BENJAMIN HORNIGOLD LIMITED — Net Asset Value 2023

Jun 13, 2023

Benjamin Hornigold Ltd ACN 614 854 045

==> picture [148 x 68] intentionally omitted <==

ASX Announcement (ASX: BHD)

14 June 2023

NET TANGIBLE ASSETS

Gross portfolio return for this month was negative 0.37%

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:

	31	May 2023
		cents
NTA before tax*		30.31

* the NTA excludes 11 cents per share of estimated unrecognised deferred tax assets (comprised of prior years’ and current year’s tax losses at 25%).

ENDS

Michael Glennon

==> picture [105 x 47] intentionally omitted <==

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 760, Manly, NSW 1655 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 Ltd and JB Financial Group Pty Ltd 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 760, Manly, NSW 1655 Tel: 02 8117 8123

Significant Holdings

	Allocation(%)HoldingStrategy/RationaleInvestment Summary
	15.51%Cordish DixonFunds I, II, IIIDeep Value/DiscountCaptureMaturing Private Equity funds managed bythe experienced and well respected CordishFamily Office.We have accumulated a position over twoyears at large discounts to NTA. These fundsare now maturing and distributing proceeds.
	7.51%Kiland LtdEvent Driven/Deep ValueAgricultural exposure, low debt, large landdevelopment. We expect the recent changeof direction in developing the land toagricultural to unlock value for shareholders.
	6.13%Unibail RodamcoWestfieldDeep ValueA continued hangover from the pandemichas allowed us to invest in high qualityshopping malls at significant discounts to theunderlying asset values.
	4.42%Elanor InvestorsGroupDeep ValueProperty funds management and commercialproperty exposure
	3.98%LinkAdministrationHoldingsValueOut of favour Deep Value investment. Thehigh growth PEXA business was distributedto shareholders in December 2022.
	2.67%Humm GroupLimitedDeep ValueProfitable non-bank lender trading belowbook value

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 760, Manly, NSW 1655 Tel: 02 8117 8123