BENTLEY CAPITAL LIMITED — Net Asset Value 2020

Jun 11, 2020

Friday, 12 June 2020

ASX Code: BEL

==> picture [192 x 70] intentionally omitted <==

MARKET ANNOUNCEMENT

NTA Backing as at 31 May 2020

Bentley Capital Limited (ASX Code: BEL) gives notice that its unaudited after-tax Net Tangible Assets ( NTA ) Backing as at 31 May 2020 was $0.0716 per share.

	Current MonthPrevious Month
NTA Backing for Period Ending:% Change	31 May 202030 April 2020
Pre-Tax NTA Backing per share+16.65%Post-Tax NTA Backing per share+16.65%Based on total issued share capital	$0.0716$0.0614$0.0716$0.061476,127,91876,127,918

Bentley’s NTA position comprises the following items:

	Current MonthPrevious Month
NTA Components:	31 May 202030 April 2020
	$’m$’m
Non-current asset held for sale – Strike Resources LimitedFinancial assets – Keybridge Capital LimitedOther ASX-listed securitiesManaged fundsCashNet other assets/(liabilities)Net Tangible Asset	2.732.102.192.190.580.360.350.320.040.14(0.44)(0.43)
	5.454.68

Bentley’s major securities holdings as at 31 May 2020 were:

Security	ASX Code/ Description	Industry Sector	Value$’m	% ofNTA
Strike Resources Limited	SRK	Materials	2.73	50.1%
Keybridge Capital Limited	KBC	Diversified	2.19	40.1%
Yowie Group Ltd	YOW	Food, Beverage	0.58	10.6%
Managed funds	Unlisted	Diversified	0.35	6.4%
Other listed securities	Various	Various	0.01	0.1%

==> picture [64 x 63] intentionally omitted <==

www.bel.com.au

BENTLEY CAPITAL LIMITED

A.B.N. 87 008 108 218

ASX : BEL

Level 2, 31 Ventnor Avenue, West Perth, Western Australia 6005 T | (08) 9214 9757

E | info@bel.com.au

20200612 BEL ASX NTA Backing as at 31 May 2020.docx

NOTES:

• (1) Bentley’s investment in Keybridge Capital Limited (ASX:KBC) is regarded as an investment in Financial Assets at Fair Value through Profit or Loss (accounted at fair value under AASB 9). Refer Note 8 (Financial Assets at Fair Value through Profit or Loss) on pages 38 and 39 of Bentley’s 2019 Annual Report for further information in this regard.

Bentley has accounted for its investment in Keybridge (31,700,000 shares) at a carrying value of $2.19 million (based on Directors’ judgement of $0.069 per share) at month end (30 April 2020: $2.19 million at $0.069 per share).

Keybridge’s last published net asset backing was $0.0582 per share as at 31 December 2019, as disclosed in Keybridge’s 31 December 2019 Half Year Report released on ASX on 2 March 2020 (unaudited) and 8 May 2020 (auditor reviewed).

Bentley notes that on or about 17 February 2020, Keybridge issued 22 million shares at an issue price of $0.069, raising $1.518 million. Bentley also notes that capital markets have declined significantly since 31 December 2019 due to the impact of the COVID-19 virus – this is likely to have had a material impact on the investment portfolio of Keybridge (including its ASX-listed securities), however, Keybridge has not publicly disclosed its net asset position subsequent to 31 December 2019 and Bentley is unable to quantify such impact on Keybridge’s current net asset backing position.

Bentley notes that on 28 April 2020, WAM Active Limited (ASX:WAA) launched a cash takeover bid for Keybridge at $0.069 per share.

• (2) Bentley’s investment in Strike Resources Limited (ASX:SRK) is regarded as an investment in a NonCurrent Asset Held For Sale and is accounted for under Accounting Standard AASB 5. Refer Note 9 (Non-Current Asset Held for Sale) on page 39 of Bentley’s 2019 Annual 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) (30 April 2020: 52,553,493 shares; 36.16%) at a carrying value of $2.73 million (based on the closing bid price on ASX of 5.2 cents per share) at month end on this basis (30 April 2020: $2.1 million; 4 cents).

• (3) Units invested in unlisted managed funds are valued at the unit price published by the investment manager as at month end – the unit price reflects the net asset backing of the fund.

• (4) 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 (Tax) on pages 35 to 37 of Bentley’s 2019 Annual Report for further information in this regard.

• (5) 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.

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

AUTHORISED FOR RELEASE BY AND FOR FURTHER INFORMATION:

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

• 2 -