audio close compressed excel image menu pdf video word

Managed for
the benefit of shareholders


Our primary investment goals are to provide shareholders with an attractive capital growth over the long term and to pay dividends which over time grow faster than the rate of inflation.

How Mirrabooka Invests

There are many small and medium size companies listed on the Australian and New Zealand stock exchanges covering a very diverse range of industries and market sectors. Mirrabooka seeks to invest in those companies which offer investors attractive medium to long term value. Of particular interest are companies with relatively low price earnings ratios and sound dividend yields. Often these companies have strong growth prospects and specialise in a range of attractive product, market and industry sectors. Benefits may also arise from takeover and/or merger activity.

Investing in the small and mid sized sector can be subject to greater volatility compared with investing in larger capitalised companies because of the reliance these smaller companies have on single markets, products and/or key individuals. From time to time, shares in these smaller companies may also be subject to lower than normal liquidity. Consequently, this section of the market requires a significant amount of research and subsequent close monitoring of the portfolio.

In this context, we are willing to move quickly to realise investments when we form a view that an investment is well overvalued or there has been a material adverse change in a company’s circumstances or prospects. As such, we believe it is important to be nimble and responsive to material changes affecting these investments.

The Company typically holds between 50 - 70 stocks depending on their fit with our investment aims and the desired concentration of risk within the portfolio.

The Company also has access to lines of credit which allows the Company on a limited basis to gear its balance sheet when appropriate investment returns are available. In addition, the Company also uses options written against its portfolio to generate additional income although this activity is naturally limited by the lack of availability of option markets for most of the shares within the portfolio and the need to control our investments for risk management purposes.

The Dividend Reinvestment Plan (DRP) is an easy way to accumulate more shares over time by reinvesting your dividends in additional shares.

If you’re a Mirrabooka shareholder, it’s optional to participate in the DRP. You can choose whether to reinvest all or part of your dividends in the plan. Participants enjoy the benefits of compound returns over time with no brokerage costs when acquiring additional shares. It’s entirely flexible, allowing you to join or withdraw at any time.

For more information on the DRP, please read the DRP Rules.

The Dividend Substitution Share Plan (DSSP) is another way to accumulate shares over time. The main difference from the DRP is that no income tax is payable at the time of receipt of the dividend.

When Australian resident taxpayers receive DSSP shares, no income tax is payable until the shares are sold.

The DSSP may be suitable for Australian taxpaying shareholders that:

  • Want to defer tax-payable until selling their Mirrabooka shares
  • Are on a high marginal income tax rate
  • Shareholders that pay tax at a lower rate (e.g. SMSF) may prefer the DRP.

Australian resident participants in the DSSP do not receive a dividend but in lieu of that, are issued shares. As they do not receive a dividend, they will not get franking credits or LIC capital gains tax deductions and will usually not be subject to income tax. The receipt of the substitute shares will change the tax cost base of the Mirrabooka shares that participate in the DSSP and may therefore increase any capital gains tax paid on any subsequent disposal.

Shareholders should in all cases seek their own advice as to whether or not participation in the DSSP is suitable for them.

For more information on the DSSP, please read the DSSP Rules. We have also included a link to the Australian Tax Office Class Ruling regarding the Mirrabooka DSSP (refereed to in the document as a bonus share plan).

2022 Share Purchase Plan (SPP)

The Company recently announced its intention to make an offer to shareholders for additional funds under a Share Purchase Plan (SPP). Details of the SPP are detailed in the Terms and Conditions and you should read them before participating in the SPP. The additional equity raised will be used for general investment purposes. The increase in the size of the portfolio will also reduce the management expense ratio of the Company.

Key Features of the Plan are:

The minimum value of New Shares that may be applied for is $1,000. You may also apply for any dollar amount up to a maximum of $30,000.

  • The New Shares issued under the SPP will be eligible for fifty per cent of the final dividend that may be declared in respect of the financial year ending 30 June 2022. As a result, the New Shares issued under the SPP will trade under a separate ASX code: MIRNB. These shares will trade under the normal ASX code: MIR after existing ordinary shares go ex the entitlement to the final dividend in July 2022.
  • The SPP issue price will be the lower of $3.18 per share or by applying a 10% discount to the volume-weighted average price of Mirrabooka shares traded on the Australian Securities Exchange (ASX) and Cboe Australia automated trading systems over the 5 ASX trading days up to and including the day on which the SPP is scheduled to close (4 April 2022), rounded down to the nearest cent. Therefore, the maximum price that eligible shareholders will pay is $3.18 cents per New Share, which was calculated by applying a 10% discount to the volume-weighted average price of
    shares traded on the ASX and Cboe Australia automated trading systems over the 5 ASX trading days from 24 February to 2 March 2022 inclusive. Mirrabooka will announce the final issue price for the SPP after the offer closes. Directors retain the right to scale back the Plan.
  • Applications must be received by 5.00pm (AEST) on Monday 4 April 2022.
  • You may participate in the Plan by paying through BPAY. Details of the Biller code and unique Customer Reference Number (CRN) are on the enclosed application form. If you utilise BPAY then you do not need to return the enclosed application form.
  • As an alternative, you may participate by filling out the enclosed application form and attach a cheque or bank draft to the acceptance slip and mail it in the enclosed reply paid envelope. In light of potential delays to postal services, it is recommended by the registry to apply via BPAY as detailed above.
  • New Shares acquired under the Plan are expected to be issued on Monday 11 April 2022 with the New Shares (ASX: MIRNB) tradeable on the ASX from Tuesday 12 April 2022.

Manage your shareholding online through Computershare or complete the forms below.

Sign into Computershare – a secure shareholding administration platform – with your Shareholder Reference Number (SRN) or Holder Identification Number (HIN).

Alternatively, complete and return the forms below.

Key Dates

Interim Financial Results and Dividend Payments 2022

* these dates may be subject to change

Interim Results Announcement:Tuesday 18 January 2022*
Interim Dividend
Ex-Date:Monday 24 January 2022*
Record Date:Tuesday 25 January 2022*
Last Election Date for DRP/DSSP:Thursday 27 January 2022*
Payment Date:Thursday 17 February 2022*

Browse our frequently asked questions to find the answers you need.