NGE CAPITAL LIMITED — Net Asset Value 2021

Jan 7, 2021

Investment and NTA update | As at 31 December 2020

==> picture [119 x 65] intentionally omitted <==

NGE CAPITAL LIMITED SUMMARY

ASX ticker	NGE
Shareprice(31-Dec-20)	$0.550
Shares outstanding	37,159,784
Market cap	$20.4m
NTAper share before tax	$0.783
NTAper share after tax	$0.835
NTA before tax	$29.1m
NTA after tax	$31.0m
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.

NET TANGIBLE ASSETS (NTA) PER SHARE

	31 Dec 2020	30 Nov 2020
NTA per share before tax	$0.783	$0.749
NTA per share after tax	$0.835	$0.789

NTA PER SHARE PERFORMANCE SUMMARY

			Last 12	Since	inception(1)
1	month	Year-to-date	months	(p.a.)	(cum.)
	4.5%	-8.0%	-8.0%	11.1%	53.5%

Note: Returns are net of all expenses.

(1) From 30 November 2016, the date on which NGE became a LIC.

	TOP HOLDINGS(%Company	OF NTA)Ticker	**% **	PORTFOLIO COMPOSITION31 Dec	PORTFOLIO COMPOSITION31 Dec	2020
	Karoon Energy	ASX:KAR	38.5%	Listed equities		64%
	Yellow Cake plcBase Resources	LSE:YCAASX:BSE	17.0% 7.2%	Net cash and other		36%
	Not disclosed	Listed	1.0%
	Uranium Participation	TSX:U	0.5%	Total	100%

INVESTMENT STRATEGY

NGE has a flexible investment mandate and invests according to a defined set of investment principles, summarised as follows:

• Only invest in a compelling opportunity, otherwise hold cash;

• Invest based on fundamental analysis;

• Target investments that can generate strong returns with an adequate margin of safety; and

• Aim to hold a concentrated portfolio of high conviction investments.

UNRECOGNISED TAX LOSSES

The Company has ~$53 million of Australian unused and unrealised losses available as at 31 December 2020. In the aggregate these losses equate to a potential future tax benefit of ~$14m or ~$0.37 per share (of which only ~$1.9m or $0.052 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).

COMMENTARY

NGE’s portfolio produced a return of 4.5% for the month of December.

BOARD & MANAGEMENT

David Lamm	Executive Chairman &
	Chief Investment Officer
Adam Saunders	Executive Director &
	Portfolio Manager
Ilan Rimer	Non-Executive Director
Les Smith	Company Secretary &
	Chief Financial Officer

This announcement was released to the market with the authorisation of:

David Lamm Adam Saunders Chief Investment Officer Portfolio Manager

CONTACT DETAILS

Level 4, North Building 333 Collins Street Melbourne VIC 3000

+61 3 9648 2290

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

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.