WAM Alternative Assets Limited (WMA), the only listed investment company on the ASX that offers investors access to a diversified portfolio of alternative assets, typically accessible only by institutional investors, has announced its preliminary final report for the year ended 30 June 2025. The company reported revenue from ordinary activities of $11,906,421, a 1.2% increase compared to the previous year. Profit from ordinary activities before income tax expense rose by 4.7% to $8,307,379. Net profit from ordinary activities after income tax expense was $6,231,630, a 1.8% decrease from the prior year.
The company declared a fully franked final dividend of 3.0 cents per share, up from the previous year, with an ex-dividend date of 21 October 2025, a record date of 22 October 2025, and a payment date of 31 October 2025. An interim dividend of 2.7 cents per share was also fully franked. The Dividend Reinvestment Plan (DRP) is in operation for the final dividend, without a discount applied to the VWAP issue price. The last election date for the DRP is 24 October 2025.
The net tangible asset backing per share before tax was $1.17, while the net tangible asset backing after tax was $1.15. The company’s investment portfolio increased 5.3% in FY25, delivering risk-adjusted returns for shareholders. Since Wilson Asset Management was appointed as Investment Manager in October 2020, the investment portfolio has increased 8.9% per annum. The fully franked dividend yield is 6.3%, with a grossed-up dividend yield of 9.0%. A premium target has been established to enhance alignment between the Investment Manager and shareholders.
The board maintains confidence in Wilson Asset Management’s ability to manage the Company’s portfolio and consistently deliver returns. The directors are recommending that shareholders vote against the resolution to terminate the Investment Management Agreement (IMA) and liquidate the company at the upcoming AGM on 9 October 2025. They believe the current share price discount to NTA presents an opportunity to access a diversified portfolio of high-quality investments and a stream of franked dividends.
