ORION EQUITIES LIMITED — Net Asset Value 2023

Mar 8, 2023

ASX Code: OEQ

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Thursday, 9 March 2023

MARKET ANNOUNCEMENT

Net Tangible Asset Backing – 28 February 2023

	%	28 February 2023	31 January 2023
Month Ending:	Change	Consolidated	Consolidated
Net tangible assets (NTA) (before tax)		$2.412m	$2.681m
Pre-Tax NTA Backing per share	-10.04%	$0.154	$0.171
Net tangible assets (after tax)		$2.412m	$2.681m
Post-Tax NTA Backing per share	-10.04%	$0.154	$0.171
Based on total issued share capital		15,649,228	15,649,228
The NTA position comprises the following	items:

The NTA position comprises the following items:
Net Tangible Assets	Current MonthPrevious Month$’millions$’millions
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	0.0850.2660.7700.8601.7501.750(0.193)(0.195)
	2.4122.681
	------
	2.4122.681

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www.orionequities.com.au

Orion Equities Limited

A.B.N. 77 000 742 843

ASX : OEQ

Suite 1, Level 1, 680 Murray Street, West Perth, Western Australia 6005 T | (08) 9214 9797 F | (08) 9214 9701 E

E |info@orionequities.com.au

20230309 OEQ ASX NTA Backing as at 28 February 2023.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 34 and 35 of the Company’s 30 June 2022 Annual Report for further details in this regard.

Accordingly, as at 28 February 2023, the Company’s 20,513,783 shares (26.95% interest) (31 January 2023: 20,513,783 shares and 26.95%) in BEL have a $0.085m carrying value; this compares with BEL’s last bid price on ASX of 4.7 cents per share ($0.964m) and BEL’s after-tax NTA backing of $0.0643 per share ($1.319m)[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 January 2023: 10,000,000 shares) with a value of $0.077 per share (based on the closing bid price as at 31 January 2023) (31 December 2022: $0.086).

• (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 24 to 26 of the Company’s 30 June 2022 Annual 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 9 March 2023: NTA Backing as at 28 February 2023

2