ORION EQUITIES LIMITED — Net Asset Value 2013

Apr 14, 2013

Friday, 12 April 2013

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MARKET ANNOUNCEMENT

Net Tangible Asset Backing – 31 March 2013

Month Ending:	% Change	31 March 2013Consolidated	28 February 2013Consolidated
Net tangible assets (NTA) (before tax)	-5.83%	$11.194m	$11.887m
Pre-Tax NTA Backing per share		$0.628	$0.667
Net tangible assets (after tax)	-5.83%	$11.194m	$11.887m
Post-Tax NTA Backing per share		$0.628	$0.667
Based on total issued share capital		17,814,389	17,814,389
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)		4.553	4.628
Investments in other listed securities:
(a)Shares in Strike Resources Limited (SRK)		1.569	2.086
Investment in property (held for development/resale)		1.640	1.640
Agribusiness assets (including inventories)		1.813	1.833
Net cash/receivables/payables/other assets/provisions		1.619	1.700
Pre-Tax NTA		$11.194	$11.887
Tax Provisions:
(a)Prior year tax		-	-
(b)Current year tax		-	-
(c)Net deferred tax asset / (liability)		-	-
Post-Tax NTA		**$11.194 **	$11.887

The Company notes that it will be receiving $205,138 cash from Bentley Capital Limited under a one cent per share return of capital distributed by Bentley on 18 April 2013. The Company’s entitlement to receive these monies is not provided for in the March 2013 NTA.

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www.orionequities.com.au

ORION EQUITIES LIMITED

A.B.N. 77 000 742 843

Level 14, The Forrest Centre, 221 St Georges Terrace, Perth, Western Australia 6000 T | (08) 9214 9797 F | (08) 9322 1515 E

E | info@orionequities.com.au

ASX Code: OEQ

20130412 OEQ ASX NTA Backing as at 31 March 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.

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 21 of the Company’s 2012 Annual Report).

Accordingly, as at 31 March 2013, the Company’s 20,513,783 shares (27.97% interest) (28 February 2013: 20,513,783 shares and 27.97%) in BEL has a carrying value of $0.2219 per share ($4.553m); this compares with BEL’s last bid price on ASX of $0.160 per share ($3.282m) and BEL’s after tax NTA backing of $0.270 per share ($5.531m) at month end.

• (2) The fair value of investments in ASX listed Strike Resources Limited ( SRK ) comprise 16,690,802 shares (28 February 2013: 16,690,802 shares) with a value of $0.094 per share (based on the closing bid price on 28 February 2013) (28 February 2013: $0.125). The Company notes that SRK’s closing bid price on 10 April 2013 was $0.091 per share.

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

• (4) 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 23 of the Company’s 2012 Annual Report.

• (5) Agribusiness assets comprises 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 23 of the Company’s 2012 Annual Report).

• (6) 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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