Carlton Investments Limited: Investing in Australian shares with a view to long term income and capital growth

About Us

Carlton Investments Limited (CIN) is an investment company listed on the Australian Securities Exchange (ASX).

Incorporated in 1928, Carlton Investments is the holding company for three subsidiaries whose principal activities are the acquisition and long term holding of shares and units in entities listed on the ASX. Refer History.

Investments have been made to create a diversified portfolio. At 30 June 2024 the Group held an investment portfolio with a total market value of $1,021,639 thousand, consisting of shares and units in over 80 entities.

The Group has a significant holding in EVT Limited, a group engaged in cinema exhibition (Event, Greater Union, BCC and Cinestar) in Australia, New Zealand and Germany, hotel operations and ownership (Rydges, Atura and QT), operation of the Thredbo Alpine Resort and investment property ownership. For further information on EVT Limited refer http://www.evt.com.au/. This investment and other consumer discretionary sector investments represent 35.58%* of total equity investments. The next largest sector holdings is in banks (25.58%*), followed by the diversified metals and mining sector (8.93%*), the consumer staples sector (6.38%*), the energy sector (4.60%*), construction materials 3.27%*), the utilities sector (2.48%*), diversified financial services (1.92%*), telecommunication services (1.81%*), industrials (1.58%*), containers and packaging (1.54%*), healthcare (1.27%*), steel (1.04%*) and multi-sector holdings (1.03%*). Refer to the 2024 Financial Report for a full list of investments as at 30 June 2024.

Carlton Investments is required to release its net tangible asset (NTA) backing per ordinary share to the ASX after each month end. At the end of each quarter the Company also releases, as part of its NTA announcement, a listing of its top thirty equity investments. Refer Investments.

Group companies also invest funds in term deposits. Refer Investments for the balance of term deposits and cash at the end of the last quarter.

The Group has no debt.

The investment strategy is to invest in established, well managed Australian listed entities that are anticipated to provide attractive levels of sustainable income and also long term capital growth. The Group also invests in companies that enable a high portion of income to be received as fully franked dividends. Investments are held for the long term and are generally only disposed of through takeover, mergers or other exceptional circumstances that may arise from time to time. Group entities do not act as share traders nor do they invest in speculative stocks.

Administration costs are kept to a minimum. There are no portfolio management fees or performance fees. The management expense ratio (MER), being total administration costs as a percentage of total average investments, for the year ended 30 June 2024 was 0.0.9%.

The Group has an experienced Board of Directors. It is an objective of the Board to maximise shareholder return through both the payment of fully franked dividends and longer term capital growth in the value of the company’s shares whilst maintaining an investment portfolio with an acceptable level of investment risk.

*Percentages determined as at 30 June 2024

Board Members

Mr Alan G Rydge AM

Chairman of Directors since 1980. Non executive director.
Broad experience as a director of various listed and private entities. Formerly Deputy Chairman of Australia Post.
Director (since 1978) and Chairman (since 1980) of EVT Limited. Also a director of Enbeear Pty Limited, Alphoeb Pty Limited and Aygeear Pty Limited.

Mr Murray E Bleach CA, GAICD, BA(Fin), MApFin.

Member of the Institute of Chartered Accountants in Australia and Graduate of the Australian Institute of Company Directors
Independent Non Executive Director since 2014.
Chairman of the Audit and Risk Committee and the Nominations and Remuneration Committee.
Over 44 years experience in the accounting and financial services sectors and also extensive experience in the infrastructure sector and with stat-up investments.
Previously in charge of Macquarie Group's North American operations, was the CEO of Intoll Group, the Chairman of Suicide Prevention Australia and was also a Non-Executive Director and Chairman of the Board Investment Committee at IFM Investors for 9 years.
He is Chairman and co-founder of start-up investment group, AddVenture/Tidal Ventures. Other current directorships include Energy Action Limited, of which he is Chairman. Murray also serves at AustralianSuper Pty Ltd as the "Infrastructure and Private Equity Expert" for its Direct Investment Group & Transaction Review Committee.

Mr Greg J Robertson CA, MBA, LLB, BEc, MAICD.

Member of the Institute of Chartered Accountants in Australia and member of the Australian Institute of Company Directors.
Independent Non Executive Director since May 2022.
Over 40 years of experience in business management, business valuations, mergers, acquisitions and reconstructions. Also extensive experience in private equity investment across a wide range of industry sectors.
Previously a partner at Arthur Andersen, following which he was an Executive Director at Investec Wentworth Private Equity Limited for close to 10 years, and subsequently an Executive Director of Adexum Capital Limited for 8 years.
Other directorships include Actuity Capital Partners Pty Ltd and Echo HoldCo Pty Ltd.

Net Tangible Asset Backing

per ordinary share

As at 30 September 2024:

Before capital gains tax:	$40.20
After providing for estimated capital gains tax:	$33.63

Amounts updated every month.