Bethunes Investments Limited – Half Year Result

10 November 2017

Interim Result Announcement

Bethunes Investments Limited (“BIL”) reported a loss for the six months
ended 30 September 2017 of $9,473 (versus a loss of $111,962 in the prior
period).

The financial statements for the period ending 30 September 2017 are attached with this announcement.

The Net Tangible Assets (“NTA”) of BIL as at 30 September 2017 amounted to $479,207, or 0.416c per share.
(Note: This is prior to any effects of the proposed Transport Investments Limited Reverse Listing Transaction
announced to the NZX on 26 October 2017.)

The interim result benefitted from the receipt of a NZ$ 75,000 break fee as a result of NZ Retail Property Group
(“NZRPG”) terminating the proposed reverse listing transaction with BIL on 25 July 2017.

Following the termination of this proposed transaction BIL entered discussions on an acquisition (reverse
listing) of the transport and logistics business of Transport Investments Limited (“TIL”). The full details of this
transaction can be found on the company’s website at www.bethunesinvestments.com and/or
www.nzx.com/instruments/BIL

BIL expects to release all documents pertaining to this transaction, including an independent appraisal report
by Grant Samuel, to the market and shareholders in late November 2017, with a shareholder meeting scheduled
for early December 2017.

At the time of writing this release, should this transaction be approved by both BIL and TIL shareholders it will
be the second largest new company brought to market on the NZX Main Board during 2017 and it will also serve
as a benchmark for such transactions in the future.

As indicated in prior announcements, BIL and its current modus operandi will continue via the separation and
intended compliance listing of “New BIL”.

New BIL will have three arms to its investment / value creation program:

(i) Public market equities (where we have made a start);
(ii) Non-public equities / business investments (where we have an identified opportunity); and,
(iii) Takeover’s/reverse listing transactions of entities with an Enterprise Value greater than ~NZ$ 75
million (where we have already demonstrated the opportunity for these transactions with NZRPG
and TIL).

New BIL plans to apply to compliance list on the NZX Main Board in Q1 2018. At the time of listing it is envisaged
New BIL will undertake a capital raising.

The transformation of Mowbray Collectables Limited to Bethunes Investments Limited and our vision to create
a new investment company in New Zealand is nearly complete. We look forward to your continuing support to
execute on the final step of the transformation early next year. A successful completion of a capital raising will
set New BIL on a twenty – thirty year journey which will be guided by Aesop’s famous fable ...

The Tortoise and the Hare.

A hare one day ridiculed the short feet and slow pace of the Tortoise, who replied, laughing: “Though you be swift as the wind, I will beat you
in a race”. The Hare, believing her assertion to be simply impossible, assented to the proposal; and they agreed that the Fox should choose the
course and fix the goal. On the day appointed for the race the two started together. The Tortoise never for a moment stopped, but went on
with a slow but steady pace straight to the end of the course. The Hare, lying down by the wayside, fell fast asleep. At last waking up, and
moving as fast as he could, he saw the Tortoise had reached the goal, and was comfortably dozing after her fatigue. Slow but steady wins the
race.


Thank you to our shareholders for your continuing support and trust.

Christopher Swasbrook
Chairman
chris.swasbrook@bethunesinvestments.com


Bethunes Investments Limited
Results for announcement to the market

Reporting Period Six months to 30 September 2017
Previous Reporting Period Six months to 30 September 2016

Amount (000s) Percentage change
Revenue from ordinary activities NZ$105 159%
Profit (loss) from ordinary
activities after tax attributable to
security holder
(NZ$9) (91.5%)
Net profit (loss) attributable to
security holders
(NZ$9) (91.5%)

Interim/Final Dividend Amount per security Imputed amount per security
No dividend is proposed Nil

Comments: See attached commentary and interim report.

---

BETHUNES INVESTMENTS LIMITED
INTERIM REPORT
SEPTEMBER 2017

BETHUNES INVESTMENTS SEPTEMBER 2017 INTERIM REPORT


CONTENTS

Directors Commentary 1
Consolidated Interim Statement of Comprehensive Income 3
Consolidated Interim Statement of Changes in Equity 4
Consolidated Interim Statement of Financial Position 5
Consolidated Interim Statement of Cash Flows 6
Notes to the Financial Statements 7
Directory 11

1











Director’s Commentary
Interim result for the six months ended 30 September 2017

Bethunes Investments Limited (“BIL”) reported a loss for the six months ended 30 September 2017 of $9,473
(versus a loss of $111,962 in the prior period).

