AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

WAM ACTIVE LIMITED Capital/Financing Update 2026

Jan 29, 2026

66032_rns_2026-01-29_4e4a41af-d674-4e02-87fe-8c64fdbbaa5f.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

==> picture [73 x 60] intentionally omitted <==

==> picture [44 x 36] intentionally omitted <==

==> picture [424 x 12] intentionally omitted <==

==> picture [44 x 36] intentionally omitted <==

==> picture [299 x 39] intentionally omitted <==

==> picture [44 x 36] intentionally omitted <==

2 for 3

==> picture [144 x 20] intentionally omitted <==

==> picture [176 x 20] intentionally omitted <==

KeyDates *
Announcement of the Entitlement Offer	Friday 30 January 2026
Ex - date for Entitlement Offer	Tuesday 3 February 2026
Record Date for Entitlement Offer	Wednesday 4 February 2026 at 7:00pm (Sydney time)
Dispatch of Offer Booklet and Entitlement and Acceptance Form	Friday 6 February 2026
Entitlement Offer Opening Date	Friday 6 February 2026
Entitlement Offer Closing Date	Friday 20 February 2026 at 5:00pm (Sydney time)
Announcement of results of Entitlement Offer and Top - Up Facility	Monday 23 February 2026
Shortfall Offer Closing Date	Monday 23 February 2026 at 12:00pm (Sydney time)
Announcement of results of Shortfall Offer and Placement	Wednesday 25 February 2026
Issue and allotment of New Shares under the Entitlement Offer	Friday 27 February 2026
Settlement of New Shares under the Shortfall Offer and Placement	Friday 27 February 2026
Issue and allotment of New Shares under the Shortfall Offer and Placement	Monday 2 March 2026
Commencement of trading of New Shares under the Entitlement Offer	Monday 2 March 2026
Commencement of trading of New Shares under the Shortfall Offer and Placement	Tuesday 3 March 2026

Specific Risks
	Shareholders who do not take up their Entitlements in full will have their percentage interest in the Company reduced. The ex act amount of dilution will depend on the level of shareholder
Dilution of existing	participation. Given the structure of the Entitlement Offer (2 New Shares for every 3 existing Shares held at the Record Date ) t his will mean that the dilution to existing Shareholders who do no
Shareholdings in the	up their Entitlements in full may be significant. At completion of the Entitlement Offer and Placement, if the full Entitleme nt is taken up, it is anticipated that the Company’s share capital will inc
Company	from 77,171,378 Shares to approximately 147,911,806 Shares. For Shareholders who do not take up their full Entitlement, the S har eholder will have their percentage interest in the Company redu
	by up to approximately47.8% as compared to theirpercentageinterestinthe Company as at theRecordDate.
Investment strategy	The success and profitability of the Company will largely depend on the Investment Manager’s continued ability to manage the por tfolio in a manner that complies with the Company’s objectives, strategies, policies, guidelines and permitted investments. A failure to do so may negatively impact the Company and itssecu rit ie . In addition, there are risks inherent in the investment strategy that the Investment Manager will employ for the Company.
Investment Manager’s performance	The past performance of portfolios managed by the Investment Manager, and persons associated with the Investment Manager, are no t necessarily a guide to future performance of the Compa The success and profitability of the Company depends almost entirely on the ability of the Investment Manager to construct a por tfolio of investments, exposed to well managed businesses that have the ability to increase in value over time.Even if the Company does not perform well, it may be difficult to remove the In vestment Manager.
	Broad market risks include movements in domestic and international securities markets, movements in foreign exchange rates an d i nterest rates, changes in taxation laws and other laws affecting
Market risk	investments and their value. The Company’s portfolio is constructed so as to minimise market risks. Certain events may have a ne gative effect on the price of all types of investments within a particular market. These events may include changes in economic, social, technological or political conditions, as well as ma rke t sentiment. The Investment Manager seeks to minimise market and
	economic risks but cannot eliminate them entirely.
	There is a risk that Shares will fall in value over short or extended periods of time. Historically, shares have outperformed ot her traditional asset classes over the long term. Share markets tend to
Equity risk	move in cycles, and individual share prices may fluctuate and underperform other asset classes over extended periods of time. Sh areholders in the Company are exposed to this risk both through
	their holding in the Company’s securities as well as through the Company’s portfolio.
	Short selling securities involves borrowing stock and selling these borrowed securities. Short selling is subject to the theo ret ically unlimited risk of loss because there is no limit on how much the
Short selling risk	price of a security may appreciate. Additionally, there is a risk that the securities lender may request return ofthe securi ie s. These risks may give rise to the possibility that positions may have t
	liquidated at a loss and not at a time of the Investment Manager’s choosing.
Industry risks	There are a number of industry risk factors that may affect the future operation or performance of the Company. These factors ar e outside the control of the Company. Such factors include increased regulatory and compliance costs and variations in legislations and government policies generally.
Interest rate risk	Interest rate movements may adversely affect the value of the Company through their effect on the price of a security and the co st of borrowing.
	Investment in securities and financial instruments generally involves third parties as custodial and counter parties to contr act s. Use of third parties carries risk of default and failure to secure
Default risk	custody that could adversely affect the value of the Company. The Company outsources key operational functions including inve stm ent management, custody, execution, administration and valuation to a number of third - party service providers. There is a risk that third party service providers may intentionally or unintentionally breach their obligations to the Company or provide
	services below standards that are expected by the Company, causing loss to the Company.
Compensation fee	The Investment Manager may receive compensation based on the Company’s performance. Performance fee arrangements may create a n i ncentive for the Investment Manager to make more
structure risk	speculative or higher risk investments than might otherwise be the case.


