For personal use only

Monday, 17 January 2022

ASX Code: QUE

QUARTERLY ACTIVITIES REPORT

for the quarter ending 31 December 2021

This Quarterly Activities Report is provided to the Australian Securities Exchange (ASX) under ASX Listing Rule 4.7C.

Current Quarter:

1

October 2021 to 31 December 2021

Previous Quarter:

1

July 2021 to 30 September 2021

Balance Date:

31 December 2021

Company:

Queste Communications Ltd (QUE or the Company)

Consolidated Entity:

The Company and controlled entities (Queste), being ASX-listed

Orion Equities Limited (A.C.N. 000 742 843) (OEQ) and controlled

entities of OEQ (Orion).

As at Balance Date and currently, QUE holds 9,367,653 shares in Orion, being 59.86% of its issued ordinary share capital (30 September 2021: 9,367,653 shares (59.86%)). Orion has been recognised as a controlled entity and included as part of the Queste Consolidated Entity's results since 1 July 2002.

The accompanying Appendix 4C Cash Flow Report (provided under ASX Listing Rule 4.7B) in respect of the Current Quarter separately discloses the cash flows of the Company (ie. QUE solely) and the Consolidated Entity (incorporating QUE and Orion).

Details of Business Activities

The Consolidated Entity's business activities incorporates the business activities and results of controlled entity, OEQ.

Business Activities of QUE

The business activities of QUE during the Current Quarter relates to the management of its assets.

In addition to the investment in controlled entity, Orion (as above), QUE has a direct share investment in Associate entity, Bentley Capital Limited (ASX:BEL), being 1,225,752 shares (or 1.61% of BEL's issued ordinary share capital) (30 September 2021: 1,225,752 shares and 1.61%).

The market value of QUE's investment portfolio is as follows:

31-Dec-21

%

Market

No. Shares Held

Interest

Last Bid Price

Value

Shares in Orion Equities Limited (ASX:OEQ)

9,367,653

59.86 %

$0.14

$1,311,471

Shares in Bentley Capital Limited (ASX:BEL)

1,225,752

1.61 %

$0.07

$85,803

$2,066,493

$1,397,274

www.queste.com.au

QUESTE COMMUNICATIONS LTD

A.B.N. 58 081 688 164

Level 2, 31 Ventnor Avenue, West Perth, Western Australia 6005

ASX: QUE

T | (08) 9214 9777

F | (08) 9214 9701

E | info@queste.com.au

For personal use only

QUE ASX Quarterly Activities Report - 31 December 2021.docx

Business Activities of Orion

Orion is a listed investment company.

The business activities of Orion during the Current Quarter relates to the management of its investments, including investments in listed and unlisted securities and real estate held for development and resale.

Queste refers to the monthly net tangible asset (NTA) disclosures lodged by Orion in respect of the Current Quarter:

  • 11 November 2021: NTA Backing as at 31 October 2021;
  • 13 December 2021: NTA Backing as at 30 November 2021; and
  • 14 January 2022: NTA Backing as at 31 December 2021.

Information concerning Orion may be viewed from its website: www.orionequities.com.au

Orion's market announcements may also be viewed from the ASX website (www.asx.com.au) under ASX code "OEQ".

Material Developments or Changes in Business Activities

There were no material developments or changes in the business activities of QUE and OEQ during the Current Quarter.

Summary of Expenditure Incurred in Business Activities

A summary of expenditure incurred in relation to cash flows from operating activities reported in the Appendix 4C Cash Flow Report is as follows:

Company

Consolidated Entity

For Current Quarter ending 31 December 2021

$'000

$'000

Land operation expenses

-

1

Personnel expenses

66

71

Occupancy expenses

-

-

Corporate expenses

10

14

Administration expenses

1

2

Total Expenditure

77

88

A portion of the above expenditure incurred was recovered during the Quarter pursuant to shared office and administration arrangements, as reported in Item 1.8 of the accompanying Appendix 4C Cash Flow Report, as follows:

Company

Consolidated Entity

For Current Quarter ending 31 December 2021

$'000

$'000

Recovery of staff costs under shared office

102

115

arrangements

Explanation of Payments to Related Parties

During the quarter, the Consolidated Entity paid no fees/salaries in respect of Queste's and Orion's Directors respectively. This is disclosed in Item 6 of the accompanying Appendix 4C Cash Flow Report.

- 2 -

QUE ASX Quarterly Activities Report - 31 December 2021.docx

For personal use only

AUTHORISED FOR RELEASE - FOR FURTHER INFORMATION:

Farooq Khan

T | (08) 9214 9777

Executive Chairman

E | info@queste.com.au

and Managing Director

Victor Ho

Executive Director

T | 0413 735 165

and Company Secretary

E | cosec@queste.com.au

- 3 -

Queste Communications Ltd

December 2021

Appendix 4C

and Controlled Entity

Quarterly report for entities

subject to Listing Rule 4.7B

Rule 4.7B

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

only

Name of entity

QUESTE COMMUNICATIONS LTD and controlled entity

ABN

Quarter Ended (current quarter)

58 081 688 164

31 December 2021

Company

Consolidated

Current Quarter

Year to Date

Current Quarter

Year to Date

Consolidated statement of cash flows

Dec21

6 months

Dec21

6 months

$A' 000

$A' 000

$A' 000

$A' 000

1.

