Bentley Capital : NTA Backing as at 29 February 2020

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 | [phone]	E | [e-mail]

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 | [phone]
Company Secretary	E | [e-mail]

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