BENJAMIN HORNIGOLD LIMITED — Net Asset Value 2021

Jul 12, 2021

Benjamin Hornigold Ltd ACN 614 854 045

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ASX Announcement (ASX: BHD)

13 July 2021

NET TANGIBLE ASSETS

Gross portfolio return for this month was 2.86%

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	June 2021
		cents
NTA before tax*		35.37

* the NTA excludes 10 cents per share of estimated unrecognised deferred tax assets (comprised of prior years’ and current year’s tax losses).

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 Suite 1, Level 17/25 Bligh St, 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 Suite 1, Level 17/25 Bligh St, Sydney, NSW 2000 Postal Address: PO Box R281, Royal Exchange, NSW 1225 Tel: 02 8117 8123

Significant Holdings

	Significant Holdings	Significant Holdings	Significant Holdings	Significant Holdings	Significant Holdings	Significant Holdings	Significant Holdings	Significant Holdings	Significant Holdings	Significant Holdings	Significant Holdings
	Allocation(%)HoldingStrategy/RationaleInvestment Summary
	14.56%Ellerston GlobalMid Small FundEvent Driven/DiscountCaptureInitial investment via ASX listed LIC(EGI.ASX) in the weeks running up todelisting. Investors remaining in the unlistedfund benefit from no management fee (2years) and the distribution of retainedfranking credits
	4.51%VitalharvestTakeover/ArbitrageShorter term trade to benefit from low betamarket exposure with a premium offeredunder a Takeover
	3.07%Bingo IndustriesTakeover/ArbitrageShorter term trade to benefit from low betamarket exposure with a premium offeredunder a Takeover
	5.31%Undisclosed LICEvent Driven/DiscountCaptureHedge Fund Investment Company trading ata discount to NTA anticipated to move to analternative structure allowing investors to exitclose to NTA.
	6.01%UndisclosedCommoditiesFundMarketExposureSmall/Mid Cap commodities exposure
	2.85%Unibail-Rodamco-WestfieldEventDriven/DeepValueInvestor sentiment was at all time lowsfollowing on from pandemic inducedlockdowns globally and provided anopportunity to invest in high qualityshopping malls at significant discounts to theunderlying asset values.
						underlying	asset values.
		ve highlighted some of our l	arger invest	ments to pro	vide invest	ors with som	e insight	into the	current	drivers of
		ance. Investors should not	e that there	may be othe	r large hol	ings that re	ain undi	sclosed
				Benjamin	Hornigold Lt	d
			Suite 1, L	ABN 62evel 17/25 B	614 854 045ligh St, Sydn	ey, NSW 2000
			Postal Addres	s: PO Box R2Tl 02	81, Royal Exc8117 8123	hange, NSW	1225

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 Suite 1, Level 17/25 Bligh St, Sydney, NSW 2000 Postal Address: PO Box R281, Royal Exchange, NSW 1225 Tel: 02 8117 8123