ORION EQUITIES LIMITED — Net Asset Value 2019

Dec 12, 2019

Thursday, 12 December 2019

ASX Code: OEQ

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MARKET ANNOUNCEMENT

Net Tangible Asset Backing – 30 November 2019

Month Ending: % Change 30 November 2019 Consolidated 31 October 2019 Consolidated Net tangible assets (NTA) (before tax) $2.181 m $1.952m Pre-Tax NTA Backing per share +11.7% $0.1394 $0.1248 Net tangible assets (after tax) $2.181 m $1.952m Post-Tax NTA Backing per share +11.7% $0.1394 $0.1248 Based on total issued share capital 15,649,228 15,649,228 The NTA position comprises the following items: Current Month Previous Month Net Tangible Assets $’millions $’millions	% Change 30 November 2019 Consolidated 31 October 2019 Consolidated	% Change 30 November 2019 Consolidated 31 October 2019 Consolidated
	+11.7%	$2.181 m $1.952m $0.1394 $0.1248
	+11.7%	$2.181 m $1.952m $0.1394 $0.1248
		15,649,228 15,649,228
		Current Month Previous Month $’millions $’millions
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) 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		0.278 0.138 0.480 0.370 1.100 1.100 0.323 0.344
		2.181 1.952
		- - - - - -
		2.181 1.952

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www.orionequities.com.au

Orion Equities Limited

A.B.N. 77 000 742 843

Level 2, 23 Ventnor Avenue, West Perth, Western Australia 6005

info@orionequities.com.au

ASX : OEQ T | (08) 9214 9797

F | (08) 9214 9701

20191212 OEQ ASX NTA Backing as at 30 November 2019.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 also Note 23 (Investments in Associates) on pages 39 and 40 of the Company’s 2019 Annual Report for further details in this regard.

Accordingly, as at 30 November 2019, the Company’s 20,513,783 shares (26.95% interest) (31 October 2019: 20,513,783 shares and 26.95%) in BEL have a carrying value of $0.0136 per share ($0.278m); this compares with BEL’s last bid price on ASX of $0.036 per share ($0.739m) and BEL’s after-tax NTA backing of $0.074 per share ($1.511m)[1] , as at month end.

• (2) The fair value of investments in ASX-listed Strike Resources Limited ( SRK ) comprise 10,000,000 shares (31 October 2019: 10,000,000 shares) with a value of $0.048 per share (based on the closing bid price as at 30 November 2019) (31 October 2019: $0.037).

• (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) was valued by an independent qualified valuer (a Certified Valuer and Associate Member of the Australian Property Institute) as at 30 June 2019.

• (5) 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). Refer also Note 6 (Tax) on pages 25 to 26 of the Company’s 2019 Annual Report for further details in this regard.

FOR FURTHER INFORMATION:

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

1 Refer BEL’s ASX Announcement dated 12 December 2019: NTA Backing as at 30 November 2019

2