Ann: BEL: Disposal of Rare Earth Tenements vis Sale of Subsidiary, page-64

Hello. It appears you are posting disinformation on this forum.

1. Bentley is a "Listed Investment Company" (LIC), similar to a managed fund. The ASX appeared to say to Bentley it is not appropriate for a LIC to engage in an IPO for mining exploration tenements due to its status as a "LIC".

2. A 5% shareholder applied for a voluntary windup of Bentley so its net assets would be distributed to the shareholders. A "voluntary windup" occurs to SOLVENT (and not insolvent) companies. The windup proposal was:

Special Resolution 5 seeks the voluntarily
winding up of the Company. The Directors have
proposed this resolution at the request of
shareholder, Charles W Rockefeller Pty Ltd, who
currently has an interest in 4,150,000 shares (or
5.45%) in the Company.

Under the Constitution, if the Company were
wound up, its assets would be sold and its
liabilities discharged, with surplus funds (after
accounting for the costs of the liquidation) being
distributed to shareholders in proportion to their
holdings. The Company’s significant prior year
tax losses and franking credits would also be lost
upon liquidation.

In this regard, the Directors note that:
(a) The Company’s 30 September 2022 net
tangible asset (NTA) backing (after tax)
was approximately 7.83 cents per share.
(b) The Company has $12.54 million in its
Profits Reserve account as at 30 June 2022,
which is available to fund the payment of
dividends to shareholders in the future.
(c) The Company has $1.14 million in
Franking Credits as at 30 June 2022.
(d) The Company (Bentley Capital Limited)
has tax losses of approximately $25 million
(gross) as at 30 June 2022.