per option and expiring on 05 Dec 2028 5,100,000 Options to Directors, exercisable at $0.01 per option and expiring on 16 Dec 2024 500,000 Options to Directors, exercisable at $0.01 per option and expiring on 18 Dec 2025 5,000,000 Options to Director, exercisable at $0.05 per option and expiring on 01 Nov 2027 25,000,000 Options to Director, exercisable at $0.10 per option and expiring on 01 Nov 2028 25,000,000 Options to placement investors and manager, exercisable at $0.04 per option and expiring on 23 Apr 2024 110,000,000 Options to Director, exercisable at $0.02 per option and expiring on 28 February 2027 5,000,000 Options to Director, exercisable at $0.017 per option and expiring on 28 February 2027 5,000,000 Options to consultant, exercisable at $0.025 per option and expiring on 28 February 2025 15,000,000 Options to consultant, exercisable at $0.05 per option and expiring on 28 February 2025 7,500,000 Options to consultant, exercisable at $0.075 per option and expiring on 28 February 2025 2,500,000 Options to Directors, exercisable at $0.01 per option and expiring on 28 February 2027 500,000 Options to placement investors and manager, exercisable at $0.018 per option and expiring on 01 September 2025 27,666,664 Options to placement investors and manager, exercisable at $0.01 per option and expiring on 07 July 2027 170,834,319 TOTAL 404,600,983 Meetings of Directors The number of Director Meetings held during the year, and the number of meetings attended by each Director is as follows: Directors’ Name Board Meetings Number of meetings the Director was eligible to attend Number of meetings the Director attended Philip Huanqing Gu 10 8 Chow-Yee Koh (resigned 31/3/2023) 7 7 Yanhua Huang (resigned 19/9/2022) 2 1 Qi Lu (resigned 19/9/2022) 2 2 Paul Stephenson 10 10 Paul Rosen (resigned 12/5/2023) 9 8 Francesco Cannavo 10 10 Matthew Leonard (appointed 30/3/2023) 3 3 7 BPH Global Limited (Formerly known as Stemcell United Limited) ACN 009 104 330 Indemnifying Directors, officers or auditor During the year, the Company paid a premium to insure officers of the Group. The officers covered by the insurance policy include all Directors. The Contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be brought against the officers in their capacity as officers of the Company, and any other payments arising from liabilities incurred by the officers in connection with such proceedings, other than where such liabilities arise out of conduct involving a wilful breach of duty by the officers or the improper use by the officers of their position or of information to gain advantage for themselves or someone else to cause detriment to the Company. The Group has not otherwise, during or since the end of the financial year, except to the extent permitted by law, indemnified or agreed to indemnify any current or former officer or auditor of the Group against a liability incurred as such by an officer or auditor. Proceedings on behalf of Company No person has applied for leave of Court to bring proceedings on behalf of the Group or intervene in any proceedings to which the Group is a party for the purpose of taking responsibility on behalf of the Group for all or any part of those proceedings. The Group was not a party to any such proceedings during the year. 8 BPH Global Limited (Formerly known as Stemcell United Limited) ACN 009 104 330 Remuneration Report (Audited) This report outlines the remuneration arrangements in place for Directors and key management personnel of BPH Global Limited. Principles of compensation The Board of Directors is responsible for determining and reviewing compensation arrangements for the Directors and senior executives. The Board assesses the appropriateness of the nature and amount of emoluments of such officers on a periodic basis by reference to relevant employment market conditions, with the overall objective of ensuring maximum stakeholder benefit from the retention of a high quality Board and executive team. Remuneration of Directors and executives is referred to as compensation as defined in AASB 124. Compensation levels for key management personnel of the Group are competitively set to attract and retain appropriately qualified and experienced Directors and executives. The compensation structures explained below are designed to attract suitably qualified candidates, reward the achievement of strategic objectives, and achieve the broader outcome of creation of value for shareholders. The compensation structures take into account: · the capability and experience of the key management personnel; · the key management personnel’s ability to control the relevant segments’ performance; · the Group’s performance including: o the Group’s earnings; o the growth in share price and delivering constant returns on shareholder wealth; and o The amount of incentives within each key management person’s compensation. Compensation packages include a mix of fixed and variable compensation and short- and long-term performancebased incentives. In addition to their salaries, the Group also provides non-cash benefits to its key management personnel, and contributes to post-employment superannuation plans on their behalf. Fixed remuneration Fixed compensation consists of base compensation (which is calculated on a total cost basis), as well as employer contributions to superannuation funds. Compensation levels are reviewed annually through a process that considers individual, segment and overall performance of the Group. Performance-linked remuneration Performance-linked compensation includes both short-term and long-term incentives and is designed to reward key management personnel for meeting or exceeding their financial and personal objectives. The short-term incentive (STI) is an “at risk” bonus provided in the form of cash, while the long-term incentive (LTI) is provided as options over ordinary shares of the Group under the rules of the Employee Share Option Plan. Long-term incentive Options may be issued under the Employee Share Option Plan and it provides for key management personnel to receive options over ordinary shares for no consideration. The ability to exercise the options may be conditional on the Group achieving certain performance hurdles. The performance hurdles comprise the Group reaching and exceeding its budgeted profit forecast. 