The Net Tangible Assets (“NTA”) of BIL as at 30 September 2017 amounted to $479,207, or 0.416c per share.
(Note: This is prior to any effects of the proposed Transport Investments Limited Reverse Listing Transaction
announced to the NZX on 26 October 2017.)

The interim result benefitted from the receipt of a NZ$ 75,000 break fee as a result of NZ Retail Property Group
(“NZRPG”) terminating the proposed reverse listing transaction with BIL on 25 July 2017.

Following the termination of this proposed transaction BIL entered discussions on an acquisition (reverse
listing) of the transport and logistics business of Transport Investments Limited (“TIL”). The full details of this
transaction can be found on the company’s website at www.bethunesinvestments.com and/or
www.nzx.com/instruments/BIL

BIL expects to release all documents pertaining to this transaction, including an independent appraisal report
by Grant Samuel, to the market and shareholders in late November 2017, with a shareholder meeting scheduled
for early December 2017.

At the time of writing this release, should this transaction be approved by both BIL and TIL shareholders it will
be the second largest new company brought to market on the NZX Main Board during 2017 and it will also serve
as a benchmark for such transactions in the future.

As indicated in prior announcements, BIL and its current modus operandi will continue via the separation and
intended compliance listing of “New BIL”.

New BIL will have three arms to its investment / value creation program:

(i) Public market equities (where we have made a start);
(ii) Non-public equities / business investments (where we have an identified opportunity); and,
(iii) Takeover’s/reverse listing transactions of entities with an Enterprise Value greater than ~NZ$ 75
million (where we have already demonstrated the opportunity for these transactions with NZRPG
and TIL).

New BIL plans to apply to compliance list on the NZX Main Board in Q1 2018. At the time of listing it is envisaged
New BIL will undertake a capital raising.

The transformation of Mowbray Collectables Limited to Bethunes Investments Limited and our vision to create
a new investment company in New Zealand is nearly complete. We look forward to your continuing support to

BETHUNES INVESTMENTS SEPTEMBER 2017 INTERIM REPORT

2
execute on the final step of the transformation early next year. A successful completion of a capital raising will
set New BIL on a twenty – thirty year journey which will be guided by Aesop’s famous fable ...

The Tortoise and the Hare.

A hare one day ridiculed the short feet and slow pace of the Tortoise, who replied, laughing: “Though you be swift as the wind, I will beat you
in a race”. The Hare, believing her assertion to be simply impossible, assented to the proposal; and they agreed that the Fox should choose the
course and fix the goal. On the day appointed for the race the two started together. The Tortoise never for a moment stopped, but went on
with a slow but steady pace straight to the end of the course. The Hare, lying down by the wayside, fell fast asleep. At last waking up, and
moving as fast as he could, he saw the Tortoise had reached the goal, and was comfortably dozing after her fatigue. Slow but steady wins the
race.


Thank you to our shareholders for your continuing support and trust.

Christopher Swasbrook
Chairman
chris.swasbrook@bethunesinvestments.com
10 November 2017

Bethunes Investments Limited
Consolidated Interim Statement of Comprehensive Income
for the period ended 30 September 2017
Six Months Six Months Year
EndedEndedEnded
30-Sep30-Sep31-Mar
201720162017
(Unaudited)(Unaudited)(Audited)
Notes$$$
Revenue
Sale of historical inventory 261 7,289 13,661
Break fee received9 75,000 - -
Revaluation of financial assets to fair value 7,061 3,112 14,022
Interest income 18,340 28,462 51,537
Dividends received 4,112 - 4,128
Sundry income - 1,441 2,541
Total revenue 104,774 40,304 85,889
Expenses
Accounting fees - NZ10 (11,567) (14,538) (27,632)
Accounting fees - Australia - (4,057) (4,057)
Historical art inventory costs (2,943) - (2,283)
Audit fees2 (11,673) (20,315) (40,440)
Bad debts - (4,353) (3,970)
Movement in provision for doubtful debts - 5,096 5,096
Bank fees (1,145) (1,421) (2,973)
Changes in inventory - (3,352) (3,352)
Directors fees10 (17,500) (34,500) (60,000)
Executive director fees10 (28,750) - -
FMA fees - (492) (2,492)
Foreign exchange gains/(losses) (16) - (282)
Insurance (5,578) (3,669) (6,383)
Interest expense (5) (28) (542)
Investment analyst fees10 - (26,827) (56,539)
Legal fees (8,046) (17,503) (19,418)
Other expenses (5,606) (544) (494)
Printing & stationery (1,725) (1,725) (4,111)
Share registry costs (4,452) (8,961) (14,714)
Stock exchange fees (10,788) (13,437) (27,812)
Telephone & internet costs - (803) (948)
Travel expenses (4,453) - -
Total expenses(114,247) (151,429) (273,346)
Profit/(loss) before taxation (9,473) (111,125) (187,457)
Taxation (expense)/benefit - (837) (34,792)
Profit/(loss) for the year (9,473) (111,962) (222,249)
Total comprehensive profit/(loss) (9,473) (111,962) (222,249)
Earnings/(loss) per share
Basic earnings/(loss) per share (cents)(0.01) (0.10) (0.19)
Diluted earnings/(loss) per share (cents)(0.01) (0.10) (0.19)
The Statement of Accounting Policies and the Notes to the Financial Statements form an integral part of these Financial Statements.3

