WAM Leaders Limited (ASX: WLE) has announced a Share Purchase Plan (SPP) giving eligible shareholders an opportunity to acquire up to A$30,000 worth of new shares. WAM Leaders Limited is a listed investment company that invests in Australian large-cap companies, focusing on identifying mispriced growth opportunities within the S&P/ASX 200 Index. The SPP, opening on 11 August 2026 and closing on 1 September 2026, aims to raise up to A$150.0 million. Shares under the plan will be offered at the lower of A$1.325 per share, based on the company’s 31 July 2026 pre-tax net tangible assets, or a 2.5% discount to the 5-day volume weighted average price at the issue date of 4 September 2026. The A$1.325 price represents a 5.0% discount to the closing share price on 5 August 2026.
The company highlights several benefits for participating shareholders, including the chance to purchase shares at a discount without incurring brokerage fees. Additionally, eligible shareholders who participate in the SPP will be entitled to receive the fully franked final dividend of 4.8 cents per share, contributing to a total FY2026 fully franked dividend of 9.6 cents per share, which represents a 7.2% fully franked dividend yield and a 10.3% grossed-up dividend yield on the A$1.325 issue price. The capital raising aims to equitably and efficiently grow the company’s assets, increase its market presence, and improve share liquidity, ultimately reducing its fixed expense ratio for the benefit of all shareholders.
The proceeds from the SPP will be invested in accordance with WAM Leaders’ established investment process, which combines macroeconomic analysis with fundamental research. The company reported strong performance, with its investment portfolio increasing by 11.3% in the 12 months to 31 July 2026, outperforming the S&P/ASX 200 Accumulation Index by 5.3%. Since its inception in May 2016, the portfolio has achieved an annual increase of 12.1%, surpassing the index by 2.9% per annum. This SPP follows a successful A$225 million placement of new ordinary shares to professional and sophisticated shareholders on 7 August 2026, undertaken at the same A$1.325 per share price, with settlement expected on 13 August 2026.
