BENJAMIN HORNIGOLD LIMITED — Net Asset Value 2021

Oct 13, 2021

Benjamin Hornigold Ltd ACN 614 854 045

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ASX Announcement (ASX: BHD)

14 September 2021

NET TANGIBLE ASSETS

Gross portfolio return for this month was -0.34 %

Net Tangible Assets

Benjamin Hornigold Limited (Company or BHD) advised that the company’s monthly unaudited Net Tangible Asset (NTA) per share in cents is:

	30	September	2021
		cents
NTA before tax*		35.95

* the NTA excludes 9 cents per share of estimated unrecognised deferred tax assets (comprised of prior years’ and current year’s tax losses at 26%).

ENDS

Michael Glennon

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Chairman / Company Secretary Benjamin Hornigold Ltd

Tel: 02 8117 8123

Email: cosec@bhdlimited.com.au

Benjamin Hornigold Ltd ABN 62 614 854 045 Level 10, 171 Clarence Street, Sydney, NSW 2000 Postal Address: PO Box R281, Royal Exchange, NSW 1225 Tel: 02 8117 8123

INVESTMENT STRATEGY

It is our intention to continue to maintain a wide mandate and we remain of the view that the ongoing volatility requires our investment focus to be flexible. To date, we have been gradual in allocating funds to investments to ensure capital preservation. The primary strategies we have targeted are;

• Discount Capture – The Company aims to take advantage of large discounts to NTA among Listed Investment Companies.

• Arbitrage – Typically companies in the later stages of a takeover providing shorter term trade opportunities to benefit from lower risk arbitrage trades. Depending on our view of the stock, we may look to short stocks* in order to hedge out risk or retain the underlying market exposure.

• Deep Value Investments – Overlooked and out of favour investments where we expect an eventual re-rating of the share price.

• Event Driven – Our preference has been to take a position with an expected Event leading to an increase in the share price

Our expectation in the current climate is to continue to focus on these strategies. The Company’s investment style is best described as Opportunistic with the aim of providing an absolute return.

Ongoing Litigation

The loans to John Bridgeman and JB Financial Group remain outstanding. Although both companies ability to repay these loans looks questionable, a recovery for BHD would provide a significant uplift to shareholders. As a result, we have continued to pursue the outstanding debts.

Benjamin Hornigold Ltd ABN 62 614 854 045 Level 10, 171 Clarence Street, Sydney, NSW 2000 Postal Address: PO Box R281, Royal Exchange, NSW 1225 Tel: 02 8117 8123

Significant Holdings

Allocation	Holding	Strategy/	Investment Summary
(%)		Rationale
14.56%9.10%	Ellerston Global	Event Driven/	Initial investment via ASX listed LIC
	Mid Small Fund	Discount	(EGI.ASX) in the weeks running up to
		Capture	delisting. Investors remaining in the unlisted
			fund benefit from no management fee (2
			years) and the distribution of retained
			franking credits
6.29%	Ausbil Global	Market	Small/Mid Cap commodities exposure
	Resources Fund	Exposure
4.50%	Link	Deep Value	Out of favour Deep Value Investment
	Administration		accumulated over recent months. Link owns
	Holdings		44% of the high growth PEXA business and
			also has 30% market share of the fund
			administration business in Australia. We
			believe these assets are being undervalued
			by the market and expect Link to be
			positively re-rated in the future. If a re-rating
			does not occur, Link may again become a
			target for Mergers and Acquisitions activity.
3.90%	Z Energy	Takeover/	We have accumulated Z Energy over a
		Deep Value	number of months as a Deep Value
			Investment which has since received a
			Takeover bid.
We have highlighted some of our larger investments to provide investors with some insight into the current drivers of
performance.	Investors should note that there may be other large holdings that remain undisclosed

Benjamin Hornigold Ltd ABN 62 614 854 045 Level 10, 171 Clarence Street, Sydney, NSW 2000 Postal Address: PO Box R281, Royal Exchange, NSW 1225 Tel: 02 8117 8123