Cash flows from operating activities

1.1

Receipts from customers

-

-

15

18

use1.2

Payments for

personal

(a)

research and development

-

-

-

-

(b) product manufacturing and operating costs

-

-

-

-

(c)

advertising and marketing

-

-

-

-

(d)

leased assets

-

-

-

-

(e)

staff costs

(66)

(143)

(71)

(270)

(f) administration and corporate costs

(11)

(41)

(17)

(81)

1.3

Dividends received (see note 3)

-

-

-

-

1.4

Interest received

-

-

-

-

1.5

Interest and other costs of finance paid

(2)

(3)

-

-

1.6

Income taxes paid

-

-

-

-

1.7

Government grants and tax incentives

-

-

-

-

1.8

Other (provide details if material)

- Recovery of staff costs under shared office

102

168

115

181

arrangements

1.9

Net cash from / (used in) operating activities

23

(19)

42

(152)

2.

Cash flows from investing activities

2.1

Payments to acquire or for:

For

(a)

entities

-

-

-

-

(b)

businesses

-

-

-

-

(c) property, plant and equipment

-

-

-

-

(d)

investments

-

-

-

-

(e)

intellectual property

-

-

-

-

(f)

other non-current assets

-

-

-

-

Notes:

The Company currently has a 59.86% (30 September 2021: 59.86%) interest in ASX listed investment company, Orion Equities Limited ("OEQ"). OEQ is a controlled entity of the Company under the Accounting Standards. Therefore, the Consolidated columns in this Monthly Cash Flow Report takes into account the cash flows of the Company and its controlled entity, including OEQ.

Queste Communications Ltd (A.B.N. 58 081 688 164)

Level 2, 31 Ventnor Avenue, West Perth, Western Australia 6005

Tel: (08) 9214 9777 Email: info@queste.com.au

Page 4

Queste Communications Ltd

December 2021

Appendix 4C

and Controlled Entity

Quarterly report for entities

subject to Listing Rule 4.7B

Company

Consolidated

Current Quarter

Year to Date

Current Quarter

Year to Date

Consolidated statement of cash flows

Dec21

6 months

Dec21

6 months

only

$A' 000

$A' 000

$A' 000

$A' 000

2.

Cash flows from investing activities (continued)

2.2

Proceeds from the disposal of:

(a)

entities

-

-

-

-

(b)

businesses

-

-

-

-

use

(c) property, plant and equipment

-

-

-

-

(d)

investments

-

-

-

-

(e)

intellectual property

-

-

-

-

(f)

other non-current assets

-

-

-

-

2.3

Cash flows from loans to other entities

-

-

-

-

2.4

Dividends received (see note 3)

-

-

-

-

2.5

Other (provide details if material)

-

-

-

-

2.6

Net cash from / (used in) investing activities

-

-

-

-

personal3.10

Net cash from / (used in) financing activities

3

35

-

-

3.

Cash flows from financing activities

3.1

Proceeds from issues of equity securities (excluding

-

-

-

-

convertible debt securities)

-

-

-

3.2

Proceeds from issue of convertible debt securities

-

-

-

-

3.3

Proceeds from exercise of options

-

-

-

-

3.4

Transaction costs related to issues of equity

-

-

-

-

securities or convertible debt securities

-

-

-

3.5

Proceeds from borrowings

8

45

-

-

3.6

Repayment of borrowings

(5)

(10)

-

-

3.7

Transaction costs related to loans and borrowings

-

-

-

-

3.8

Dividends paid

-

-

-

-

3.9

Other (provide details if material)

-

-

-

-

For

Net increase / (decrease) in cash and cash

4.

equivalents for the period

4.1

Cash and cash equivalents at beginning of period

5

15

17

211

4.2

Net cash from/(used in) operating activities

23

(19)

42

(152)

(item 1.9 above)

4.3

Net cash from/(used in) investing activities

-

-

-

-

(item 2.6 above)

4.4

Net cash from/(used in) financing activities

3

35

-

-

(item 3.10 above)

4.5

Effect of movement in exchange rates on cash held

-

-

-

-

4.6

Cash and cash equivalents at end of period

31

31

59

59

Queste Communications Ltd (A.B.N. 58 081 688 164)

Level 2, 31 Ventnor Avenue, West Perth, Western Australia 6005

Tel: (08) 9214 9777 Email: info@queste.com.au

Page 5

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Queste Communications Limited published this content on 17 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 January 2022 09:24:08 UTC.