Bethunes Investments Limited
Consolidated Interim Statement of Changes in Equity
for the period ended 30 September 2017
Share
Capital
Foreign
Currency
Translation
Reserve
Retained
Earnings
Total Equity
Notes
$$$$
Balance at 1 April 2016 8,114,045 - (7,403,116) 710,929
Comprehensive income
Net (loss) after taxation - - (111,962) (111,962)
Total comprehensive income - - (111,962) (111,962)
Balance at 30 September 2016 8,114,045 - (7,515,078) 598,967
Comprehensive income
Net (loss) after taxation - - (110,287) (110,287)
Total comprehensive income - - (110,287) (110,287)
Balance at 31 March 2017 8,114,045 - (7,625,365) 488,680
Comprehensive income
Net (loss) after taxation - - (9,473) (9,473)
Total comprehensive income - - (9,473) (9,473)
Balance at 30 September 2017 8,114,045 - (7,634,838) 479,207
The Statement of Accounting Policies and the Notes to the Financial Statements form an integral part of these Financial Statements.4

Bethunes Investments Limited
as at 30 September 2017
Six Months Six Months Year
EndedEndedEnded
30-Sep30-Sep31-Mar
201720162017
(Unaudited)(Unaudited)(Audited)
Notes$$$
EQUITY
Share capital4 8,114,045 8,114,045 8,114,045
Accumulated earnings (7,634,838) (7,515,078) (7,625,365)
Total Equity 479,207 598,967 488,680
Represented by:
CURRENT ASSETS
Cash & cash equivalents 156,507 172,626 183,630
Term deposit6 75,000 75,000 75,000
Receivables 5,432 6,508 9,136
Prepayments 21,075 21,563 23,037
Taxation receivable5 685 2,589 2,350
Receivable from Mossgreen6 140,784 161,506 130,764
Listed company investments7 127,271 56,723 120,210
Total Current Assets 526,754 496,515 544,127
CURRENT LIABILITIES
Trade creditors8 57,605 59,223 53,396
Other payables & accruals 19,550 37,950 66,835
GST payable 6,252 14,318 7,406
Loan from Westgate9 2,682 - 39,321
Total Current Liabilities 86,089 111,491 166,958
WORKING CAPITAL 440,665 385,024 377,169
NON-CURRENT ASSETS
Taxation Receivable - 34,616 -
Receivable from Mossgreen6 38,542 179,327 111,511
Total Non-Current Assets 38,542 213,943 111,511
NET ASSETS 479,207 598,967 488,680
Net Tangible Asset Value per share (cents) 0.416 0.521 0.425
Consolidated Interim Statement of Financial Position
The Statement of Accounting Policies and the Notes to the Financial Statements form an integral part of these Financial Statements.5

