Cadence Capital : Appendix 4D Half Year Report to 31 December 2021

For personal use only

CADENCE CAPITAL LIMITED

A.B.N. 17 112 870 096

APPENDIX 4D

HALF-YEAR REPORT

for the half-year ended 31 December 2021

RESULTS FOR ANNOUNCEMENT TO THE MARKET

All comparisons to the half-year ended 31 December 2020

		$	up/down	% mvmt
Revenue from ordinary activities	40,557,762	Down	49%
Profit from ordinary activities before tax
attributable to members	31,186,837	Down	55%
Profit from ordinary activities after tax
attributable to members	22,122,494	Down	54%
			Franked
			amount per	Tax rate for
Dividend Information	Amt per share	share	franking
2022	Interim dividend per share	4.0c	4.0c	30%
2021	Final dividend per share	3.0c	3.0c	30%
2021	Interim dividend per share	2.0c	2.0c	30%
2020	Final dividend per share	2.0c	2.0c	30%
Interim dividend dates
Ex dividend date			31 March 2022
Record date			1 April 2022
Payment date			14 April 2022
			31 Dec 2021	31 Dec 2020
Net tangible asset backing after tax		$1.24	$1.13

This report is based on the Half-Year Financial Report which has been subject to independent review by the Auditors, Pitcher Partners. All the documents comprise the information required by Listing Rule 4.2A. This information should be read in conjunction with the 30 June 2021 Annual Financial Report.

For personal use only

CADENCE CAPITAL LIMITED

A.B.N. 17 112 870 096

FINANCIAL REPORT

FOR THE HALF-YEAR ENDED

31 DECEMBER 2021

For personal use only

COMPANY PARTICULARS

CADENCE CAPITAL LIMITED

A.B.N. 17 112 870 096

DIRECTORS:	Karl Siegling (Chairman)
	James Chirnside
	Wayne Davies
	Jenelle Webster
SECRETARY:	Wayne Davies
MANAGER OF THE FUND:	Cadence Asset Management Pty Limited
	ABN: 68 106 551 062
REGISTERED OFFICE:	Level 11, 131 Macquarie Street
	Sydney, NSW 2000
CONTACT DETAILS:	Level 11, 131 Macquarie Street
	Sydney, NSW 2000
	Telephone:	[phone]
	Fax:	[phone]
	Email:	[e-mail]
	Website:	www.cadencecapital.com.au
	For enquiries regarding net asset backing (as advised
	each month to the Australian Securities Exchange)
	refer to www.asx.com.au or call [phone]
PRIME BROKER AND CUSTODIAN	BNP Paribas
OF THE FUND:	10 Harewood Avenue
	London NW1 6AA
	The Bank of New York Mellon
	160 Queen Victoria Street,
	London EC4V 4LA
SHARE REGISTRAR:	Boardroom Pty Limited
	Mail Address: GPO Box 3993
		Sydney NSW 2001
	Telephone:	[phone]
	Fax:	[phone]

For all enquiries relating to shareholdings, dividends (including participation in the Dividend Reinvestment Plan) and related matters, please contact the share registrar.

AUDITORS:	Pitcher Partners
	Level 16, Tower 2 Darling Park
	201 Sussex Street
	Sydney NSW 2000
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CADENCE CAPITAL LIMITED

A.B.N. 17 112 870 096

DIRECTORS' REPORT TO SHAREHOLDERS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

For personal use only

The Directors present their report together with the condensed interim financial report of Cadence Capital Limited ('the Company') for the half-year ended 31 December 2021.

PRINCIPAL ACTIVITY

The principal activity of the Company was investing primarily in securities listed both in Australia and internationally. The Company may take short positions and may also deal in derivatives for hedging purposes. No significant changes in the nature of these activities occurred during the period.

OPERATING RESULTS

Investment operations over the half-year resulted in an operating profit before tax of $31,186,837 (December 2020: operating profit before tax of $68,716,923) and an operating profit after tax of $22,122,494 (December

2020: operating profit after tax of $48,555,479).

REVIEW OF OPERATIONS

For the half-year ended 31 December 2021, the Company produced a positive gross performance of 10.2% compared to an increase in the All Ordinaries Accumulation Index of 4.6%. Over the past 6 months Covid-19 has had marginal impact on the operations of the Company, however Covid-19 did produce many investment opportunities both on the long side and the short side, and both here in Australia and oversees. Investments are valued continuously to market value. For the half-year ended 31 December 2021, net investments were valued at $260,395,303 (June 2021: $289,343,785).

FINANCIAL POSITION

The net asset value of the Company for the half-year ended 31 December 2021 was $367,478,046 (June 2021: $355,436,086).

DIVIDENDS PAID OR RECOMMENDED

A fully franked interim dividend of 4.0 cents per share has been declared by the Board and will be paid on the 14 April 2022.

Dividends paid are as follows:
	$
Fully franked 2021 final dividend of 3.0 cents per share was paid on 29 October 2021	8,856,068
Fully franked 2021 interim dividend of 2.0 cents per share was paid on 13 May 2021	5,938,517
Fully franked 2020 final dividend of 2.0 cents per share was paid on 30 October 2020	6,024,777
Fully franked 2020 interim dividend of 2.0 cents per share was paid on 13 May 2020	6,166,630

DIRECTORS

The names of the Directors in office at any time during or since the end of the half-year are as follows: Karl Siegling - Chairman

James Chirnside - Non Executive Director

Wayne Davies - Non Executive Director

Jenelle Webster - Non Executive Director

The Directors have been in office since the start of the half-year to the date of this report unless otherwise stated.

AUDITORS' INDEPENDENCE DECLARATION

A copy of the Auditors' Independence Declaration as required under Section 307C of the Corporations Act 2001 is set out on page 6.

ROUNDING

In accordance with ASIC Corporations (Rounding in Directors' Reports) Instrument 2016/191, the amounts in the directors' report have been rounded to the nearest dollar, unless otherwise specified.

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For personal use only

CADENCE CAPITAL LIMITED

A.B.N. 17 112 870 096

DIRECTORS' REPORT TO SHAREHOLDERS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

Signed in accordance with a resolution of the Board of Directors.

KARL SIEGLING Director

Dated at Sydney this 18 day of February 2022

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