ASPEN GROUP
ASX:APZEquity Real Estate Investment Trusts (REITs)Today’s holders own 98.4% of what they think they own, once every option and right converts.
Share count grew 14% in 24 months; 1 cash raise in 24 months
ASPEN GROUP's ordinary share count grew 14.5% between September 2024 and August 2026, its latest share-count filing, to 229M shares. The company raised capital once in the past 24 months, a Placement and Security Purchase Plan (SPP) in May 2025 raising A$74.2M. Options and rights on issue could convert into 4M new shares, equal to 1.6% of the current share count, with 0% in the money; no expiry date for these securities is on record. The company is a property investment vehicle whose operating cash flow does not represent a spend rate, so no funding-runway figure applies. No proposed securities issues are pending.
Quick answers · 4
When did APZ last raise capital?
The last capital raise in Aspen Group's filings is Placement and Security Purchase Plan (SPP) of $74.2M announced 15 May 2025, one of 1 cash raises in 24 months.
How much placement capacity does APZ have left?
None of the 15% placement capacity counted as used in the last 12 months (estimate). Under ASX Listing Rule 7.1 a company may place up to 15% of its shares in 12 months without shareholder approval.
How many options and rights does APZ have outstanding?
Unexercised options and rights equal 1.6% of Aspen Group's shares on issue.
How much has APZ's share count grown?
Aspen Group has 229.2M shares on issue as at 28 Oct 2026, up 14.5% over 24 months according to its Appendix 2A filings.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2AThe form a company lodges to have new securities quoted on the ASX. It restates how many of each class are on issue. quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 31 Aug 2026 | 2A · quoted issue | APZ : FULLY PAID ORDINARY/UNITS STAPLED SECURITIES | 229.2M | Appendix 2A |
| 28 Aug 2026 | 3H · cancellation | APZ : FULLY PAID ORDINARY/UNITS STAPLED SECURITIES | 227.7M | Appendix 3H |
| 24 Nov 2025 | 3G · unquoted | FULLY PAID ORDINARY/UNITS STAPLED SECURITIES | 227.7M | Appendix 3G |
| 1 Sept 2025 | 2A · quoted issue | APZ : FULLY PAID ORDINARY/UNITS STAPLED SECURITIES | 227.6M | Appendix 2A |
| 1 Sept 2025 | 2A · quoted issue | APZ : FULLY PAID ORDINARY/UNITS STAPLED SECURITIES | 226.4M | Appendix 2A |
Securities on issue over time
Ordinary shares and every option and rights class, month by month over two years. The top edge is the fully diluted count.
Capital raises
1 cash raise in the last 24 months · 0 in the last 12 months
Forward supply
Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.
Placement capacity
How much stock a company can place without asking holders. Listing Rule 7.1 / 7.1ARule 7.1 lets a company issue up to 15% of its shares in 12 months without a shareholder vote. Rule 7.1A adds 10% for smaller companies whose holders approve it. allows 15% of ordinary securities in any 12 months, and every Appendix 3BNotice that a company proposes to issue new securities, such as a placement. The securities are not on issue until a later filing confirms it. states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 3.6M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| APZAI | Performance rights | Condition-triggered | — | — | 3.6M | Filing Meeting |
“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column. For what expires soon across other listed companies, see the options expiry calendar.
A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 7 Sept 2026 | Edwina Gilbert | Buy on-market | 20k | — | — | — | 3Y notice |
| 31 Aug 2026 | David Dixon | Other incentive | 425k | — | 1.3M | — | 3Y notice |
| 31 Aug 2026 | John Carter | Other incentive | 425k | 425k | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.