Bethunes Investments Limited
for the period ended 30 September 2017
Six Months Six Months Year
EndedEndedEnded
30-Sep30-Sep31-Mar
201720162017
(Unaudited)(Unaudited)(Audited)
Notes$$$
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from (applied to)
Receipts from customers 8,077 9,825 18,436
Receipt of NZRPG break fee 75,000 - -
Interest received 1,289 2,763 4,396
Dividends received - - 4,128
Payments to suppliers (156,430) (196,486) (306,147)
Interest paid - (28) (542)
Taxation (paid)/received 1,580 (1,464) (1,401)
Net cash flow from operating activities (70,484) (185,390) (281,130)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from (applied to)
Funds received from Mossgreen 80,000 40,000 160,000
Purchase of listed company investments - (53,611) (106,188)
Net cash flow from investing activities 80,000 (13,611) 53,812
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from (applied to)
Loan from Westgate (net of transaction costs incurred) (36,639) - 39,321
Net cash flow from financing activities (36,639) - 39,321
Net increase/(decrease) in cash held (27,123) (199,001) (187,997)
Cash & cash equivalents at beginning of year 183,630 371,627 371,627
Cash & cash equivalents at end of year 156,507 172,626 183,630
Comprising:
Cash at bank - New Zealand 156,507 172,626 183,630
156,507 172,626 183,630
Consolidated Interim Statement of Cash Flows
The Statement of Accounting Policies and the Notes to the Financial Statements form an integral part of these Financial Statements.6

Bethunes Investments Limited
Notes to the Financial Statements
2. Remuneration of auditors
Six Months Six Months Year
EndedEndedEnded
30-Sep30-Sep31-Mar
201720162017
(Unaudited)(Unaudited)(Audited)
$$$
Audit of the financial statements paid to KPMG
11,673 20,315 40,440
Total auditor remuneration 11,673 20,315 40,440
KPMG is auditor of Bethunes Investments Limited and Group for the 2017 and 2018 years.
3. Net Cash Flow from Operating Activities
Reconciliation of income statement Continuing (Deficit) with net cash flow from continuing operating activities:
Six Months Six Months Year
EndedEndedEnded
30-Sep30-Sep31-Mar
201720162017
(Unaudited)(Unaudited)(Audited)
(Loss) for the year
(9,473) (111,962) (222,249)
Non cash items:
Non-cash interest on Mossgreen (NZ) Limited receivable unwind
(17,051) (25,699) (47,141)
Non-cash fair value movement of listed company investments
(7,061) (3,112) (14,022)
Bad debts - - 3,970
Provision for doubtful debts - - (5,096)
(24,112) (28,811) (62,289)
Movements in working capital
Decrease in inventories - 3,352 3,352
Decrease/(increase) in receivables & prepayments 5,666 (7,908) (10,884)
Increase/(decrease) in payables 3,055 (12,477) (26,349)
(Decrease)/increase in other payables & accruals (47,285) (26,120) 3,898
Decrease/(increase) in tax refundable 1,665 (1,464) 33,391
(36,899) (44,617) 3,408
Net cash (outflow) from operating activities
(70,484) (185,390) (281,130)
For the period ended 30 September 2017
1. Summary of significant accounting policies
This general purpose financial report for the interim half year reporting period ended 30 September 2017 has been prepared in accordance with Accounting
Standard NZ IAS 34 Interim Financial Reporting.
The interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly this report is to be read in
conjunction with the annual report for the year ended 31 March 2017.
The accounting policies and methods of computation adopted are consistent with those of the previous financial year and corresponding interim reporting period.
In certain circumstances amount have been reclassified in prior periods to reflect changes in classification in the current interim period. This has not changed the
reported comprehensive loss or net assets in the prior periods.
7

