NGE CAPITAL LIMITED — Net Asset Value 2021

Sep 12, 2021

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Investment & NTA Update

31 August 2021

Net Tangible Assets (NTA) Per Share

NGE Capital Summary

NGE Capital Summary	NGE Capital Summary	NGE Capital Summary
ASX ticker NGE
Share price (31 Aug 21) $0.685
Shares outstanding 36,169,127
Market cap $24.8m
	NTA per share before tax $0.867
NTA per share after tax $0.923
NTA before tax $31.4m
NTA after tax $33.4m

Overview

NGE Capital Limited is an internally managed Listed Investment Company which allows investors to gain exposure to a concentrated, high conviction, actively managed portfolio of financial assets. NGE primarily focuses on listed ASX and international equities, with the aim of generating strong risk-adjusted returns over the medium to long term.

Board & Management

David Lamm Adam Saunders Executive Chairman & Executive Director & Chief Investment Officer Portfolio Manager

Ilan Rimer Les Smith Non-Executive Director Company Secretary & Chief Financial Officer

Contact Details

Level 4 +61 3 9648 2290 100 Albert Road South Melbourne VIC 3205

admin@ngecapital.com.au www.ngecapital.com.au

		31 Aug 2021	31 Jul 2021
	NTA per share before tax	$0.867	$0.882
	NTA per share after tax	$0.923	$0.937

NTA Per Share Performance Summary

Year-to Last 12	Since inception 1
1 month -date months	(p.a.) (cum.)

Note: Returns are net of all expenses.

1 From 30 Nov 2016, the date on which NGE became a LIC.

Portfolio Composition (% of NTA)

	Company Ticker	%
	Yellow Cake plc LSE : YCA	17.8%
	Metals X ASX : MLX	9.3%
	Base Resources ASX : BSE	7.4%
	Vita Group ASX : VTG	7.0%
	Allegiance Coal ASX : AHQ	6.6%
	Consorcio ARA MEX : ARA	1.8%
	Silver ETFs SILJ, SLV, SIL	1.7%
	International Petroleum TSX,SEK : IPCO	1.0%
	Undisclosed – 2 positions Listed	0.9%
	Sprott Physical Uranium Trust TSX : U.UN	0.6%
	Net cash and other	46%
	Total	100%

Unrecognised Tax Losses

The Company has ~$46 million of Australian unused and unrealised losses available as at 31 August 2021. In the aggregate these losses equate to a potential future tax benefit of ~$11.5m or ~$0.32 per share (of which only $2.0m or $0.055 per share is recognised in our after tax NTA). The Company has received tax advice that these losses are available to be offset against future tax liabilities so long as NGE continues to satisfy the continuity of ownership test as set out in Divisions 165 and 166 of the Income Tax Assessment Act 1997 (Cth). •••

Announcement released to the market with the authorisation of:

David Lamm Adam Saunders Chief Investment Officer Portfolio Manager

IMPORTANT INFORMATION: While management of NGE Capital Limited (NGE Capital) have taken every effort to ensure the accuracy of the material in this document, the material is provided for information purposes only. No representation or warranty, express or implied, is or will be made by NGE Capital or its officers, directors, employees or advisers as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in, or implied by, this document, or as to the reasonableness of any assumption, forecasts, prospects or returns contained in, or implied by, this document or any part of it. This document does not constitute investment, legal, taxation or other advice and the document does not take into account your investment objectives, financial situation nor particular needs. You are responsible for forming your own opinions and conclusions on such matters and should make your own independent assessment of the information contained in, or implied by, this document and seek independent professional advice in relation to such information and any action taken on the basis of the information. This document is not, and does not constitute advice or an offer to sell or the solicitation, invitation or recommendation to purchase any securities that are referred to in this document.