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THORNEY OPPORTUNITIES LTD

(TOP)
  Report
Delayed Australian Stock Exchange  -  09:33 2022-06-30 pm EDT
0.4650 AUD   -1.06%
03/15THORNEY OPPORTUNITIES LTD : Ex-dividend day for interim dividend
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02/20THORNEY OPPORTUNITIES : Appendix 4D and 2022 Half-Year Financial Statements
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02/20THORNEY OPPORTUNITIES : 2022 Half-Year Results Presentation Slides
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Thorney Opportunities : Appendix 4D and 2022 Half-Year Financial Statements

02/20/2022 | 05:51pm EDT

For personal use only

Thorney Opportunities Ltd

ABN 41 080 167 264

Appendix 4D and

2022 Half-Year

Financial Statements

For personal use only

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.

Level 39, 55 Collins Street, Melbourne Vic 3000

Telephone + 61 3 9921 7116 Facsimile + 61 3 9921 7100

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.

Thorney Opportunities Ltd 2022 Half-Year Financial Statements

Page | 2

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

5

5

5

6

6

7

8

9

10

11

12

18

19

Thorney Opportunities Ltd 2022 Half-Year Financial Statements

Page | 3

Chairman's letter

For personal use only

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

Thorney Opportunities Ltd 2022 Half-Year Financial Statements

Page | 4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Thorney Opportunities Limited published this content on 20 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 February 2022 22:50:04 UTC.


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Financials
Sales 2021 38,8 M 26,7 M 26,7 M
Net income 2021 22,5 M 15,5 M 15,5 M
Net cash 2021 128 M 88,2 M 88,2 M
P/E ratio 2021 4,82x
Yield 2021 3,94%
Capitalization 91,5 M 63,1 M 63,1 M
EV / Sales 2020 0,43x
EV / Sales 2021 -0,52x
Nbr of Employees -
Free-Float 75,1%
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Income Statement Evolution
Managers and Directors
Alexander Waislitz Non-Executive Chairman
Ashok Peter Jacob Independent Non-Executive Director
Gary Hilton Weiss Lead Independent Non-Executive Director
Henry D. Lanzer Non-Independent Non-Executive Director
Craig Russell Smith Secretary
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