Bethunes Investments Limited
Notes to the Financial Statements
For the period ended 30 September 2017
4. Share Capital
Six Months Six Months Year
EndedEndedEnded
30-Sep30-Sep31-Mar
201720162017
(Unaudited)(Unaudited)(Audited)
$$$
Ordinary Shares – Authorised, issued and fully paid
Balance at start of period 8,114,045 8,114,045 8,114,045
Share capital at end of year 8,114,045 8,114,045 8,114,045
The Company has authorised shares totalling 115,060,279 and all shares are fully paid and have equal voting rights.
All shares participate equally in any dividend distribution or any surplus on the winding up of the Company.
The shares have no par value.
5. Term Deposit
Six Months Six Months Year
EndedEndedEnded
30-Sep30-Sep31-Mar
201720162017
(Unaudited)(Unaudited)(Audited)
$$$
Term deposit to support NZX bond
75,000 75,000 75,000
75,000 75,000 75,000
6. Mossgreen Receivable
Six Months Six Months Year
EndedEndedEnded
30-Sep30-Sep31-Mar
201720162017
(Unaudited)(Unaudited)(Audited)
$$$
Receivable from Mossgreen for sale of Peter Webb Galleries business
179,326 340,833 242,275
179,326 340,833 242,275
Receivable as follows:
Current 140,784 161,506 130,764
Non-Current 38,542 179,327 111,511
Total 179,326 340,833 242,275
- On 31 January 2016 (settlement) 320,000
- 12 quarterly payments beginning on 31 March 2016
480,000
800,000
The undiscounted receivable amount at 30 September 2017 is $200,000. This balance is non-interest bearing (other than for the future timing of payments) and
unsecured.
In accordance with the sale and purchase agreement dated 3 December 2015 between BIL 2016 Limited (previously Peter Webb Galleries Limited), and
Mossgreen (NZ) Limited, the purchase price for the business of Peter Webb Galleries was $800,000 to be repaid as follows:
The Directors have determined that a discount rate of 15.00% per annum is appropriate to reflect the risk attached to the cash flows. In considering this the
directors have considered that Mossgreen (NZ) Limited and the guarantor are unrated by any debt rating agency, the companies are privately owned, and they
are not able to access information as to the financial position of Mossgreen (NZ) Limited or the guarantor.
Bethunes Investments Limited holds a term deposit with ANZ Bank New Zealand Limited that supports the NZX bond required under the NZX listing rules. It is
intended that this bond will remain with Bethunes Investments Limited following the reverse takeover by TIL Logistics Group Limited.
8

Bethunes Investments Limited
Notes to the Financial Statements
For the period ended 30 September 2017
7. Listed Company Investments
Six Months Six Months Year
EndedEndedEnded
30-Sep30-Sep31-Mar
201720162017
(Unaudited)(Unaudited)(Audited)
$$$
Cost of listed company investments
106,188 53,611 106,188
Revaluation of listed company investments to fair value
21,083 3,112 14,022
127,271 56,723 120,210
8. Trade Creditors
Six Months Six Months Year
EndedEndedEnded
30-Sep30-Sep31-Mar
201720162017
(Unaudited)(Unaudited)(Audited)
$$$
Trade creditors
4,324 5,942 115
Historical amounts owing to Peter Webb Galleries vendors
53,281 53,281 53,281
57,605 59,223 53,396
9. Loan from Westgate
Six Months Six Months Year
EndedEndedEnded
30-Sep30-Sep31-Mar
201720162017
(Unaudited)(Unaudited)(Audited)
$$$
Opening Balance
39,321 - -
Loan received
138,797 - 75,000
Expenses incurred in relation to potential reverse takeover
(175,436) - (35,679)
Total loan from Westgate
2,682 - 39,321
- The break fee of $75,000 as agreed within the NZRPG term sheet becoming payable to Bethunes Investments Limited
- All costs incurred by Bethunes Investments Limited in respect of the transaction becoming payable by NZRPG
10. Related Parties
Transactions with parties related to the Group are as follows:
Six Months Six Months Year
EndedEndedEnded
30-Sep30-Sep31-Mar
201720162017
(Unaudited)(Unaudited)(Audited)
$$$
Accounting Fees
BDO Wellington Limited - for services to Bethunes Investments Limited
(10,549) (12,845) (25,507)
BDO Wellington Limited - for services to BIL 2016 Limited
(1,018) (1,693) (2,125)
(11,567) (14,538) (27,632)
Executive Director Fees recognised in profit & loss
Christopher Swasbrook (CGS & CVS Limited) - for services to Bethunes Investments Limited
(28,750) - -
Executive Director Fees paid by NZRPG in relation to reverse takeover
Christopher Swasbrook (CGS & CVS Limited) - for services to Bethunes Investments Limited
(17,969) - -
Listed company investments have been valued using quoted prices in active markets (Level 1 in the Fair Value Hierarchy).
On 8 March 2017 Bethunes Investments Limited entered into a term sheet in respect of the reverse takeover of New Zealand Retail Property Group (NZRPG)
through the Bethunes Investments Limited corporate shell. This transaction was disclosed in detail in the 2017 annual report. On 25 July 2017 the transaction
was terminated by NZRPG which resulted in the following:
The historical amounts owing to Peter Webb Galleries vendors remain as unclaimed funds. In due course, if the owner of the funds does not claim the monies (in
accordance with the Unclaimed Money Act 1971) the necessary amounts will be remitted to the Inland Revenue Department.
9

