NGE Capital Ltd · ASX:NGE
NGE Capital — Shareholder Meeting (May 2024)
23 slides from NGE Capital's shareholder meeting presentation, May 6, 2024
Slide 1: NGE Capital Limited AGM Presentation
For personal use only NGE Capital Limited ASX : NGE AGM Presentation 6 May 2024
Slide 2: Disclaimer
Disclaimer The information in this presentation is in summary form Past performance is not a reliable indicator of future This presentation is provided for informational purposes and should not be relied upon as a complete and performance. only and is subject to change without notice. Subject to For
Slide 3: Company snapshot
Company snapshot • NGE Capital Limited (NGE or Company) is a Listed Investment Company (LIC) which offers For personal use only investors exposure to an actively managed, concentrated portfolio of high conviction investments. • Broad investment mandate, not restricted by geography, asset class, or s
Slide 4: Company snapshot (cont.)
Company snapshot (cont.) Summary as at 30 April 2024 Top shareholders1 Board of directors For personal use only Ticker NGE David Lamm 11.22% David Lamm Chief Investment Officer Share price $1.075 Raphael Lamm 8.89% Adam Saunders Portfolio Manager Shares outstanding 35.7m Kuridale Nominees Pty Ltd 5.
Slide 5: Investment philosophy
Investment philosophy 1 Target investments that can generate strong returns with an adequate margin of safety For personal use only • Individual securities can and do significantly deviate away from their fair value. • Potential to generate strong risk-adjusted returns by investing in select securit
Slide 6: Investment process
Investment process For personal use only Idea Proprietary Assessment Investment Monitor & generation research decision exit • Screening • Rigorous • Qualify against • Buy, hold, sell, • Update fundamental investment wait, do nothing assessment for • Identify mispricing analysis philosophy new inform
Slide 7: A top performing LIC
A top performing LIC Growth in NTA per share Tax efficient investment vehicle Net returns 2 2024 Since ince ption For personal use only • NGE has recognised a ~$2.9m NGE reports its 1 2017 2018 2019 2020 2021 2022 2023 YTD (p.a.) (cum.) (~$0.082 per share) deferred tax returns after all asset as at
Slide 8: Performance
Performance Share price performance since inception1 Since inception For personal use only (p.a.) (cum.) NGE 14.6% 175.6% 120 ¢ ASX 200 Accum. 9.0% 89.1% 110 ¢ MSCI World Accum. 11.2% 119.1% 100 ¢ 90 ¢ 80 ¢ 70 ¢ 60 ¢ 50 ¢ 40 ¢ 30 ¢ Nov-16 Sep-17 Nov-17 Sep-18 Nov-18 Sep-19 Nov-19 Sep-20 Nov-20 Sep-2
Slide 9: Capital allocation considerations
Capital allocation considerations • As at 30 April NGE has ~$28 million of Australian unused and unrealised losses (both income and capital). Historical tax For personal use only losses • Losses were generated under a previous board and management team from the Company’s prior activities as an oil a
Slide 10: Share buybacks
Share buybacks • NGE has bought back and cancelled ~6.67m NGE buybacks since 2015 For personal use only shares at an average price per share of ~$0.479 since 2015. • This equates to ~15.8% of the shares ~$0.479 ~6.67m ~15.8% Average price Number of of shares outstanding at outstanding since the star
Slide 11: Portfolio composition as at April 2024
Portfolio summary Portfolio composition as at 30 April 2024 For personal use only Co mp any Ticker % NTA Yellow Cake plc LSE : YCA 18.0% Metals X Limited ASX : MLX 9.0% Sprott Physical Uranium Trust TSX : U.UN 7.2% John Wood Group plc LSE : WG. 6.2% Jupiter Mines Limited ASX : JMS 4.8% OCI N.V. AMS
Slide 12: Uranium