Regulatory risk	All investments carry the risk that their value may be affected by changes in laws and regulations especially taxation laws. Reg ulatory risk includes risk associated with variations in taxation laws of Australia orotherjurisdictionsin whichthe Companyholdsinvestments.
Concentration risk	Theremay bemorevolatilityinthe portfolio as compared to the broader market because the portfoliowillbe comprised ofa sma ller numberofsecurities thanthe broader market.
General Risks
	Any potential investor should be aware that subscribing for New Shares involves risks. The New Shares to be issued under this En titlement Offer carry no guarantee with respect to the paym
Nature of Investment	of dividends, return on capital or the market value of those New Shares. An Applicant may not be able to recoup their initial in vestment. Specifically, the risks include: (i) the price at which the Applicant is able to sell the New Shares is less than the price paid due to changes in market cond iti ons; (ii) the Applicant is unable to sell the New Shares; and
	(iii) the Companyis placedin receivership or liquidation makingitreasonablyforeseeable that Shareholders couldreceiven one , oronly some oftheir initial investment.
Economic factors	The operating and financial performance of the Company is influenced by a variety of general economic and business conditions in cludi g the levels of consumer confidence and spending, business confidence and investment, employment, inflation, interest rates, exchange rates, access to debt and capital markets , f isc l policy, monetary policy and regulatory policies. A prolonged deterioration in any number of the above factors may have a material adverse impact on the Company’s business and financial p erf ormance.
Management	The Directors will, to the best of their knowledge, experience and ability (in conjunction with their management) endeavour t o a nticipate, identify and manage the risks inherent in the activit
actions	the Company, but without assuming any personal liability for same, with the aim of reducing, avoiding and mitigating theimpa ct of r sks on the performance of the Company and its securities.
Insurance arrangements	The Company maintains insurance within ranges of coverage the Company believes to be consistent with industry practice and ha vin g regard to the nature of activities being conducted. No assurance, however, can be given that the Company will be able to obtain such insurance coverage at reasonable rates or that any coverage it arranges will be adequate and available to cover any such claims.
Operational risks and costs	The Company will be exposed to operational risks and costs present in the current business. Operational risk has the potentia l t o have a material adverse effect on the Company’s financial performance and position as well as reputation. The Company will endeavour to take appropriate action or obtain appropriate i nsu rance to mitigate these risks, however certain residual risk will remain with the Company.
Currency fluctuations	Currency fluctuations may affect the Company’s capital costs that the Company incurs in its operations.
Business risks	There are risks inherent in doing business, such as unexpected changes in regulatory requirements, trade barriers, longer pay men t cycles, problems in collecting accounts receivable, network and infrastructure issues and potentially adverse tax consequences, any of which could adversely impact on the success of the Co mpany’s operations.
Future capital needs	Further funding may be required to advance the business objectives of the Company or for working capital purposes. There is a ri sk that despite efforts from the Company and its manager, expansion efforts will fail, which will adversely affect the Company’s growth and profitability. Moreover, there can be no as sur ance that additional funding will be available on satisfactory term at all. Any inability to obtain funding may adversely affect the financial condition of the Company and consequently, the val ue of its Shares.
Regulatory risk	Changes in relevant taxation, interest rates and other legal, legislative and administrative regimes and government policies in Australia, may have an adverse effect on the assets, operations
and government policy	ultimately the financial performance of the Company and the market price of its securities.
Share market conditions	The price of the Company’s Shares will be influenced by international and domestic factors which may cause the market price o f t he securities to fall and may be subject to varied and unpredictable influences on the market for equities. Shareholders should be aware that there are risks associated with any se cur ities investment. Neither the Company nor the Directors warr the future performance of the Company or any return on an investment in the Company.

AI assistant

WAM ACTIVE LIMITED — Capital/Financing Update 2026

66032_rns_2026-01-29_4e4a41af-d674-4e02-87fe-8c64fdbbaa5f.pdf

More from WAM ACTIVE LIMITED

WAM ACTIVE LIMITED Capital/Financing Update 2026