BENTLEY CAPITAL LIMITED — Net Asset Value 2015

Jul 12, 2015

Monday, 13 July 2015

==> picture [191 x 69] intentionally omitted <==

MARKET ANNOUNCEMENT

NTA Backing as at 30 June 2015

Bentley Capital Limited (ASX Code: BEL) gives notice that its unaudited after-tax Net Tangible Assets ( NTA ) Backing as at 30 June 2015 was $0.213 per share.

	Current MonthPrevious Month
NTA Backing for Period Ending:% Change	30June 201531 May2015
Pre-Tax NTA Backing per share-4.05%Post-Tax NTA Backing per share-4.05%Based on total issued share capital	$0.213$0.222$0.213$0.22274,800,21174,800,211

Bentley’s NTA position comprises the following items:

	Current MonthPrevious Month
NTA Components:	30 June 2015$’m31 May 2015$’m
Investment in Associate EntityCBG Australian Equities Fund (Wholesale)ASX-listed securitiesCashNet other assets/(liabilities)Net Tangible Asset	9.619.615.335.730.921.010.150.05(0.11)0.1715.9016.57

Bentley’s major securities holdings as at 30 June 2015 were:

Security	ASX Code/ Description	Industry Sector	Value$’m	% ofNTA
Molopo Energy Limited	MPO	Energy	9.61	60%
CBG Fund	Unlisted managed fund	Diversified	5.33	34%
Devine Limited	DVN	Real Estate	0.24	2%
Other listed securities	Various	Various	0.68	4%

==> picture [65 x 63] intentionally omitted <==

www.bel.com.au

BENTLEY CAPITAL LIMITED

A.B.N. 87 008 108 218

Level 2, 23 Ventnor Avenue, West Perth, Western Australia 6005

ASX Code: BEL

T | (08) 9214 9757

F | (08) 9214 9701

E | info@bel.com.au

20150713 BEL ASX NTA Backing as at 30 June 2015.docx

Notes:

• (1) With effect on 29 December 2014, Bentley’s investment in Molopo Energy Limited (ASX: MPO) is regarded as an Associated Entity (over which Bentley is considered to have significant influence) and is accounted for under the equity method in the consolidated financial statements. Under the equity method, the carrying amount of an investment in an Associate entity is at initial cost plus a share of the Associate Entity’s net profit or loss (after tax) for the financial year to the relevant balance date. Refer Note 1(a) and (b) on pages 23 and 24 of Bentley’s December 2014 Half Year Report for further information in this regard.

As at 30 June 2015, Bentley has carried its investment in MPO (49,687,332 shares being 19.97% of MPO’s total issued share capital) at initial cost of $9,611,231 (being $0.193 per share) and recognised a nil amount as its 19.97% share of MPO’s net profit/loss for the period ended 30 June 2015, as MPO was not able to provide the required financial information from which this amount could be determined and recognised within the time required for the lodgement of BEL’s monthly NTA backing announcement (31 May 2015: 49,687,332 shares, 19.97% interest, $9,611,231 carrying value being $0.193 per share). Bentley notes MPO’s closing bid price of $0.15 as at June 2015 month end.

• (2) Units invested in the CBG Australian Equities Fund (Wholesale) ( CBG Fund ) are valued at the audited unit price published by the investment manager, CBG Asset 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.

• (3) 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 2014 Annual Report released on ASX on 20 October 2014).

• (4) 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.

• (5) 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 | (08) 9214 9757 E | info@bel.com.au

Victor Ho Company Secretary T | (08) 9214 9757 E | cosec@bel.com.au

• 2 -