$254,754 profit leaves Bentley reliant on one dominant holding

Legal settlements put Bentley back in the black

Bentley Capital Limited (ASX:BEL) returned to profit in FY2026, but the turnaround came mainly from litigation-related receipts rather than recurring investment income. The listed investment company reported a profit attributable to shareholders of $254,754, compared with a loss of $878,418 a year earlier.

Revenue rose to $362,435, including $250,000 received from a settlement with Keybridge Capital over legal costs and $50,000 recovered from a deposit claim. The Keybridge payment followed the $250,000 Keybridge settlement, which resolved a Federal Court dispute dating back to 2019. Bentley recorded only a $13,506 net gain on financial assets during the year, while total expenses fell to $107,681 from $881,118.

NTA improves before a sharp September reset

Net tangible assets increased to $747,193 at 30 June 2026 from $492,439 a year earlier, lifting post-tax NTA backing to 0.98 cents per share from 0.65 cents. Bentley had 76.13 million shares on issue and declared no dividend for the year.

That balance-sheet improvement was not sustained in the company’s later portfolio update. At 30 September, Bentley reported net assets of $260,000 and NTA backing of 0.34 cents per share, down from 0.98 cents at year-end. The report gives the later market values, but does not attribute the change to a specific event.

Strike Resources dominates the investment case

Bentley’s portfolio remains exceptionally concentrated. Strike Resources (ASX:SRK) accounted for $1.612 million, or 96.88%, of Bentley’s $1.664 million listed investment portfolio at 30 June. Bentley held 53.74 million Strike shares, equivalent to 18.94% of Strike, after selling three million shares in July 2025 for net proceeds of $104,538.

The concentration leaves Bentley’s asset value closely tied to one small-cap resources stock. Strike’s share price ranged from 2.2 cents to 5.2 cents during the period covered in the report, stood at 3 cents on 30 June and was 1.9 cents on 19 October. Strike’s proposed sale of a further 28.52% indirect interest in its Apurimac iron ore project in Peru for A$5.5 million remains subject to conditions due by 16 March 2027, according to Bentley’s disclosure.

Liquidity remains the immediate constraint

Bentley held $289,229 in cash at 30 June, against $1.207 million in current liabilities and $1.664 million in listed investments. The auditor identified going concern as a key audit matter, citing the company’s cash position and reliance on partially realising its investment portfolio. Directors said the company could conserve cash through suspended management salaries, sell investments and potentially raise capital.

Bentley also said it expected to receive a further $140,000 from an insurance settlement relating to legal costs, potentially by October 2026. That amount had been agreed in principle but remained subject to a final settlement deed, so it was not yet a completed cash receipt at the time of the report.

Underlying exposure extends through LE Minerals

Bentley’s smaller direct holding in LE Minerals (ASX:LEL) was valued at $41,801 at 30 June. The connection is broader than that figure suggests: Strike owns 27.7% of LE Minerals, and Bentley said Strike could receive about $4.155 million in M Battery Materials shares if LE Minerals completes its proposed $20 million graphite-asset sale, secures the proposed IPO and distributes the share consideration in specie.

For Bentley shareholders, the central tension is clear: the company has restored positive equity and reported a statutory profit, yet its ability to generate value remains tied to volatile underlying holdings and non-recurring recoveries. The next test is whether the proposed insurance receipt arrives while the Strike exposure can support, rather than erode, the company’s much smaller post-September asset base.