Portfolio holding – Uranium Description Valuation Y ello w Cak e SPUT • Yellow Cake plc (LSE:YCA) and Sprott Physical Uranium Trust For personal use only (TSX:U.UN) are listed investment entities whose strategy is to Ticker YCA.LSE U.UN.TSX buy physical uranium in the form of U3O8 and hold long-term
Slide 13: Metals X
Portfolio holding – Metals X Description Snapshot • Tin producer with a 50% interest in the Renison Tin For personal use only Ticker ASX : MLX Operation, Tasmania. Share price (30 Apr 24) $ 0.455 Situation Market cap $m 412 • Tin price has strengthened due to curtailed supply from EV 1 $m 250 Myanma
Slide 14: Wood Group
Portfolio holding – Wood Group Description Snapshot • Provider of consulting, engineering, project management and GBP USD For personal use only asset optimisation services in a broad range of industrial Ticker LSE : WG. markets, with a focus on oil and gas. FX rate USD:GBP 0.8005 Situation Price (30
Slide 15: Jupiter Mines
Portfolio holding – Jupiter Mines Description Snapshot • Manganese ore producer whose sole asset is a 49.9% For personal use only Ticker ASX : JMS interest in the Tshipi Borwa mine in South Africa. Share p rice (30 Ap r 24) A$ 0.295 • Manganese is a critical element in carbon steel production with n
Slide 16: Greek Mezz stocks
Portfolio holding – Greek Mezz stocks Description Comparable trading analysis • Galaxy Cosmos Mezz Plc (ATH:GCMEZZ), Phoenix Vega PF Run- ra te NGE For personal use only Sha re Ma rket Ma rket Ca s h Di s tr. pos i ti on Mezz Plc (ATH:PVMEZZ), and SunriseMezz Plc pri ce ca p. ca p. N PA T P/E yi el
Slide 17: OCI N.V.
Portfolio holding – OCI N.V. Description Snapshot • Third largest global producer and distributor of nitrogen Ticker AMS : OCI For personal use only fertilizer and fifth largest producer of methanol. EUR USD • Owns 50% of Fertiglobe plc (ADS:FERTIGLB), the world’s FX rate 1 EUR: 1.0000 1.0668 larges
Slide 18: Embark Education
Portfolio holding – Embark Education Description Snapshot • Provider of Early Childhood Education, operating 24 childcare For personal use only Ticker ASX : EVO centres in Australia.1 Share price (30 Apr 24) A$ 0.680 Situation Market cap A$m 108 • Announced acquisition of 9 centres in February at an
Slide 19: ILPT
Portfolio holding – ILPT Description Snapshot • Industrial Logistics Properties Trust (“ILPT”) is a REIT that Ticke r NAS : ILPT For personal use only owns over 400 warehouse and logistics properties in the US. Sha r e pr ice (3 0 Apr 2 0 2 4 ) US$/sh $3.52 Ma r ke t ca p US$m 232 • Externally manag
Slide 20: Capricorn Energy
Portfolio holding – Capricorn Energy Description Snapshot GBP USD • Oil & gas producer with onshore operations in western Egypt. For personal use only Ticke r LSE : CNE FX r a te USD:GBP 0.8005 Situation Sha r e pr ice (3 0 Apr 2 4 ) GBP 1.700 • Randy Neely, CEO since June 2023, has done a commendab
Slide 21: Danakali
Portfolio holding – Danakali Description Snapshot • Main asset is company’s cash balance, following sale of its For personal use only Ticker ASX : DNK 50% interest in the Colluli Potash Project located in Eritrea to Chinese listed civil engineering and construction company Cash b alance (31-Mar-24)
Slide 22: Board & management
Board & management For personal use only David Lamm Adam Saunders Ilan Rimer Leslie Smith Executive Chairman & Executive Director & Non-Executive Director Chief Financial Officer & Chief Investment Officer Portfolio Manager Company Secretary • Responsible for the origination of • Responsible for the
Slide 23: Investment proposals
Investment proposals Submit an investment opportunity for us to consider to: investments@ngecapital.com.au For personal use only ACN: 112 618 238 Phone: +61 3 9648 2290 Announcement released to the market with the Email: office @ ngecapital.com.au authorisation of: David Lamm Adam Saunders Web: www.