Bentley Capital's Disposal of Rare Earth Tenements

Bentley Capital Limited (ASX: $BEL) has announced the sale of its portfolio of rare earth tenements through the disposal of its subsidiary, Scarborough Resources Pty Ltd. The company confirmed the completion of the sale to ASX-listed Lithium Energy Limited (ASX LEL) on 13 May 2024, lifting the voluntary suspension in trading of the company's shares on ASX.

Executive Commentary on Disposal and Future Activities

ASX has advised Bentley Capital that the proposed activities through its subsidiary, Scarborough Resources Pty Ltd, would be inconsistent with its status as a listed investment company (LIC). As a result, Bentley Capital has sold 100% of its shareholding in SCR to Lithium Energy Limited. The consideration received includes an ongoing free carried royalty interest and a reimbursement of previous expenditure incurred by SCR. The Directors confirm that the consideration negotiated with LEL was appropriate and reflects the 'fair market value' for SCR/the Tenements.

Summary of Bentley Capital's Announcement

Bentley Capital Limited (ASX: $BEL) has successfully disposed of its rare earth tenement portfolio through the sale of its subsidiary, Scarborough Resources Pty Ltd, to Lithium Energy Limited. The company's future investment activities will be consistent with its status as a listed investment company. The sale consideration includes an ongoing free carried royalty interest and a reimbursement of previous expenditure incurred by SCR. The Directors have determined that maintaining the carrying value of the Tenements was not warranted, leading to the disposal of all of its interest in the Tenements. Bentley's shares will be reinstated to quotation on ASX, and the company remains committed to aligning its investment activities with its status as an LIC.