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THORNEY OPPORTUNITIES LTD

ABN 41 080 167 264

APPENDIX 4D (Listing Rule 4.2A3)

RESULTS FOR ANNOUNCEMENT TO THE MARKET

(All comparisons to half-year ended 31 December 2020)

			Movement	Up/	Movement
		$'000	$'000	Down	%
Income from ordinary activities	11,521	25,568	Down	(69%)
Profit before tax for the year	8,225	21,859	Down	(73%)
Profit after tax for the year	6,877	14,621	Down	(68%)
Dividend information		Amount per	Franked	Tax rate for
			share	amount per	franking
			(cents)	share	credit
				(cents)
2022	Interim dividend per share		1.00	1.00	25.0%
2021	Final dividend per share		1.35	1.35	25.0%
2021	Interim dividend per share		0.80	0.80	30.0%
2022	Interim dividend dates
Ex-dividend date				15-Mar-22
Record date				16-Mar-22
Interim dividend payment date				31-Mar-22

The Company's Dividend Reinvestment Plan (DRP) will not apply to the 2022 Interim dividend.

	31-Dec-21	30-Jun-21	31-Dec-20
Net tangible asset backing per ordinary	72.6 cents	70.4 cents	70.6 cents
share

This report should be read in conjunction with the Thorney Opportunities Ltd 2021 Annual Report.

Additional information supporting the Appendix 4D disclosure requirements can be found in the Directors' Report and the financial statements for the half-year ended 31 December 2021.

This report is based on the financial statements for the half-year ended 31 December 2021 which have been reviewed by Ernst & Young.

For personal use only

Company particulars

Thorney Opportunities Ltd is a disclosing entity under the Corporations Act 2001 and currently considered an investment entity pursuant to ASX Listing Rules. The Company is primarily an investor in listed equities on the Australian securities market.

ASX Code:	TOP
Security:	Thorney Opportunities Ltd fully paid ordinary shares
Directors:	Alex Waislitz, Chairman
	Ashok Jacob
	Henry Lanzer AM
	Dr Gary Weiss AM
Secretary:	Craig Smith
Country of incorporation	Australia
Registered office:	Level 39, 55 Collins Street
	Melbourne Vic 3000

Contact details: Level 39, 55 Collins Street

Melbourne Vic 3000

1. + 613 9921 7116

1. + 613 9921 7100

1. craig.smith@thorney.com.au

1. www.thorneyopportunities.com.au
   Investment Manager: Thorney Management Services Pty Ltd

Level 39, 55 Collins Street

Melbourne Vic 3000

AFSL: 444369

Auditor: Ernst & Young, Melbourne

8 Exhibition Street

Melbourne Vic 3000

Lawyers: Arnold Bloch Leibler

Level 21, 333 Collins Street

Melbourne Vic 3000

Share Registry: Boardroom Pty Limited

Level 12, 225 George Street

Sydney NSW 2000

1. + 612 9290 9600

1. + 612 9279 0664

1. www.boardroomlimited.com.au
   For all shareholder related enquiries please contact the share registry.

For personal use only

Contents

Chairman's letter

Directors' report

1. Directors
2. Principal activities
3. Review of operations
4. Subsequent events
5. Auditor's independence declaration

Auditor's independence declaration Statement of comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows

Notes to the financial statements Directors' declaration Independent auditor's review report

4

5

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19

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Dear fellow Shareholders

I am pleased to report that TOP's Net Tangible Asset backing (NTA) after tax and fees as at 31 December 2021 closed at 72.6 cents per share, an increase of 3.1% compared to the NTA of 70.4 cents per share as at 30 June 2021. In addition, TOP also paid a 1.35 cents per share fully franked dividend during the period.

The increase in TOP's NTA in the six months ended 31 December 2021 was principally driven by an increase in the carrying value of TOP's investment in Australian Community Media (ACM) which includes its 22.99% investment in PRT Company Limited (formerly Prime Media Group Ltd). There were also positive contributions made by listed portfolio positions including Money3 Corporation Limited.

Since 31 December 2021, the portfolio has seen a number of strong contributions from investments in the infrastructure and resource services sector, including Austin Engineering Limited and MMA Offshore Limited.

On the back of TOP's performance, directors have declared an interim dividend for the December half year of 1.00 cent per share fully franked, an increase of 25% compared to the dividend declared in the previous corresponding period.

I maintain my optimism in the inherent value in TOP's portfolio and confident that the value will be realised over time. Nevertheless, TOP's share price remains at a significant discount to NTA and, as previously outlined, the Board has implemented a number of strategies to narrow the share price discount, including extending the on-market share buyback program to 18 February 2023, the launch of our revamped website, increased investor relations resourcing, undertaking more transparent reporting and continuing to hold podcasts and other investor briefings.

Yours sincerely,

Alex Waislitz

Chairman

21 February 2022