9 BPH Global Limited (Formerly known as Stemcell United Limited) ACN 009 104 330 Short-term incentive bonus Financial and non-financial objectives are used to determine key management personnel performance. The financial performance objectives are “sales increase percentage”, “profit after tax” and “return on capital employed” compared to budgeted amounts. The non-financial objectives vary with position and responsibility and include measures such as achieving strategic outcomes, customer satisfaction and staff development. Directors’ and key managements’ remuneration Details of the nature and amount of each element of the remuneration of each Director and key management of the Company as at 30 June 2023 and 30 June 2022 are shown in the tables below: 2023 Director Remuneration Short Term Employee Benefits NonCash Salary Monetary & Fees Benefits ($) ($) Directors PostOther Terminat Cash bonus Employment short-Term ion Benefits: Benefits Benefits Superannuati Annual on Leaves ($) ($) ($) ($) Share-Based Payments ($) Total ($) Performance Based pay as a Percentage of Remuneration 123,200 - 9,895 15,577 - - - 148,672 0% Chow-Yee Koh 1,5 140,000 - 5,250 30,560 - - - 175,810 0% Yanhua Huang 6 15,000 - - - - - - 15,000 0% Qi Lu6 9,000 - - - - - - 9,000 0% Paul Stephenson2 178,500 - 2,363 - - - - 180,863 0% Philip Huanqing Gu Paul Rosen 54,000 - - - - - 262,319 316,319 83% 3 186,000 - 315 2,275 - - - 188,590 0% 4,8 110,000 - 3,150 2,275 - - - 115,425 0% 815,700 - 20,973 50,687 - - 262,319 1,149,679 7 Francesco Cannavo Matthew Leonard TOTAL 10 BPH Global Limited (Formerly known as Stemcell United Limited) ACN 009 104 330 2022 Director Remuneration Directors Short Term Employee Benefits NonCash Salary Monetary & Fees Benefits ($) ($) Philip Huanqing Gu 303,120 - 29,235 31,666 - 20,260 116,400 500,681 23% Chow-Yee Koh1,5 280,500 - 7,500 13,640 - - 58,200 359,840 16% Yanhua Huang6 60,000 - - - - - 58,200 118,200 49% 36,000 - - - - - 5,820 41,820 14% 166,000 - - - - - 233,200 399,200 58% 72,000 - - - - - 612,678 684,678 89% - 151,990 343,543 44% 20,260 1,236,488 2,447,962 51% Qi Lu 6 Paul Stephenson Paul Rosen 2 7 Francesco Cannavo3 190,053 TOTAL 1,107,673 PostEmployment Benefits: Superannuati on ($) Other Terminat Cash bonus short-Term ion Benefits Benefits Annual Leaves ($) ($) ($) Share-Based Payments ($) Total ($) 1,500 - 38,235 45,306 - 1 Included in the cash salary and fees are professional fees of Nil (2022: $40,500) paid to Director related companies. 2 Included in the cash salary and fees are professional fees of $135,000 (2022: $130,000) paid to Director related companies. 3 Included in the cash salary and fees are professional fees of $135,000 (2022: $156,053) paid to Director related companies. 4 Included in the cash salary and fees are professional fees of $80,000 (2022: Nil) paid to Director related companies. 5 Chow Yee Koh has resigned as Director on 31 March 2023. 6 Yanhua Hua and Qi Lu have as Directors resigned on 19 September 2022. 7 Paul Rosen has resigned as Director on 12 May 2023. 8 Matthew Leonard was appointed as Director on 30 March 2023. Service agreements Remuneration and other terms of employment for the Directors and other Key Management Personnel are formalised in a Service Agreement. The major provisions of the agreements relating to remuneration are set out below: Director Base Salary/Fees Terms of agreement Notice Period Francesco Cannavo AUD120,000 * 4 months Matthew Leonard AUD120,000 * 4 months Philip Huanqing Gu AUD60,000 * 1 month Yanhua Huang AUD60,000 * None Paul Stephenson AUD90,000 * None Executive Directors Non-executive Directors Key management Chow Yee Koh AUD120,000 1 month *Each Director other than the Managing Director, must not hold office (without re-election) past the third annual general meeting of the Company following the Director's appointment or three years following that Director's last election or appointment (whichever is the longer). However, a Director appointed to fill a casual vacancy or as an addition to the Board must not hold office (without re-election) past the next annual general meeting of the Company. At each annual general meeting a minimum of one Director or one third of the total number of Directors must resign. A Director who retires at an annual general meeting is eligible for re-election at that meeting. 11 Performance Based pay as a Percentage of Remuneration BPH Global Limited (Formerly known as Stemcell United Limited) ACN 009 104 330 Directors’ shareholdings and option holding The table below shows the holdings of each Director in number and percentage as at 30 June 2023. Shareholding Director Balance at start of the year or at date of appointment Changes during the year Balance at end of the year % Philip Huanqing Gu 108,500,000 - 108,500,000 8.4% Yanhua Huang 78,947,368 - 78,947,368 6.1% Paul Stephenson 5,812,528 - 5,812,528 0.5% Francesco Cannavo 1,661,366 - 1,661,366 0.1% Matthew Leonard Option holding Director - - - Balance at start of the year or at date of appointment Changes during the year Philip Huanqing Gu 44,000,000 (44,000,000)* - 0% Yanhua Huang 11,000,000 (11,000,000)* - 0% Paul Stephenson 10,500,000 (5,500,000)* Francesco Cannavo 5,000,000 Matthew Leonard - - Balance at end of the year (vested and exercisable) 0% 5,000,000 1.2% 5,000,000 1.2% - * Options previously awarded to Directors were cancelled during the year ended 30 June 2023. 12 % - 0% BPH Global Limited (Formerly known as Stemcell United Limited) ACN 009 104 330 Share based remuneration No options of the Company were issued to Directors during the year ended 30 June 2023. End of remuneration report Non-Audit Services During the year HLB Mann Judd, in addition to their statutory audit duties, provided s