Benjamin Hornigold Ltd. · ASX:BHD
Benjamin Hornigold — Shareholder Meeting (October 2025)
29 slides from Benjamin Hornigold's shareholder meeting presentation, Oct 23, 2025
Slide 1: Annual General Meeting 23 October 2025
For personal use only “veritas et aequitas” ANNUAL GENERAL MEETING 23 OCTOBER 2025
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 2025 including interest • $4.5 million unlisted convertible loan secured to JBFG • $1.5 million unsecured loan to JBFG • $1.8 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 • Following on from a Court Order for costs earlier this year, Stuart
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 • FY25 saw us progress with legal action in respect of the outstanding loans, against JBL, JB Markets and two of the former directors • JBL is no longer a party having deregistered in 2024 • JB Markets curre
Slide 13: Investment Portfolio Returns
Investment Portfolio Returns For personal use only Investment returns shown prior to April 21 are only reflective of the funds allocated to investments (excluding cash) while cash was allocated to the portfolio
Slide 14: Returns in 2025 were subdued
Returns in 2025 were subdued 10% For personal use only 8% BHD Portfolio (inc. franking) ASX200 Total Return Index (%) 6% 4% 2% 0% -2% -4%
Slide 15: Portfolio Insights
Portfolio Insights For personal use only Example: • Thematic investment – IperionX • Deep Value – Elanor Investors Group (Did not go as planned) 15
Slide 16: 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 • Supply contracts with US military, Lockhead Martin, Ford, GKN Aerospace • Strong tailwinds from US Inflation Reduction Act an
Slide 17: IperionX (IPX) – Up 526% on investment SOLD
IperionX (IPX) – Up 526% on investment SOLD For personal use only Reduced weighting Reduced weighting Reduced weighting Participated in placement 2022 2023 2024 2025 17
Slide 18: Elanor Investors Group (ENN)
Elanor Investors Group (ENN) Property Funds Management and commercial property exposure For personal use only • Disaster for us in FY25 resulting in approximately $500k impairment, circa 6.5% impact on the portfolio returns in FY25 • We had previously increased our position following Elanor being aw
Slide 19: Elanor Investors Group (ENN)
Elanor Investors Group (ENN) Property Funds Management and commercial property exposure For personal use only • Elanor has since announced a recapitalisation proposal by “Rockworth Capital Partners” who will inject $125m to recapitalise the business and stabilise the balance sheet. • Proposal remain
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 2025. • 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: Re-election of Mr Gary Miller as a Director
Resolution 1 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 15,455,403 2
Slide 24: Spill Resolution
Spill Resolution For personal use only Voting consequences of Resolution 2 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: Adoption of the Remuneration Report
Resolution 2 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 2025 be adopted by the Shareholders.” Proxy Summary FOR OPEN AGAI
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 2025
AGM 2025 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
Benjamin Hornigold — Shareholder Meeting (October 2025) on 6ix