WAM Income Maximiser Limited (ASX: WMX) has launched a pro-rata non-renounceable Entitlement Offer, providing eligible shareholders the chance to increase their holdings at a discounted price. WAM Income Maximiser Limited (ASX: WMX) aims to provide monthly franked dividends and capital growth to shareholders by investing in Australia’s highest quality companies and corporate debt instruments. The offer is structured as two new shares for every five existing shares, priced at $1.62 per New Share. This represents a 5.5% discount to the closing share price on 24 July 2026, aligning with its estimated pre-tax net tangible asset backing less the August 2026 dividend. The capital raising initiative seeks to secure up to approximately $125.4 million through the issuance of 77.4 million new shares.
New Shares will qualify for monthly fully franked dividends, beginning with the September 2026 distribution of 0.65 cents per share, or 0.93 cents including franking credits. The annualised December 2026 fully franked dividend yield on the issue price is projected at 7.1%, including franking credits, surpassing the company’s target income return. WAM Income Maximiser Chairman Geoff Wilson AO highlighted the company’s consistent delivery of capital growth and growing monthly fully franked dividends, noting the offer allows shareholders to increase exposure to the dynamic investment strategy at a discount. The investment portfolio showed strong performance, rising 19.2% in the 12 months to 30 June 2026, outperforming its benchmark by 13.4% with reduced volatility.
The capital raise also includes a Shareholder Top-Up Facility for eligible shareholders seeking additional shares. A Shortfall Offer will allocate any unsubscribed shares from a successful bookbuild, which recently raised the maximum $47.0 million under a Placement from wholesale investors. The additional capital will be strategically invested into compelling opportunities identified by the investment team, focusing on high-quality Australian companies and corporate debt instruments. This deployment aims to deliver capital growth and enhance monthly fully franked dividends, while also increasing the company’s assets, market relevance, and liquidity.
