ORION EQUITIES LIMITED — Net Asset Value 2013

Dec 12, 2013

Friday, 13 December 2013

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MARKET ANNOUNCEMENT

Net Tangible Asset Backing – 30 November 2013

Month Ending:	% Change	30 November 2013Consolidated	31 October 2013Consolidated
Net tangible assets (NTA) (before tax)		$9.141m	$9.510m
Pre-Tax NTA Backing per share	-2.76%	**$0.531 **	$0.547
Net tangible assets (after tax)		$9.141m	$9.510m
Post-Tax NTA Backing per share	-2.76%	**$0.531 **	$0.547
Based on total issued share capital		17,200,150	17,400,150

During the November 2013 month, 200,000 shares were bought back at an average price of $0.27 per share (and at a total cost of $54,594) pursuant to an on-market share buy-back announced on 5 August 2013.

The NTA position comprises the following items:

	Current Month	Previous Month
Net Tangible Assets	$’millions	$’millions
Investment in listed Associated Entity:
(a)Shares in Bentley Capital Limited (BEL)	4.439	4.561
Investments in other listed securities:
(a)Shares in Strike Resources Limited (SRK)	0.801	0.918
Investment in property (held for development/resale)	1.490	1.490
Agribusiness assets (including inventories)	1.286	1.292
Net cash/receivables/payables/other assets/provisions	1.125	1.249
Pre-Tax NTA	$9.141	$9.510
Tax Provisions:
(a)Prior year tax	-	-
(b)Current year tax	-	-
(c)Net deferred tax asset / (liability)	-	-
Post-Tax NTA	$9.141	$9.510

The Company notes that it received $205,138 cash from Bentley Capital Limited under a one cent per share return of capital distributed by Bentley on 12 December 2013.

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www.orionequities.com.au

ORION EQUITIES LIMITED

A.B.N. 77 000 742 843

Suite 1, 346 Barker Road, Subiaco Western Australia 6008 T | (08) 9214 9797 F | (08) 9214 9701

E | info@orionequities.com.au

ASX Code: OEQ

20131213 OEQ ASX NTA Backing as at 30 November 2013.docx

Notes:

• (1) The Company’s investment in BEL, an Associated Entity (i.e. in which the Company has a greater than 20% interest), is accounted for under the equity method in the consolidated financial statements.

• (2) Under the equity method, the carrying amount of such investment is cost plus a share of the Associate Entity’s net profit or loss (after tax) for the financial year to month end as provided to the Company by such Associated Entity (refer note 1.3 (Summary of Accounting Policies - Investments in Associates) at page 23 of the Company’s 2013 Annual Report).

Accordingly, as at 30 November 2013, the Company’s 20,513,783 shares (27.97% interest) (31 October 2013: 20,513,783 shares and 27.97%) in BEL have a carrying value of $0.216 per share ($4.439m); this compares with BEL’s last bid price on ASX of $0.155 per share ($3.180m) and BEL’s after-tax NTA backing of $0.252 per share ($5.161m) at month end.

• (3) The fair value of investments in ASX-listed Strike Resources Limited ( SRK ) comprise 16,690,802 shares (31 October 2013: 16,690,802 shares) with a value of $0.048 per share (based on the closing bid price on 30 November 2013) (31 October 2013: $0.055). The Company notes that SRK’s closing bid price on 11 December 2013 was $0.048 per share.

• (4) The fair value of investments in other listed securities is based on each security’s last bid price on market at month end.

• (5) Investment in property (held for resale) is carried at net realisable value (refer note 1.13 (Summary of Accounting Policies - Property held for Resale) at page 25 of the Company’s 2013 Annual Report.

• (6) Agribusiness assets comprise a 143 hectare property comprising olive grove land and trees, depreciable plant and equipment, grove-related infrastructure and olive oil inventories. The olive grove land and trees are carried at net realisable value (refer note 1.14 (Summary of Accounting Policies - Property, Plant and Equipment) at page 26 of the Company’s 2013 Annual Report).

• (7) Tax Provision Item (c) includes where applicable, a provision for income tax on net unrealised gains on the Company’s investments in securities and its share of Associated Entities’ after-tax net profit for the month (deferred tax liability) and the recognition of future income tax benefits on net unrealised losses on the Company’s investments in securities and its share of Associated Entities’ after-tax net loss for the month (deferred tax asset).

FURTHER INFORMATION:

Farooq Khan T | (08) 9214 9797 Executive Chairman E |fkhan@orionequities.com.au Victor Ho Executive Director T | (08) 9214 9797 and Company Secretary E |cosec@orionequities.com.au

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