ORION EQUITIES LIMITED — Net Asset Value 2021

Sep 12, 2021

Monday, 13 September 2021

ASX Code: OEQ

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MARKET ANNOUNCEMENT

Net Tangible Asset Backing – 31 August 2021

Month Ending:% Change31 August 2021Consolidated31 July 2021ConsolidatedNet tangible assets (NTA) (before tax)$4.824m$7.313mPre-Tax NTA Backing per share-34.04%$0.3082$0.4673Net tangible assets (after tax)$4.824m$7.313mPost-Tax NTA Backing per share-34.04%$0.3082$0.4673Based on total issued share capital15,649,22815,649,228The NTA position comprises the following items:Current MonthPrevious MonthNet Tangible Assets$’millions$’millionsInvestment in listed Associated Entity:(a)Shares in Bentley Capital Limited (ASX:BEL)1.6783.133Investments in other listed securities:(a)Shares in Strike Resources Limited (ASX:SRK)1.8002.800Investment in property (held for development/resale)1.7501.750Net cash/receivables/payables/other assets/provisions(0.404)(0.370)Pre-Tax NTA4.8247.313Tax Provisions:(a)Prior year tax--(b)Current year tax--(c)Net deferred tax asset / (liability)--Post-Tax NTA4.8247.313	% Change31 August 2021Consolidated31 July 2021Consolidated	% Change31 August 2021Consolidated31 July 2021Consolidated
	-34.04%	$4.824m$7.313m$0.3082$0.4673
	-34.04%	$4.824m$7.313m$0.3082$0.4673
		15,649,22815,649,228
		Current MonthPrevious Month$’millions$’millions1.6783.1331.8002.8001.7501.750(0.404)(0.370)4.8247.313------4.8247.313
Investment in listed Associated Entity:(a)Shares in Bentley Capital Limited (ASX:BEL)Investments in other listed securities:(a)Shares in Strike Resources Limited (ASX:SRK)Investment in property (held for development/resale)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

Orion has valued its 10 million shareholding in Strike Resources Limited (ASX:SRK) based on the $0.18 last bid price as at 31 August 2021 (31 July 2021: $0.28). Bentley notes that Strike’s last bid price was $0.145 (as at 13 September 2021).

www.orionequities.com.au

Orion Equities Limited

A.B.N. 77 000 742 843

Level 2, 31 Ventnor Avenue, West Perth, Western Australia 6005 ASX : OEQ T | (08) 9214 9797 F | (08) 9214 9701

E |info@orionequities.com.au

20210913 OEQ ASX NTA Backing as at 31 August 2021.docx

Notes:

• (1) The Company’s investment in Bentley Capital Limited (ASX: 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 19 (Investments in Associates) on pages 36 and 37 of the Company’s 30 June 2021 Full Year Report for further details in this regard.

Accordingly, as at 31 August 2021, the Company’s 20,513,783 shares (26.95% interest) (31 July 2021: 20,513,783 shares and 26.95%) in BEL have a $1.678m carrying value; this compares with BEL’s last bid price on ASX of $0.08 per share ($1.641m) and BEL’s aftertax NTA backing of $0.1493 per share ($3.063m)[1] , as at month end.

• (2) The fair value of investments in ASX-listed Strike Resources Limited (ASX:SRK) comprise 10,000,000 shares (31 July 2021: 10,000,000 shares) with a value of $0.18 per share (based on the closing bid price as at 31 August 2021) (31 July 2021: $0.28).

• (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 licensed valuer of the Australian Property Institute as at 30 June 2021.

• (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 5 (Tax) on pages 26 to 28 of the Company’s 30 June 2021 Full Year Report for further details in this regard.

AUTHORISED FOR RELEASE - FOR FURTHER INFORMATION:

Victor Ho Executive Director & Company Secretary

T | (08) 9214 9797

• E | cosec@orionequities.com.au

1 Refer BEL’s ASX Announcement dated 13 September 2021: NTA Backing as at 31 August 2021

2