Benjamin Hornigold Ltd. · ASX:BHD
Benjamin Hornigold — Shareholder Meeting (November 2023)
30 slides from Benjamin Hornigold's shareholder meeting presentation, Nov 10, 2023
Slide 1: Annual General Meeting 10 November 2023
For personal use only “veritas et aequitas” ANNUAL GENERAL MEETING 10 NOVEMBER 2023
Slide 2: Your Board
Your Board For personal use only Mr Michael Glennon Non-Executive Chairman and Company Secretary Mr Sulieman Ravell Non-Executive Director Mr Gary Miller Non-Executive Director 2
Slide 3: Agenda
AGENDA For personal use only • Director’s Presentation • Consideration of Accounts • Consideration of Resolutions • Questions and answer time 3
Slide 4: Agenda
AGENDA For personal use only • Director’s Presentation • Consideration of Accounts • Consideration of Resolutions • Questions and answer time 4
Slide 5: Disclaimer
Disclaimer For personal use only • The information provided in this presentation has been prepared by Benjamin Hornigold Limited (BHD) (ABN 62 614 854 045). The information herein is general information only and should not be construed as an offer for sale, nor does the information provided constitu
Slide 6: BHD Directors Presentation
BHD Directors Presentation For personal use only 1. Investment Strategy 2. Update on JBFG 3. BHD Performance 4. Investment Portfolio 5. Portfolio Holdings 6
Slide 7: Investment Strategy
Investment Strategy For personal use only 1. Structure – Gary & Sulieman are actively involved in idea generation, research and investment selection with input from Michael. 2. An investment idea must be supported by at least two directors to be added to the portfolio. 3. We are open to a wide inves
Slide 8: Investment Strategy
Investment Strategy For personal use only • We are opportunistic, value orientated, risk aware and index unaware. • We do not feel compelled to be fully invested through the cycle. • Rather we will be inclined to selectively increase exposure during periods of market weakness and trim positions by p
Slide 9: Investment Strategy
Investment Strategy For personal use only Focus on overall return to shareholders • The size of the company requires us to be conscious of costs • Investment management is in house, reducing costs • Our focus is on Total Return including the accrual of franking credits, a benefit that is often overl
Slide 10: Update on JB Financial Group Pty Ltd (JBFG) & John Bridgeman Ltd (JBL)
Update on JB Financial Group Pty Ltd (JBFG) & John Bridgeman Ltd (JBL) For personal use only We are heavily involved in the investigation and legal process. To date this has involved: • A forensic investigation of the accounts • Dealing with significant enquiries from regulators over the previous co
Slide 11: Update on JB Financial Group Pty Ltd (JBFG) & John Bridgeman Ltd (JBL)
Update on JB Financial Group Pty Ltd (JBFG) & John Bridgeman Ltd (JBL) For personal use only • Loans at 30 June 2023 including interest • $3.7 million unlisted convertible loan secured to JBFG • $1.2 million unsecured loan to JBFG* • $1.5 million unsecured loan to JBL • JBFG remains in liquidation -
Slide 12: Update on JB Financial Group Pty Ltd (JBFG) & John Bridgeman Ltd (JBL)
Update on JB Financial Group Pty Ltd (JBFG) & John Bridgeman Ltd (JBL) For personal use only • ASIC have charged Stuart McAuliffe and Sam Elderfield for failing to act in the best interests of BHD in making payments to JBL in 2018 • JB Markets recently appointed an external administrator, subsequent
Slide 13: Investment Portfolio Returns
Investment Portfolio Returns For personal use only BHD Performance of investment portfolio 10% BHD Portfolio (inc. franking) ASX 200 Total Return Index 5% 0% -5% -10% Investment returns shown prior to April 21 are only reflective of the funds allocated to investments (excluding cash) while cash was
Slide 14: Large cash weighting in light of anticipated litigation
