WAM MICROCAP LIMITED — Net Asset Value 2025

Feb 10, 2025

Investment Update January 2025

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ASX: WMI

The most exciting undervalued growth opportunities in the Australian micro-cap market.

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Net Tangible Assets (NTA) per share before tax

147.22c

January 2025

145.62c

December 2024

The net current and deferred tax asset/(liability) position of the Company for January 2025 is (3.33) cents per share.

Dividend highlights

10.5c

64.75c

92.5c

Fully franked full year dividend (per share)

Dividends paid since inception (per share)

Dividends paid since inception, when including the value of franking credits (per share)

6.9%

9.9%

48.6c

Fully franked dividend yield[*]

Grossed-up dividend yield[*]

Profits reserve (per share)

Assets

$412.6m

Investment portfolio performance[^] (pa since inception June 2017)

16.7%

Month-end share price (at 31 January 2025) $1.525

S&P/ASX Small Ordinaries Accumulation Index: 7.0%

*Based on the 31 January 2025 share price and the FY24 fully franked full year dividend of 10.5 cents per share. Grossed-up dividend yield includes the benefits of franking credits and is based on a tax rate of 30%.

^Investment portfolio performance is before expenses, fees and taxes to compare to the relevant index which is also before expenses, fees and taxes.

WAM Microcap Limited (ASX: WMI)

ABN: 34 617 838 418

Glossary

Read the WAM Founders Fund Read Shaun Weick’s comments article that discusses Tuas’ success on Myer in the SMH

The WAM Microcap (ASX: WMI) investment portfolio increased in January. Cloud-based data protection company Dropsuite (ASX: DSE) and commercial and consumer lending solutions company Plenti Group (ASX: PLT) were contributors to the investment portfolio performance.

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Dropsuite is a cloud-based data protection company that provides email backup, archiving and cybersecurity solutions for businesses. In January, Dropsuite’s share price increased 30.5% reaching $5.74 per share following the announcement it had entered into a scheme implementation deed with NinjaOne. Under the scheme agreement, NinjaOne will acquire Dropsuite for $5.90 per share (Scheme Consideration), valuing the company at approximately $420 million. The Scheme Consideration represents a 34.1% premium to Dropsuite's closing share price of $4.40 per share at 24 January 2025, which reflects strong market confidence in the acquisition.

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Plenti Group is a fintech company that offers consumer and commercial lending solutions, specialising in car loans, renewable energy, finance and personal loans. During the month, Plenti Group announced record quarterly loan originations of $383.3 million, marking a 32% increase on the prior corresponding period and a 19% increase from the previous quarter. Additionally, Plenti Group previously reported a 260% increase on the prior period in cash net profit after tax (NPAT) for the first half of FY2025, further bolstering market confidence.

Fully franked dividends since inception

Cents per share

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12.0
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10.0
8.0 5.25 5.25
5.0
6.0 4.0
3.0
4.0
2.25
2.0
5.0 5.25 5.25
2.0 4.0 4.0
3.0 3.0
2.0 2.0 2.25 2.25
-
2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24
Fully franked interim dividend Fully franked final dividend Fully franked special dividend
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WAM Microcap Limited (ASX: WMI)

ABN: 34 617 838 418

Annual Report

Full Year Result

Diversified investment portfolio by sector

Top 20 holdings (alphabetical order)

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0.4% [0.3%]
1.4%
8.1%
1.6%
23.0%
4.0%
8.2%
9.5%
17.1%
11.0%
15.4%
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Consumer discretionary: 23.0% Financials: 17.1% Industrials: 15.4% Information technology: 11.0% Health care: 9.5% Communication services: 8.2% Materials: 4.0% Utilities: 1.6% Real estate: 1.4% Energy: 0.4% Consumer staples: 0.3% Cash: 8.1%

Code	CompanyName
ADH	Adairs
AIM	AI-Media Technologies
ANG	Austin Engineering
APX	Appen
BVS	Bravura Solutions
EML	EML Payments
EVO	Embark EarlyEducation
GDG	Generation Development Group
GTK	Gentrack Group
IDX	Integral Diagnostics
PBH	Pointsbet Holdings
PGC	Paragon Care
QOR	Qoria
REG	Regis Healthcare
SLC	Superloop
SNL	SupplyNetwork
SSM	Service Stream
TUA	Tuas
UNI	Universal Store Holdings
n/a	Xpansiv

Our proven investment process

Research and market driven process across undervalued micro-cap growth companies with a market capitalisation of less than $300 million.

Diligent and deep research on undervalued micro-cap growth companies that focuses on free cash flow, return

on equity, meeting management and the quality of a company.

Catalyst

Takes advantage of short-term mispricing opportunities in the Australian equity market.

Catalyst: a major event that alters the market’s perception of a company or its earnings momentum which will lead to a rerating of the investee company’s share price.

WAM Microcap Limited (ASX: WMI)

ABN: 34 617 838 418

About the Investment Manager

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Wilson Asset Management has a track record of making a difference for shareholders and the community for 27 years.

As the investment manager for eight leading listed investment companies (LICs) and two unlisted funds, Wilson Asset Management has a diversified offering of Australian and global listed equities and alternative assets.

Wilson Asset Management created and is the lead supporter of the first LICs to deliver both investment and social returns: Future Generation Australia (ASX: FGX) and Future Generation Global (ASX: FGG), as well as Future Generation Women.

Listed Investment Companies

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>$5.9 billion

130,000

>200 years

11

in funds under management

retail and wholesale investors

combined investment experience

investment products

Key contacts

Geoff Wilson AO Jesse Hamilton Chairman & Chief Chief Financial Officer Investment Officer 0401 944 807 X (Twitter) Camilla Cox @GeoffWilsonWAM (02) 9247 6755 Corporate Affairs Manager

Camilla Cox Corporate Affairs Manager 0407 407 062

Kate Thorley Chief Executive Officer (02) 9247 6755

For more information visit: wilsonassetmanagement.com.au

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Zenith Disclaimer: The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (ASX: WMI assigned June 2024) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines .

Independent Investment Research (IIR) Disclaimer: The rating ascribed by IIR is provided under the Annual LIC Research Participation Scheme whereby the LIC Manager provides information and IIR rating is monitored on a monthly basis to ensure its currency. The manager is a participant and as such this rating is current. Please note an ascribed rating does not constitute advice in any form. We recommend to any reader that no investment decisions are made on this fund without seeking advice from your Wealth Manager.

WAM Microcap Limited (ASX: WMI)

ABN: 34 617 838 418