ORION EQUITIES LIMITED — Net Asset Value 2013

Sep 12, 2013

Friday, 13 September 2013

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MARKET ANNOUNCEMENT

Net Tangible Asset Backing – 31 August 2013

Month Ending:Net tangible assets (NTA) (before tax)Pre-Tax NTA Backing per shareNet tangible assets (after tax)Post-Tax NTA Backing per shareBased on total issued share capitalThe NTA position comprises the following items:Net Tangible Assets	% Change		31 August 2013Consolidated31 July 2013Consolidated
	-3.69%		$9.752m$10.126m
	-3.69%		$0.547$0.568$9.752m$10.126m
			$0.547$0.56817,814,38917,814,389
			Current MonthPrevious Month$’millions$’millions4.4644.3431.0011.2521.4901.4901.3061.4981.4911.543$9.752$10.126------$9.752$10.126
Investment in listed Associated Entity:(a)Shares in Bentley Capital Limited (BEL)Investments in other listed securities:(a)Shares in Strike Resources Limited (SRK)Investment in property (held for development/resale)Agribusiness assets (including inventories)Net cash/receivables/payables/other assets/provisionsPre-Tax NTATax Provisions:(a)Prior year tax(b)Current year tax(c)Net deferred tax asset / (liability)Post-Tax NTA

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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) 9322 1515

ASX Code: OEQ

E | info@orionequities.com.au

20130913 OEQ ASX NTA Backing as at 31 August 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 22 of the Company’s 2013 Full Year Report).

  • Accordingly, as at 31 August 2013, the Company’s 20,513,783 shares (27.97% interest) (31 July 2013: 20,513,783 shares and 27.97%) in BEL have a carrying value of $0.218 per share ($4.464m); 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 $0.264 per share ($5.405m) at month end.

• (3) The fair value of investments in ASX-listed Strike Resources Limited ( SRK ) comprise 16,690,802 shares (31 July 2013: 16,690,802 shares) with a value of $0.06 per share (based on the closing bid price on 31 August 2013) (31 July 2013: $0.075). The Company notes that SRK’s closing bid price on 12 September 2013 was $0.068 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 24 of the Company’s 2013 Full Year 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 24 of the Company’s 2013 Full Year 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 Chairman E |fkhan@orionequities.com.au Victor Ho T | (08) 9214 9797 Company Secretary E |cosec@orionequities.com.au

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