Mirrabooka Investments Limited (the Company or Mirrabooka) has today announced a 1-for-7 non-renounceable pro-rata entitlement offer of fully paid ordinary shares in the Company (New Shares) at an Issue Price of $3.06 per New Share to its Australian and New Zealand shareholders and that will raise up to approximately $85 million (the Entitlement Offer). Eligible Mirrabooka shareholders who take up their entitlement in full may also apply for additional New Shares in excess of their entitlement under a Top-Up Facility (subject to scale back at the Company’s discretion). The proceeds of the issue will be used for general investment purposes in furthering the Company’s investment objectives to the benefit of shareholders.
The Chairman, Mr Greg Richards commented “Until recently, equity markets had been trading at record highs which made us very cautious about investing additional capital into the market. However, with the fall in the share prices of many companies since that period and with the expectation that uncertain conditions will continue over the coming months, the investment team anticipates opportunities will arise to selectively add to Mirrabooka’s portfolio having regard to the medium to long term investment focus of the Company”.
The issue price of $3.06 per New Share is equal to the average of the weekly estimated pre-tax value of the net tangible asset backing per Mirrabooka share over the period from Friday, 4 April 2025 to Friday, 2 May 2025 (inclusive).
The Issue Price also represents a discount of 5% to the closing price on Monday, 5 May 2025 of $3.22 per Share (the last trading date prior to the announcement of the Entitlement Offer).
The Company will host a webinar for Shareholders to provide an overview of the Entitlement Offer, the Company’s portfolio and performance on Thursday, 29 May 2025 at 1.00pm (Melbourne time). To join the webcast please use the following link: https://webcast.openbriefing.c...
New Shares issued under the Entitlement Offer will rank equally with existing Shares on issue.
The Directors of Mirrabooka intend that Mirrabooka will pay a fully franked final dividend of 6.5 cents per Share in respect of the 2024/2025 financial year. Shareholders who receive New Shares under the Entitlement Offer and Top-Up Facility will be entitled to receive the final dividend in respect of those New Shares.
The Entitlement Offer and Top-Up Facility are not underwritten. The Company will not undertake any placement of New Shares not taken up under the Entitlement Offer and the Top-Up Facility.
Participation in the Entitlement Offer is optional and open to eligible Mirrabooka Shareholders, being holders of fully paid ordinary shares in the Company at 7.00 pm (Melbourne time) on Friday, 9 May 2025 whose address on the Company's share register is in Australia or New Zealand. Further details will be forwarded to shareholders on Wednesday, 14 May 2025.
Key Dates
| Announcement of Entitlement Offer | Tuesday, 6 May 2025 |
| Ex-date for Entitlement Offer | Thursday, 8 May 2025 |
| Record Date for Entitlement Offer | 7.00pm (Melbourne time) on Friday, 9 May 2025 |
| Entitlement Offer opens | Wednesday, 14 May 2025 |
| Dispatch of Offer materials to Eligible Shareholders | Wednesday, 14 May 2025 |
| Entitlement Offer closes (Closing Date) Payment must be received by 5.00pm (Melbourne time) | 5.00pm (Melbourne time) on Monday, 2 June 2025 |
| Commencement of trading of New Shares on a deferred settlement basis | Tuesday, 3 June 2025 |
| Issue and allotment of New Shares under the Entitlement Offer and Top-Up Facility | Tuesday, 10 June 2025 |
| Dispatch of holding statements | Wednesday, 11 June 2025 |
| Commencement of trading of New Shares on a normal settlement basis | Wednesday, 11 June 2025 |
The above timetable is indicative only and is subject to change. The quotation of new shares is subject to ASX approval. Subject to the Listing Rules and the Corporations Act and other applicable laws, the Company reserves the right to vary these dates, including the Closing Date, without notice, including extending the period of the Entitlement Offer or accepting late applications, either generally or in particular cases or bringing forward the Closing Date at its discretion. Any extension of the Entitlement Offer will have a consequential effect on the issue date of the Shares. All dates and times in the timetable above are in Melbourne, Australia time.
ASX Announcement approved by the Board of Mirrabooka Investments Limited.