BENJAMIN HORNIGOLD LIMITED — Net Asset Value 2025

Mar 13, 2025

Benjamin Hornigold Ltd ACN 614 854 045

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ASX Announcement (ASX: BHD)

14 March 2025

NET TANGIBLE ASSETS

Gross portfolio return for this month was negative 0.61%

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:

28 February 2025 cents NTA before tax[(1)] 25.18

(1) the NTA excludes 12 cents per share of estimated unrecognised deferred tax assets (comprised of prior years’ and current year’s tax losses at 25%).

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 20.01 Level 20, 133-145 Castlereagh 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 (JBL) 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.

The announcement on the 11[th] September 2023 provides details on proceedings in recovering these debts. The Court timetable can be viewed here.

We recently attended Court to obtain orders personally against Stuart McAuliffe in respect of costs thrown away as a result of continued proceedings against JBL whilst the company was de-registered, and further orders for costs against JB Markets Pty Ltd (JBM) in respect of costs incurred due to an application to strike out parts of the defence lodged.

This amounts to lump sum payments of $14,297.40 and $6,870 immediately payable by Stuart McAuliffe, plus some further figure to be determined. JBM is liable to costs incurred as a result of the interlocutory application BHD filed.

A copy of the Orders and Judgement can be viewed online.

Timetabling of the proceedings were ordered in a hearing on the 21[st] February.

Benjamin Hornigold Ltd ABN 62 614 854 045 Suite 20.01 Level 20, 133-145 Castlereagh Street, Sydney, NSW 2000 Postal Address: PO Box 760, Manly, NSW 1655 Tel: 02 8117 8123

Significant Holdings

Allocation	Holding	Strategy/	Investment Summary
(%)		Rationale
20.73%	Cordish Dixon	Deep Value/	Maturing Private Equity funds managed by
	Funds I, II, III	Discount	the experienced and well respected Cordish
		Capture	Family Office.
			We have accumulated a position at large
			discounts to NTA. These funds are now
			maturing and distributing proceeds.
8.23%	Unibail Rodamco	Deep Value	A continued hangover from the pandemic
	Westfield		has allowed us to invest in high quality
			shopping malls at significant discounts to the
			underlying asset values.
6.05%	Navigator Global	Deep Value	NGI holds strategic investments in diversified
	Investments		alternative asset managers
3.91%	IperionX	Event Driven	Titanium extraction, processing, and
		Thematic	recycling, benefiting from US Inflation
		Market	Reduction Act to re-shore the material supply
		Exposure	chain.
3.73%	Vanguard	Broad Market	Low cost exposure to the ASX
	Australian Shares	Exposure
	Index ETF

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

Elanor Investors Group was suspended from trading on the 23[rd] August 2024 whilst refinancing their debt. In light of the continued suspension we have reduced the carrying value to nil until it returns to trade.

Benjamin Hornigold Ltd ABN 62 614 854 045

Suite 20.01 Level 20, 133-145 Castlereagh Street, Sydney, NSW 2000 Postal Address: PO Box 760, Manly, NSW 1655 Tel: 02 8117 8123