Large cash weighting in light of anticipated litigation For personal use only 120 Portfolio cash weighting over time 80% Cash weighting ASX200 Total Return Index (%) 115 60% 110 105 40% 100 20% 95 90 0% 14
Slide 15: Portfolio Insights
Portfolio Insights For personal use only Example: • Market Exposure and Shorting/Hedging – Index ETFs (VAS, BBUS, BBOZ) • Thematic investment – IperionX 15
Slide 16: Index ETFs (VAS, BBUS, BBOZ)
Index ETFs (VAS, BBUS, BBOZ) Market Exposure and Shorting/Hedging For personal use only • We have been conscious of being underweight market exposure. Index ETFs have allowed us to quickly increase and reduce broad market exposure (Vanguard Australian Shares Index ETF, ASX:VAS) • We are also aware t
Slide 17: Index ETFs (VAS, BBUS, BBOZ)
Index ETFs (VAS, BBUS, BBOZ) For personal use only Purchase short Purchase Long Sold Sold Purchase short Sold Purchase Long Close Purchase short Long Close short May 17
Slide 18: IperionX (IPX)
IperionX (IPX) Thematic exposure to identified tailwind For personal use only • Dual listed on NASDAQ • Unique patented process to separate titanium from recycled materials • Applications in aerospace, defence, high end manufacturing and biomedical • Supply contracts with US military, Lockhead Marti
Slide 19: IperionX (IPX) – 61% gain
IperionX (IPX) – 61% gain For personal use only Participated in placement 19
Slide 20: Agenda
AGENDA For personal use only • Director’s Presentation • Consideration of Accounts • Consideration of Resolutions • Questions and answer time 20
Slide 21: Consideration of Accounts
Consideration of Accounts For personal use only • To receive and consider: • (a) the financial statements; • (b) the Directors' report; and • (c) the Auditor's report • … of BHD for the year ended 30 June 2023. • These statements and reports are placed before the Shareholders for discussion and Shar
Slide 22: Agenda
AGENDA For personal use only • Director’s Presentation • Consideration of Accounts • Consideration of Resolutions • Questions and answer time 22
Slide 23: Resolution: Adoption of the Remuneration Report
Resolution 1 For personal use only Adoption of the Remuneration Report “That the Remuneration Report required by section 300A of the Corporations Act 2001 (Cth) as contained in the Company’s Directors Report for the year ended 30 June 2023 be adopted by the Shareholders.” Proxy Summary FOR OPEN AGAI
Slide 24: Spill Resolution
Spill Resolution For personal use only Voting consequences of Resolution 1 Under changes to the Corporations Act which came into effect on 1 July 2011, a company is required to put to its Shareholders a resolution proposing the calling of another meeting of Shareholders to consider the appointment o
Slide 25: Resolution: Re-election of Mr Sulieman Ravell as a Director
Resolution 2 For personal use only Re-election of Mr Sulieman Ravell as a Director “That Mr Sulieman Ravel, who retires by rotation in accordance with Rule 5.1 of the Company’s Constitution, and being eligible, be re-elected as a Director of the Company.” Proxy Summary FOR OPEN AGAINST ABSTAIN 14,73
Slide 26: Special Resolution 3: Increased Share issue capacity under Listing Rule 7.1A
Resolution 3 For personal use only SPECIAL Resolution 3: Approval of increased Share issue capacity under Listing Rule 7.1A “That, for the purpose of ASX Listing Rule 7.1A, and for all other purposes, the issue of equity securities up to 10% of the issued capital of the Company (at the time of the i
Slide 27: End of Resolutions
End of Resolutions For personal use only Please ensure you had cast your votes on the resolutions 27
Slide 28: Agenda
AGENDA For personal use only • Director’s Presentation • Consideration of Accounts • Consideration of Resolutions • Questions 28
Slide 29: Questions and answers
Questions and answers For personal use only 29
Slide 30: AGM 2023
AGM 2023 For personal use only Thank you for your attendance and participation in this meeting. 30
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