Bentley Capital Ltd. · ASX:BEL

Bentley Capital — Shareholder Meeting (November 2009)

19 slides from Bentley Capital's shareholder meeting presentation, Nov 20, 2009

  1. Slide 1: Presentation at Annual General Meeting

    Friday, 20 November 2009 MARKET ANNOUNCEMENT For personal use only Presentation at Annual General Meeting The Company encloses a copy of a presentation to be delivered by Mr Ronni Chalmers of FSP Equities Management Limited (FSP), investment manager of the FSP Equities Leaders Fund (FSP Fund), at to

  2. Slide 2: FSP Equities Management Presentation to Bentley Capital AGM

    For personal use only FSP Equities Management Presentation To Bentley Capital AGM 20th November 2009 P Presented t d by b Ronni R i Chalmers Ch l ABN 12 098 327 809 AFSL 246 790 rchalmers@fspgroup.com.au 1 Latest IMF and OECD projections 2 1

  3. Slide 3: US PE Ratio and Australian PE

    For personal use only US PE Ratio 3 Australian PE 4 2

  4. Slide 4: Largest Holdings

    Largest Holdings For personal use only FSP Weight FSP Weight FSP Weight FSP Weight ASX200 FSP Weight 12/08 03/09 06/09 09/09 Weight 11/09 Cash 23.8 11.6 2.1 0.9 - 0.5 BHP Billiton 13.1 14.9 15.0 12.1 12.4 10.4 Westpac Banking Corporation 8.4 9.4 9.3 9.9 6.6 8.9 Commonwealth Bank of 7.4 7.8 Australia

  5. Slide 5: BHP

    BHP For personal use only 7 Source: BHP BHP 8 Source: BHP 4

  6. Slide 6: BHP

    BHP For personal use only 9 Source: BHP BHP 10 Source: BHP 5

  7. Slide 7: BHP

    BHP For personal use only 11 Source: BHP BHP 12 Source: BHP 6

  8. Slide 8: Gold facts

    BHP For personal use only 13 Source: BHP Gold facts • Only 400 gold mines world wide today • Long lead times with new mines taking up to 10 years to commence production • 2008 global production 2525 tonnes. Down 3.5% from 2007. Third consecutive annual fall. • China is the world’s largest gold produ

  9. Slide 9: Gold Mine Production and CBGA and Other Gold Sales

    5 FSP Gold Mine Production @ Rest of World 2009F ai S. Africa, USA, Australia, Canada 3.7% yoy wi Bae ee 1984 1988 1992 5 FSP CBGA and Other Gold Sales i Other CBGA 202 2003 2004 2005 2006 2007 2008 2009F “CBGA" refers to signatories to the 1999, 2004 and 2009 Agreements “Other” refers to all other

  10. Slide 10: For personal use only

    For personal use only Source: GFMS 18 17 9

  11. Slide 11: Gold price movements $US

    For personal use only Gold price movements $US • 2009 + 29.4% * • 2008 +5.6% • 2007 +31.0% • 2006 +23.0% • 2005 +18.1% • 2004 +5 +5.6% 6% • 2003 +19.6% • 2002 +24.3% • 2001 +2.4% * Year to date 19 $US gold price 20 Source: IRESS 10

  12. Slide 12: Gold stocks in portfolio

    For personal use only Gold stocks in portfolio • Newcrest $14billion market cap - 4.0% weight • Lihir Gold $7billion market cap - was 3.9% weight, sold recently • Sino Gold $1.5billion market cap – was 1.3% weight, takeover bid Th These th three companies i h have long l life, lif llow costt mines i

  13. Slide 13: Newcrest

    Newcrest For personal use only 23 Source: Newcrest Newcrest 24 Source: Newcrest 12

  14. Slide 14: Falls in Australian shares greater than 20% since 1960

    For personal use only 25 Source: Newcrest Falls in Australian shares greater than 20% since 1960 Period % Decline 12 months % return from low Sep 60 – Nov 60 23 +12 Feb 64 – Jun 65 20 +9 Jan 70 – Nov 71 39 +52 Jan 73 – Sep 74 59 +51 Aug 76 – Nov 76 22 +5 Feb 80 – Mar 80 20 +39 Nov 80 – Jul 82 42 +39

  15. Slide 15: Australian share market percentage calendar year returns

    Australian share market percentage calendar year returns For personal use only Volatility Dow Jones Days Over 2% Trading Days % Of Days Jan-08 3 23 13 Feb-08 2 21 10 Mar-08 4 21 19 Apr-08 Apr 08 3 22 14 May-08 0 22 0 Jun-08 2 21 10 Jul-08 5 23 22 Aug-08 3 21 14 Sep-08 10 22 46 Oct-08 16 23 70 Nov-08

  16. Slide 16: Volatility ASX200 and CBOE VIX Index

    Volatility ASX200 For personal use only Days Over 2% Trading Days % Of Days Jan-08 8 23 35 Feb-08 6 21 29 Mar-08 8 21 38 Apr-08 2 22 9 May-08 1 22 5 Jun-08 2 21 10 Jul-08 3 23 13 Aug-08 3 21 14 Sep-08 6 22 27 Oct-08 13 23 57 Nov-08 12 20 60 Dec-08 4 23 17 Jan-09 5 20 25 Feb-09 1 20 5 Mar-09 4 22 18

  17. Slide 17: FSP Equities Leaders Fund Net Performance Data

    For personal use only 31 Source: London Evening Standard 1937 FSP Equities Leaders Fund Net Performance Data as at 31 October 2009 • 1 Month +0.4% v’s ASX 200 Accm of -2.1% (2.5% above benchmark) • 3 months +14.6% v’s ASX 200 Accm +10.9% (3.7% above benchmark) • 6 months +29.3% v’s ASX 200 Accm +25.

  18. Slide 18: Current thoughts

    For personal use only Current thoughts • Australian stock market is trading at a modest premium to its long term PE. This is justified at the bottom of the earnings cycle. • Low interest rates are providing significant stimulus. • No further stimulus payments planned for this half but infrastructure

  19. Slide 19: The nature of this presentation

    For personal use only The nature of this presentation Qualified Accountant The accountant’s certificate must be provided by a qualified accountant within the meaning of section 88B of the Corporations Act, being a member of one of the following bodies: a) the Australian Society of Certified Practisi

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