BENTLEY CAPITAL LIMITED — Net Asset Value 2012

Sep 12, 2012

Thursday, 13 September 2012

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MARKET ANNOUNCEMENT

NTA Backing as at 31 August 2012

Bentley Capital Limited (ASX Code: BEL) gives notice that its unaudited after tax Net Tangible Assets ( NTA ) backing as at 31 August 2012 was $0.26 per share.

% ChangeNTA Backing for Period Ending:Pre-Tax NTA Backing per share- 8.33%Post-Tax NTA Backing per share- 8.33%Based on total issued share capital	Current MonthPrevious Month31 August 201231July2012
	$0.260$0.284$0.260$0.28473,350,54173,350,541

As at 31 August 2012, Bentley’s ~$19.06 million NTA comprised:

• (1) ~$7.43 million invested in ASX listed securities;

• (2) ~$5.85 million invested in the FSP Equities Leaders Fund ( FSP Fund );

• (3) ~$5.58 million cash;

• (4) ~$0.15 million invested in unlisted securities; and

• (5) ~$0.05 million net other assets/(liabilities).

Bentley’s major securities holdings as at 31 August 2012 were:

Security	ASX Code/ Description	Industry Sector	Value	% of Net
				Tangible
				Assets
FSP Equities Leaders Fund	Unlisted managed fund	Diversified	$5.85m	31%
MEO Australia Limited	MEO	Energy	$4.70m	25%
Other listed securities	Various	Various	$2.73m	14%
Other unlisted securities	Unlisted	Various	$0.15m	1%

During the month of August 2012, Bentley sold 2,276,081 shares in MEO at an average price of $0.236 per share, realising gross proceeds of $536,402.

Subsequent to August 2012 month end (and to 12 September 2012), Bentley:

• (a) sold a further 7,759,407 shares in MEO at an average price of $0.20 per share, realising gross proceeds of $1,548,051. Bentley currently holds 16,989,769 shares in MEO;

• (b) acquired listed securities at a cost of $1,820,956; and

• (c) sold other listed securities realising gross proceeds of $123,569.

www.bel.com.au

Corporate Office: Level 14, The Forrest Centre 221 St Georges Terrace Perth Western Australia 6000

ASX Code: BEL A.B.N. 87 008 108 218

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Registered Office: Suite 202, Angela House 30-36 Bay Street Double Bay New South Wales 2028

T | (08) 9214 9757 F | (08) 9322 1515 E | info@bel.com.au

T | (02) 9363 5088 F | (02) 9363 5488

20120913 BEL ASX NTA Backing as at 31 August 2012

Notes:

1. Units invested in the FSP Equities Leaders Fund are valued at the audited unit price published by the investment manager, FSP Equities Management Limited, as at month end – the unit price reflects the net asset backing of the fund; there is no buy/sell spread price; there is no recognition of realisation costs as there are no exit fees charged on redemption of units.

2. The post-tax NTA backing per share figure is reported net of provision for tax liabilities on realised and unrealised gains on investments, in accordance with the Company’s income tax accounting policy (refer note 1.6 (Summary of Accounting Policies – Income Tax) at page 29 of the Company’s 2012 Full Year Report released on ASX on 31 August 2012).

3. Bentley’s current accounting policy is to recognise deferred tax assets arising from its carried forward tax losses and its unrealised loss on investments only to the extent of offsetting any deferred tax liabilities arising from its unrealised gains on investments.

4. Bentley’s current accounting policy uses the first in-first out method of calculating gains or losses on sales of share investments.

FOR FURTHER INFORMATION:

Farooq Khan Chairman T | 1300 762 678 or (08) 9214 9757 E | info@bel.com.au

Victor Ho Company Secretary T | 1300 762 678 or (08) 9214 9757 E | vho@bel.com.au

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