Ann: NTA Backing as at 31 December 2020, page-14

(1) The Company’s investment in Bentley Capital Limited (ASX: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 20 (Investments in Associates) on pages 37
and 38 of the Company’s 30 June 2020 Annual Report for further details in this regard.
Accordingly, as at 31 December 2020, the Company’s 20,513,783 shares (26.95%
interest) (30 November 2020: 20,513,783 shares and 26.95%) in BEL have a $1.445m
carrying value; this compares with BEL’s last bid price on ASX of $0.067 per share
($1.374m) and BEL’s after-tax NTA backing of $0.1306 per share ($2.679m)1, as at month
end.
(2) The fair value of investments in ASX-listed Strike Resources Limited (ASX:SRK) comprise
10,000,000 shares (30 November 2020: 10,000,000 shares) with a value of $0.14 per share
(based on the closing bid price as at 30 November 2020) (30 November 2020: $0.135).
(3) The fair value of investments in other listed securities is based on each security’s last bid
price on market at month end.
(4) The fair value of Investment in property (held for resale) is based on the Directors’
judgement, having regard to the most recent independent valuation report dated 29
July 2019 and an assessment of current pertinent real estate market conditions.
(5) 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 26 to 28of the Company’s 30 June 2020
Annual Report for further details in this regard