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BENTLEY CAPITAL LIMITED — Net Asset Value 2016
Sep 13, 2016
64510_rns_2016-09-13_77943df9-4c2a-4009-a476-d6d1d5fc69a6.pdf
Net Asset Value
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Wednesday, 14 September 2016
MARKET ANNOUNCEMENT
NTA Backing as at 31 August 2016
Bentley Capital Limited (ASX Code: BEL) gives notice that its unaudited after-tax Net Tangible Assets ( NTA ) Backing as at 31 August 2016 was $0.198 per share.
| Current Month Previous Month |
|
|---|---|
| NTA Backing for Period Ending: % Change |
31 August 2016 31 July 2016 |
| Pre-Tax NTA Backing per share -1% Post-Tax NTA Backing per share -1% Based on total issued share capital |
$0.198 $0.20 $0.198 $0.20 75,414,727 75,414,727 |
The 31 August 2016 NTA backing includes a provision for $0.377 million being the 0.50 cent per share fully franked dividend announced on 31 August 2016 and expected to be paid on 29 September 2016.
Bentley’s August 2016 NTA monthly performance with the provision for dividend added back was +1.55%.
Bentley’s NTA position comprises the following items:
| Current Month Previous Month |
|
|---|---|
| NTA Components: | 31 August 2016 $’m 31 July 2016 $’m |
| ASX-listed securities CBG Australian Equities Fund (Wholesale) Investment in Associate Entity – Strike Resources Limited Cash Net other assets/(liabilities) Net Tangible Asset |
6.51 6.61 5.07 5.15 2.72 2.75 1.32 0.50 (0.66) 0.08 |
| 14.96 15.09 |
Bentley’s major securities holdings as at 31 August 2016 were:
| Security | ASX Code/ Description | Industry Sector | Value $’m |
% of NTA |
|---|---|---|---|---|
| CBG Fund | Unlisted managed fund | Diversified | 5.07 | 34% |
| Keybridge Capital Limited | KBC | Diversified | 4.60 | 31% |
| Strike Resources Limited | SRK | Materials | *2.72 | 18% |
| Woodside Petroleum Limited | WPL | Energy | 0.57 | 4% |
| National Australia Bank Limited | NAB | Banks | 0.55 | 4% |
| Other listed securities | Various | Various | 0.79 | 5% |
- Investment in Associate entity carried at fair value based on equity accounting (refer Note (1) below)
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www.bel.com.au
BENTLEY CAPITAL LIMITED
A.B.N. 87 008 108 218
Level 2, 23 Ventnor Avenue, West Perth, Western Australia 6005 T | (08) 9214 9757 F | (08) 9214 9701
ASX Code: BEL
F | (08) 9214 9701
20160914 BEL ASX NTA Backing as at 31 August 2016
Notes:
- (1) With effect on 2 September 2015, Bentley’s investment in Strike Resources Limited (ASX: SRK) 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 21 (Investment in Associate Entity) on page 52 of Bentley’s 2016 Full Year Report for further information in this regard.
Bentley has accounted for its investment in SRK (52,553,493 shares being 36.16% of SRK’s total issued share capital) at a carrying value of $2.72 million (being $0.052 per share) and on this basis Bentley notes SRK’s closing bid price on ASX was $0.04 as at 31 August 2016.
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(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.
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(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 5 (Income Tax) at page 39 of the Company’s 2016 Full Year Report released on ASX on 31 August 2016).
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(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.
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(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 Victor Ho Chairman Company Secretary T | (08) 9214 9757 T | (08) 9214 9757 E | [email protected] E | [email protected]
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