Dawney : Net Tangible Assets as at 31 December 2021

ACN 138 270 201

PO Box 141 Hamilton Central QLD 4007

MONTHLY REPORT

As at 31 December 2021

NET TANGIBLE ASSETS (NTA)

	AMOUNT
NTA per share before tax	22.54c
NTA per share after tax	21.13c
NTA before tax	$4.373m
NTA after tax	$4.099m

All figures are unaudited and approximate.

NTA PER SHARE PERFORMANCE

1 MTH	FINANCIAL	SINCE	SINCE
YTD	INCEP P.A.¹	INCEP CUM.
2.2%	8.4%	11.1%	40.9%

Returns are before tax and net of all expenses.

• Compound Annual Growth Rate

CURRENT HOLDINGS

COMPANY	PORTFOLIO WEIGHT
Benjamin Hornigold Ltd (BHD)		18%
Western Areas Ltd (WSA)		12%
Quantum Health Ltd (QTM)		12%
Jindalee Resources Ltd (JRL)		10%
The Agency Group Australia Ltd (AU1)	8%
AF Legal Group Ltd (AFL)		8%
High Peak Royalties Ltd (HPR)		3%
Other Securities		3%
Cash		26%
Total		100%

Weighting is approximate.

10 January 2022

KEY NSX INFORMATION

NSX Code:	DWY
Inception Date:	5 October 2018
Market Capitalisation:	$3,491,008
Share Price:	18c
Shares on Issue:	19,394,489

PORTFOLIO COMMENTARY

Dawney & Co's pre-tax NTA per share was up 2.2% in the month of December.

WSA - On 16 December, Western Areas entered into a scheme implementation deed with IGO for all cash of $3.36 per share. We think there may be more to play out here, and the market seems to agree, with shares trading at a premium to the scheme price.

CDD - During the month we received the distributions from Cardno and sold our shares.

KIL - We received the proceeds for all of our shares tendered into the Kiland buyback.

Mitch Dawney

Managing Director

[e-mail]