ORION EQUITIES LIMITED — Net Asset Value 2014

Jun 12, 2014

Friday, 13 June 2014

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MARKET ANNOUNCEMENT

Net Tangible Asset Backing – 31 May 2014

Month Ending: Net tangible assets (NTA) (before tax) Pre-Tax NTA Backing per share Net tangible assets (after tax) Post-Tax NTA Backing per share Based on total issued share capital The NTA position comprises the following items: Net Tangible Assets	% Change	31 May 2014 Consolidated 30 April 2014 Consolidated
	-2.38%	$7.920 m $8. 136m $0.496 $0. 508
	- 2.38%	$7.920 m $8. 136m $0.496 $0. 508
		15,964,389 16,011,144
		Current Month Previous Month $’millions $’millions 3.773 3.773 0.634 0. 768 1.490 1.490 1.215 1.240 0.808 0. 865 $7.920 $8.136 - - - - - - $7.920 $8.136
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/provisions Pre-Tax NTA Tax 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) 9214 9701

E | info@orionequities.com.au

ASX Code: OEQ

20140613 OEQ ASX NTA Backing as at 31 May 2014.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 31 May 2014, the Company’s 20,513,783 shares (27.76% interest) (30 April 2014: 20,513,783 shares and 27.76%) in BEL have a carrying value of $0.184 per share ($3.773m); this compares with BEL’s last bid price on ASX of $0.140 per share ($2.872m) and BEL’s after-tax NTA backing of $0.2234 per share ($4.583m) at month end.

• (3) The fair value of investments in ASX-listed Strike Resources Limited ( SRK ) comprise 16,690,802 shares (30 April 2014: 16,690,802 shares) with a value of $0.038 per share (based on the closing bid price on 31 May 2014) (30 April 2014: $0.046). The Company notes that SRK’s closing bid price on 11 June 2014 was $0.040 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 |info@orionequities.com.au

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

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