Bethunes Investments Limited
Notes to the Financial Statements
For the period ended 30 September 2017
10. Related Parties (cont.)
Director Fees recognised in profit & loss
Aaron Titter (BDO Wellington Limited) - for services to Bethunes Investments Limited
(8,750) (10,063) (17,500)
Ian Halsted - for services to Bethunes Investments Limited
(8,750) (10,062) (17,500)
Christopher Swasbrook (CGS & CVS Limited) - for services to Bethunes Investments Limited
- (14,375) (25,000)
(17,500) (34,500) (60,000)
Director Fees paid by NZRPG in relation to reverse takeover
Aaron Titter (BDO Wellington Limited) - for services to Bethunes Investments Limited
(7,570) - -
Ian Halsted - for services to Bethunes Investments Limited
(3,646) - -
(11,216) - -
Investment Analyst Services
Elevation Capital Management Limited - for services to Bethunes Investments Limited
- (26,827) (56,539)
Total related party transactions
(87,002) (75,865) (144,171)
All transactions between entities within the Group were conducted on an arm’s length basis.
11. Segment Information
Description of the types of products and services from which each reportable segment derives its revenues
Measurement of operating segment profit or loss
Segment assets and liabilities
12. Going Concern
13. Events Subsequent to Balance Date
Further detail of the transaction is outlined in the announcement dated 26 October 2017. Aside from this, there are no other material events subsequent to
balance date.
Before the transaction is completed, all assets of Bethunes aside from the $75,000 term deposit, will be transferred to its subsidiary BIL 2016 Limited and the
shares in BIL 2016 Limited will be distributed pro rata to Bethunes shareholders. The effect will be that existing Bethunes shareholders will hold one share in
Bethunes (to be renamed TIL Logistics Group) and one share in BIL 2016 Limited (to be renamed Bethunes Investments Limited).
For this six month period the Group had one reportable segment including the head office costs of management, governance and compliance of the group. The
revenues are derived from interest, art sales, and historically, management fees and dividends.
The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies.
The Group evaluates performance on the basis of profit or loss from operations before tax not including non-recurring losses, such as restructuring costs and
goodwill impairment.
As noted above, no segment information or analysis has been provided as the Group only has one segment.
On 26 October 2017 Bethunes Investments Limited signed a sale and purchase agreement with Transport Investments Limited (TIL) to acquire the transport
and logistics business of TIL for a purchase price of $200 million (subject to adjustments for net debt and movements in working capital), to be paid through a
combination of shares and cash.
Management has determined the operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions. The
board considers the business from both a product and service perspective. No geographical segment reporting is required as all continuing operations are based
in New Zealand.
In addition to the reverse listing transaction discussed in note 12, the Company continues to investigate a number of potential investment opportunities. Should
the reverse listing transaction complete these opportunities will transfer to the subsidiary, BIL 2016 Limited.
Elevation Capital Management Limited, a substantial shareholder in the Company (holding 10,000,000 shares), is controlled by Christopher Swasbrook.
Elevation Capital Management Limited provided management services to BIL 2016 Limited during the 2016 financial year, as well as investment analyst services
to Bethunes Investments Limited for the 2016 year and until 31 March 2017. Post this date the Bethunes Investments Limited independent directors agreed to
Chris Swasbrook providing these services in his personal capacity as Executive Director in order to lower total costs to the Company.
Aaron Titter, a Director of Bethunes Investments Limited, is a Partner at BDO Wellington Limited. BDO Wellington Limited provided accounting and taxation
services to the Group.
The financial statements have been prepared on a going concern basis. It is the considered view of the directors that the Company has adequate cash resources
to continue operations at existing levels for the next 12 months from the date of the approval of these financial statements.
No segment information or analysis has been provided as the Group now only has one continuing segment following the sale of the Peter Webb Galleries
business. The information presented in the financial statements represents this one segment.
10

Bethunes Investments Limited
Statutory Information
For the period ended 30 September 2017
Directors
Auckland
Postal:PO Box 911145, Victoria St West, Auckland, 1142
Telephone:(09) 379 6493
E-mail:info@bethunesinvestments.com
Website:www.bethunesinvestments.com
Bankers
50 Customhouse Quay
Wellington
Christopher Swasbrook
Wellington
Registered Office
Ian Halsted
Wanaka
Aaron Titter
Accountants
BDO Wellington Limited
Communication Addresses
ANZ Bank
Westpac
Auditors
KPMG, Auckland
Link Market Services
PO Box 384
Ashburton
Lawyers
Duncan Cotterill, Wellington
Share Registrar
11