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    BEL   AU000000BEL0

BENTLEY CAPITAL LIMITED

(BEL)
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Bentley Capital : NTA Backing as at 29 February 2020

03/13/2020 | 03:33am EDT

Friday, 13 March 2020

ASX Code: BEL

MARKET ANNOUNCEMENT

NTA Backing as at 29 February 2020

Bentley Capital Limited (ASX Code: BEL) gives notice that its unaudited after-tax Net Tangible Assets (NTA) Backing as at 29 February 2020 was $0.0657 per share.

Current Month

Previous Month

NTA Backing for Period Ending:

% Change

29 February 2020

31 January 2020

Pre-Tax NTA Backing per share

-6.35%

$0.0657

$0.0702

Post-Tax NTA Backing per share

-6.35%

$0.0657

$0.0702

Based on total issued share capital

76,127,918

76,127,918

Bentley's NTA position comprises the following items:

Current Month

Previous Month

NTA Components:

29 February 2020

31 January 2020

$'m

$'m

Non-current asset held for sale - Strike Resources Limited

2.10

2.42

Financial assets - Keybridge Capital Limited

2.19

1.92

Managed funds

0.57

0.69

Other ASX-listed securities

0.47

0.61

Cash

0.05

0.19

Net other assets/(liabilities)

(0.38)

(0.49)

Net Tangible Asset

5.00

5.34

Bentley's major securities holdings as at 29 February 2020 were:

Security

ASX Code/ Description

Industry Sector

Value

% of

$'m

NTA

Keybridge Capital Limited

KBC

Diversified

2.19

43.7%

Strike Resources Limited

SRK

Materials

2.10

42.0%

Yowie Group Ltd

YOW

Food, Beverage

0.46

9.2%

Managed funds

Unlisted

Diversified

0.57

11.5%

Other listed securities

Various

Various

0.01

0.2%

www.bel.com.au

BENTLEY CAPITAL LIMITED

A.B.N. 87 008 108 218

Level 2,

31 Ventnor Avenue, West Perth, Western Australia 6005

ASX : BEL

T | (08)

9214 9757

F | (08) 9214 9701

E | info@bel.com.au

20200313 BEL ASX NTA Backing as at 29 February 2020.docx

NOTES:

  1. Bentley's investment in Keybridge Capital Limited (ASX:KBC) is regarded as an investment in Financial Assets at Fair Value through Profit or Loss (accounted at fair value under AASB 9). Refer Note 8 (Financial Assets at Fair Value through Profit or Loss) on pages 38 and 39 of Bentley's 2019 Annual Report for further information in this regard.
    Bentley has accounted for its investment in Keybridge (31,700,000 shares) at a carrying value of $2.19 million (based on Directors' judgement of $0.069 per share) at month end (31 January 2020: $1.92 million at $0.0606 per share, based on Keybridge's last published net asset backing as at 31 October 2019).
    This was based on Bentley's acceptance into WAM Active Limited's (ASX:WAA) (WAM) takeover bid for Keybridge at a cash price of $0.069 per share on 28 February 2020.
  2. Bentley's investment in Strike Resources Limited (ASX:SRK) is regarded as an investment in a Non- Current Asset Held For Sale and is accounted for under Accounting Standard AASB 5. Refer Note 9 (Non-Current Asset Held for Sale) on page 39 of Bentley's 2019 Annual Report for further information in this regard.
    Bentley has accounted for its investment in SRK (52,553,493 shares being 36.16% of SRK's total issued share capital) (31 January 2020: 52,553,493 shares; 36.16%) at a carrying value of $2.1 million (based on the closing bid price on ASX of 4 cents per share) at month end on this basis (31 January 2020: $2.42 million; 4.6 cents).
  3. Units invested in unlisted managed funds are valued at the unit price published by the investment manager as at month end - the unit price reflects the net asset backing of the fund.
  4. The post-tax NTA Backing per share figure is reported net of provision for tax liabilities on realised and unrealised gains on investments, in accordance with the Company's income tax accounting policy. Refer Note 5 (Tax) on pages 35 to 37 of Bentley's 2019 Annual Report for further information in this regard.
  5. Bentley's current accounting policy is to recognise deferred tax assets arising from its carried forward tax losses and its unrealised loss on investments only to the extent of offsetting any deferred tax liabilities arising from its unrealised gains on investments.
  6. Bentley's current accounting policy uses the first in-first out method of calculating gains or losses on sales of share investments.

AUTHORISED FOR RELEASE BY AND FOR FURTHER INFORMATION:

Victor Ho

T | (08) 9214 9757

Company Secretary

E | cosec@bel.com.au

- 2 -

Disclaimer

Bentley Capital Limited published this content on 13 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2020 08:32:06 UTC


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