Orion Equities : Net Tangible Asset Backing - 30 September 2019
October 14, 2019 at 12:30 am EDT
Share
Friday, 11 October 2019
ASX Code: OEQ
MARKET ANNOUNCEMENT
Net Tangible Asset Backing - 30 September 2019
30 September 2019
31 August 2019
Month Ending:
% Change
Consolidated
Consolidated
Net tangible assets (NTA) (before tax)
$2.308m
$2.468m
Pre-Tax NTA Backing per share
-6.49%
$0.1475
$0.1577
Net tangible assets (after tax)
$2.308m
$2.468m
Post-Tax NTA Backing per share
-6.49%
$0.1475
$0.1577
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
Investment in listed Associated Entity:
(a)
Shares in Bentley Capital Limited (BEL)
0.374
0.481
Investments in other listed securities:
(a)
Shares in Strike Resources Limited (SRK)
0.450
0.460
Investment in property (held for development/resale)
1.100
1.100
Net cash/receivables/payables/other assets/provisions
0.384
0.427
Pre-Tax NTA
2.308
2.468
Tax Provisions:
-
(a)
Prior year tax
-
(b)
Current year tax
-
-
(c)
Net deferred tax asset / (liability)
-
-
Post-Tax NTA
2.308
2.823
www.orionequities.com.au
Orion Equities Limited
A.B.N. 77 000 742 843
Level 2, 23 Ventnor Avenue, West Perth, Western Australia 6005
ASX : OEQ
T | (08) 9214 9797
F | (08) 9214 9701
info@orionequities.com.au
20191011 OEQ ASX NTA Backing as at 30 September 2019.docx
Notes:
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 41 and 42 of the Company's 2019 Full Year Report for further details in this regard.
Accordingly, as at 30 September 2019, the Company's 20,513,783 shares (26.95% interest) (31 August 2019: 20,513,783 shares and 26.95%) in BEL have a carrying value of $0.0208 per share ($0.481m); this compares with BEL's last bid price on ASX of $0.055 per share ($1.128m) and BEL's after-tax NTA backing of $0.0807 per share ($1.655m)1, as at month end.
The fair value of investments in ASX-listed Strike Resources Limited (SRK) comprise 10,000,000 shares (31 August 2019: 10,000,000 shares) with a value of $0.045 per share (based on the closing bid price as at 30 September 2019) (31 August 2019: $0.046).
The fair value of investments in other listed securities is based on each security's last bid price on market at month end.
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.
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 27 to 29 of the Company's 2019 Full Year Report for further details in this regard.
1 Refer BEL's ASX Announcement dated 16 September 2019: NTA Backing as at 31 August 2019
Orion Equities Limited published this content on 14 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 October 2019 04:30:04 UTC
Orion Equities Limited is an Australia-based listed investment company (LIC). The Company invests in a portfolio of listed Australian and international companies and Australian properties. The Company's investment objectives are to achieve a consistent high real rate of return, comprising both income and capital growth, while operating within acceptable risk parameters set by the board; deliver a regular income stream for shareholders in the form of franked dividends, and preserve and protect the capital of the Company. The Company's portfolio of investments includes Australian equities, property held for development and resale, net cash/other assets, and agribusiness. The Companyâs wholly owned subsidiaries include Silver Sands Developments Pty Ltd and CXM Pty Limited.