Benjamin Hornigold Ltd. · ASX:BHD
Benjamin Hornigold — Shareholder Meeting (November 2024)
29 slides from Benjamin Hornigold's shareholder meeting presentation, Nov 22, 2024
Slide 1: Annual General Meeting 22 November 2024
For personal use only “veritas et aequitas” ANNUAL GENERAL MEETING 22 NOVEMBER 2024
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 • Loans at 30 June 2024 including interest • $3.7 million unlisted convertible loan secured to JBFG • $1.4 million unsecured loan to JBFG • $1.6 million unsecured loan to JBL • JBFG remains in liquidation -
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 • 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 no longer hold an AFSL • We have now commenced proceedin
Slide 12: Investment Portfolio Returns
Investment Portfolio Returns BHD Performance of investment portfolio For personal use only BHD Portfolio (inc. franking) ASX 200 Total Return Index 10% 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 13: May – July saw negative returns while markets rallied
May – July 24 saw negative returns while markets rallied 10% BHD Performance of investment portfolio For personal use only 8% BHD Portfolio (inc. franking) ASX 200 Total Return Index 6% 4% 2% 0% -2% -4%
Slide 14: Portfolio Insights
Portfolio Insights For personal use only Example: • Deep Value/Discount Capture – Cordish Dixon Funds (CD1, CD2, CD3) • Thematic investment – IperionX 14
Slide 15: Cordish Dixon Funds (CD1, CD2, CD3)
Cordish Dixon Funds (CD1, CD2, CD3) For personal use only Traditional Private Equity J Curve Net Cash Flow 15
Slide 16: Cordish Dixon Funds (CD1, CD2, CD3)
Cordish Dixon Funds (CD1, CD2, CD3) Deep Value/Discount Capture For personal use only • Initial purchase in December 2020 • Investment in a fund of Private Equity Funds at a late stage in J Curve • High quality manager – Cordish Family • The funds are in a gradual wind up, returning capital to unit
Slide 17: 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 18: IperionX (IPX) – Up 320% in months
IperionX (IPX) – Up 320% in 18 months For personal use only Reduced weighting Participated in placement 18
Slide 19: Agenda
AGENDA For personal use only • Director’s Presentation • Consideration of Accounts • Consideration of Resolutions • Questions and answer time 19
Slide 20: 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 2024. • These statements and reports are placed before the Shareholders for discussion and Shar
Slide 21: Agenda
AGENDA For personal use only • Director’s Presentation • Consideration of Accounts • Consideration of Resolutions • Questions and answer time 21
Slide 22: 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 2024 be adopted by the Shareholders.” Proxy Summary FOR OPEN AGAI
Slide 23: 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 24: Resolution: Re-election of Mr Micheal Glennon as a Director
Resolution 2 For personal use only Re-election of Mr Micheal Glennon as a Director “That Mr Micheal Glennon, 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 2,85
Slide 25: 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 26: End of Resolutions
End of Resolutions For personal use only Please ensure you had cast your votes on the resolutions 26
Slide 27: Agenda
AGENDA For personal use only • Director’s Presentation • Consideration of Accounts • Consideration of Resolutions • Questions 27
Slide 28: Questions and answers
Questions and answers For personal use only 28
Slide 29: AGM 2024
AGM 2024 For personal use only The results of the poll will be announced to the ASX later today. Thank you for your attendance and participation in this meeting. 29
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