Benjamin Hornigold Ltd. · ASX:BHD
Benjamin Hornigold — Shareholder Meeting (November 2022)
27 slides from Benjamin Hornigold's shareholder meeting presentation, Nov 4, 2022
Slide 1: Annual General Meeting 4 November 2022
For personal use only “veritas et aequitas” ANNUAL GENERAL MEETING 4 NOVEMBER 2022
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 • Question and answer time 3
Slide 4: Agenda
AGENDA For personal use only • Director’s Presentation • Consideration of Accounts • Consideration of Resolutions • Question 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. Investment Portfolio 4. 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
Update on JB Financial Group Pty Ltd (JBFG) & John Bridgeman Ltd For personal use only • JBFG currently in liquidation • Loans at 30 June 2022 including interest • $3.4 million unlisted convertible loan secured to JBFG • $1.3 million unsecured loan to JBFG • $1.1 million unsecured loan to JBL • JBL
Slide 11: Portfolio Holding
Portfolio Holding For personal use only Example: Deep Value/Discount Capture – Cordish Dixon Funds (CD1, CD2, CD3) 11
Slide 12: Cordish Dixon Funds (CD1, CD2, CD3)
Cordish Dixon Funds (CD1, CD2, CD3) For personal use only Traditional Private Equity J Curve Net Cash Flow 12
Slide 13: Cordish Dixon Funds: Deep Value/Discount Capture
Cordish Dixon Funds (CD1, CD2, CD3) For personal use only Deep Value/Discount Capture • Initial purchase in December 2020 and gradually increased as we became more comfortable with investment • Investment in a fund of Private Equity Funds at a late stage in J Curve • Still holds a large NTA discount
Slide 14: Agenda
AGENDA For personal use only • Director’s Presentation • Consideration of Accounts • Consideration of Resolutions • Questions and answer time 14
Slide 15: 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 2022. • These statements and reports are placed before the Shareholders for discussion and Shar
Slide 16: Agenda
AGENDA For personal use only • Director’s Presentation • Consideration of Accounts • Consideration of Resolutions • Question and answer time 16
Slide 17: 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 2021 be adopted by the Shareholders.” Proxy Summary FOR OPEN AGAI
Slide 18: Voting on Resolution
Voting on Resolution 1 For personal use only Please ensure you had cast your vote on resolution 1 18
Slide 19: 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 20: Resolution: Conditional Spill Resolution
Resolution 2 For personal use only Conditional Spill Resolution "That, subject to and conditional on at least 25% of the votes cast on Resolution 1 (Adoption of Remuneration Report), being cast against the adoption of the Remuneration Report, an extraordinary general meeting (Spill Meeting) of Benja
Slide 21: Resolution: Re-election of Mr Gary Miller as a Director
Resolution 3 For personal use only Re-election of Mr Gary Miller as a Director “That Mr Gary Miller, 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 14,723,892 1
Slide 22: Special Resolution 3: Increased Share Issue Capacity
Resolution 4 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 23: Resolution
Resolution 5 For personal use only Resolution 5 was withdrawn on 2 November 2022 23
Slide 24: End of Resolutions
End of Resolutions For personal use only Please ensure you had cast your votes on the resolutions 24
Slide 25: Agenda
AGENDA For personal use only • Director’s Presentation • Consideration of Accounts • Consideration of Resolutions • Question and answer time 25
Slide 26: Any Questions?
For personal use only Any Questions? 26
Slide 27: AGM 2022
AGM 2022 For personal use only Thank you for your attendance and participation in this meeting. 27
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