Dear Shareholders, It is with great pleasure that I present the 2022 Annual Report for Vysarn Limited (Vysarn) and the financial results for the company in what has proven to be a defining year in the company’s early growth and strategic aspirations. As Vysarn entered the 2022 financial year, the board and management had a clear intention to execute on the initial stages of the company’s vertical integration strategy in water services.
It is my pleasure to present the 2021 Annual Report for Vysarn Limited (Vysarn) and the financial results for the company’s first full year of operations since its relisting on the Australian Securities Exchange on 11 September 2019. Entering the 2021 financial year Vysarn’s prime focus was the establishment of its wholly owned subsidiary Pentium Hydro Pty Ltd (Pentium) as a premium and preferred tier one service provider in the hydrogeological drilling sector while positioning it to reach operational and earnings steady state where all staff and assets are fully utilised for the foreseeable future.
Vysarn Limited (Company) has established a corporate governance framework, the key features of which are set out in this statement. In establishing its corporate governance framework, the Company has referred to the recommended corporate governance practices for ASX listed entities set out in the 4th edition of the ASX Corporate Governance Council Principles and Recommendations (Principles and Recommendations).
Key to Disclosures Corporate Governance Council Principles and Recommendations