WAM Leaders Limited (ASX: WLE) has announced a Share Purchase Plan (SPP), offering eligible shareholders the chance to acquire up to $30,000 in fully paid ordinary shares without brokerage fees. WAM Leaders Limited is a listed investment company (LIC) managed by Wilson Asset Management, focused on investing in Australian large-cap equities. The SPP issue price will be the lower of $1.325 per share, based on the company’s 31 July 2026 pre-tax net tangible assets, or a 2.5% discount to the five-day Volume-Weighted Average Price (VWAP) at the issue date of 4 September 2026. This offers a 5.0% discount to the closing share price of $1.395 on 5 August 2026.
Participants in the SPP will also be entitled to receive the fully franked final dividend of 4.8 cents per share. The company noted its fully franked full-year dividend of 9.6 cents per share represents a 7.2% fully franked dividend yield and a 10.3% grossed-up dividend yield on the $1.325 issue price. WAM Leaders aims to raise up to $150.0 million from the SPP. This additional capital is earmarked for deployment into compelling investment opportunities, growing company assets, increasing liquidity, and enhancing market presence.
Chairman Geoff Wilson AO stated the SPP offers existing shareholders an equitable chance to increase exposure at a discount, while providing capital for the investment team to pursue opportunities. Lead Portfolio Manager Matthew Haupt highlighted the WAM Leaders investment portfolio increased 14.0% in FY2026, outperforming the S&P/ASX 200 Accumulation Index by 7.9%. He added that elevated valuation dispersion across large-cap stocks presents strong prospects for active managers. The company held 28.3 cents per share in its profits reserve as at 31 July 2026. Eligibility for the SPP is for shareholders registered by 7:00pm Sydney time on 7 August 2026 with an Australian or New Zealand address. The SPP closes on 1 September 2026, with shares issued on 4 September 2026.
