WAM Leaders Limited has announced a Share Purchase Plan offering eligible shareholders the opportunity to acquire up to $30,000 worth of fully paid ordinary shares at a discount to the prevailing market price, with no brokerage fees. The SPP price will be set at the lower of $1.325 per share (based on the company’s 31 July 2026 net tangible assets) or a 2.5% discount to the 5-day volume-weighted average price at the issue date of 4 September 2026. This pricing represents approximately a 5.0% discount to the current share price, providing existing shareholders with an opportunity to increase their holdings on attractive terms.
The company is targeting a raise of up to $150 million from the SPP, though the scheme has the capacity to issue up to 414 million shares for a total of $548.6 million if fully subscribed. Shareholders participating in the SPP will be entitled to the fully franked final dividend of 4.8 cents per share. The full year dividend of 9.6 cents per share translates to a 7.2% yield on the issue price, or 10.3% on a grossed-up basis including the value of franking credits, which is competitive by current market standards for ASX-listed companies.
The timing of the capital raise reflects management’s assessment of the investment environment. WAM Leaders noted that current market conditions present a growing number of attractive opportunities for active managers, particularly as valuation dispersion across large-cap stocks remains elevated. This context supports the rationale for raising additional capital to deploy into opportunities the investment team identifies as compelling. The company’s track record provides reassurance on capital deployment. In FY2026, the portfolio increased 14.0%, outperforming the S&P/ASX 200 Accumulation Index by 7.9%, and over the ten years since inception the portfolio has delivered compound annual growth of 12.1% with total fully franked dividends of 96.5 cents per share when including franking credits.
For investors, the SPP presents a mechanism to increase exposure to an actively managed ASX 200 portfolio at a reasonable entry point while capturing the income stream from fully franked dividends. The discount to market price and absence of brokerage fees removes transaction friction that normally applies when buying shares on-market. Investors should assess the SPP pricing against the company’s fundamental valuation and consider the opportunity cost of capital in the current environment when making their decision.
Eligible shareholders can apply for the SPP via an online facility opening on Tuesday 11 August 2026 and closing on Tuesday 1 September 2026 at 5:00pm Sydney time. Full details and application instructions are available in the SPP booklet released by the company. WAM Leaders will host a full year results webinar on 11 August 2026 at 11:00am Sydney time where investors can seek clarification from the investment team. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About WAM Leaders Limited (ASX: WLE)
WAM Leaders Limited is an Australian investment company that provides investors with exposure to large-cap stocks listed on the S&P/ASX 200 Index. Launched and managed by Wilson Asset Management, it focuses on identifying large-cap companies with compelling fundamentals and macroeconomic catalysts. The company aims to deliver fully franked dividends, capital growth, and capital preservation for its investors.
If you would like to discuss this announcement or how it might affect your portfolio, request a callback or call us on 1300 889 603.
