KEYBRIDGE CAPITAL LIMITED — Net Asset Value 2021

Sep 12, 2021

Monday, 13 September 2021

ASX Codes : KBC

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ASX MARKET ANNOUNCEMENT

NET ASSET BACKING – AUGUST 2021

Keybridge Capital Limited (ASX:KBC) gives notice that its unaudited after-tax Net Asset Backing as at 31 August 2021 was 6.94 cents per share.

Net Asset Backing

Net Asset Backing
		Current	Previous	Year
	%	Month	Month	End
Net Asset Backing for Period Ending:	Change	31 August 2021	31 July 2021	30 Jun 2020
Pre-Tax Net Asset Backing per share	5.08%	$0.0694	$0.0661	$0.0686
Post-Tax Net Asset Backing per share	5.08%	$0.0694	$0.0661	$0.0686
Total issued(listed)share capital(Note 1)		208,149,961	199,878,068	199,808,982

Net Assets

Net Assets
	Current Month		Previous Month
	31 August 2021		31 July 2021
		% of Net
	$’million	Assets	$’million
Cash and cash equivalent	0.112	0.8%	0.971
Listed Securities	8.046	55.7%	5.734
Managed Funds	1.564	10.8%	0.815
Other Investments	0.398	2.8%	0.900
Loan Receivables:
•Private Equity	0.000	0.0%	0.000
•Insurance(Note 2)	3.820	26.4%	3.733
•Property(Note 3)	0.835	5.8%	0.835
•Other	0.000	0.0%	0.000
Other Assets	0.188	1.3%	0.188
Convertible Redeemable Promissory Notes	-	-	(0.169)
(ASX: KBCPA)(Note 4)
Provision for tax	-	-	-
Derivatives	0.998	6.9%	1.684
Margin loan (net)	0.050	0.3%	0.053
Other Liabilities	(1.561)	(10.8%)	(1.538)
Net Assets	**14.451 **	100%	13.206

Keybridge Capital Limited | Registered Office | Company Secretarial Enquiries |

ABN 16 088 267 190 | ASX Codes KBC; KBCPA | Web www.keybridge.com.au Suite 614, Level 6, 370 St Kilda Road, Melbourne, Victoria 3004, Australia Telephone +61 3 9686 7000 Email cosec@keybridge.com.au

Currency Exposure

Currency Exposure
	Current Month	Previous Month
% of Net Assets	31 August 2021	31 July 2021
Australian Dollars	71.5%	66.0%
Euros	0.0%	0.0%
US Dollars	0.0%	3.5%
New Zealand Dollars	28.5%	30.5%

This announcement was authorised for release by the Managing Director.

FOR FURTHER INFORMATION:

John Patton Company Secretary Tel: +61 3 9686 7000 Email: cosec@keybridge.com.au

ABOUT KEYBRIDGE CAPITAL LIMITED (ASX: KBC)

KBC is an investment and financial services group with a diversified portfolio of listed and unlisted investments/loan assets including in private equity (US), life insurance (New Zealand), property and funds management sectors and substantial holdings (as at 31 January 2021) in HHY Fund (ASX:HHY), Metgasco Ltd (ASX:MEL), Molopo Energy Limited (ASX:MPO) and Yowie Group Ltd (ASX:YOW).

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NOTES:

• (1) Net Asset Backing per share is based on Keybridge’s total listed shares on issue and excludes 6 million unlisted shares currently issued under the Company’s Executive Share Plan[1] .

• (2) Loan Receivables – Insurance : In September 2014, Keybridge invested NZ$3.8m (A$3.4m) (via NZ$0.109m (10.13%) equity and NZ$3.691m notes) into Foundation Life, to finance Foundation’s acquisition of Tower Limited’s life insurance business in New Zealand in 2014. Interest of 9% pa is payable under the note, which is redeemable by noteholders in 50 years (May 2064) or by Foundation (from time to time).

• (3) Loan Receivables – Property : In September 2014, Keybridge took direct control of loans that were held in a fund (where Keybridge was the remaining sole lender) which invested in first ranking mortgage loans over commercial properties. Keybridge has registered mortgages over strata title lots comprising Conference Facilities at a Hotel located in Manly, Sydney as security for loans, which are owed by private companies (which are in liquidation).

As at 30 June 2021, the loan was carried (based on the Directors’ judgement) at a valuation of A$0.835m, after having regard to historical valuations conducted on the property. At month end, the loan was carried at A$0.835m.

• (4) Convertible Redeemable Promissory Notes: (ASX: KBCPA): The Convertible Redeemable Promissory Notes ( CRPN ) matured on 31 July 2021. In accordance with CRPN Noteholder elections, as announced on 11 August 2021:

• 28,755 CRPN elected redemption and were redeemed for cash;

• • 116,814 elected conversion and were converted to 1,682,229 Keybridge ordinary shares; and

• 23,433 CRPN carried no election and were converted at the discretion of Keybridge into 346,336 Keybridge ordinary shares.

• On 19 August 2021, following the redemption/ conversion of the outstanding CRPNs, KBCPA was removed from Official Quotation.

1 Refer KBC’s Notice of AGM released on ASX on 30 October 2014 and KBC’s ASX announcement dated 19 December 2014:

Appendix 3B and Further Detail Regarding Issuance of Loan Funded Shares

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