BPH ENERGY LTD
ASX:BPHFinancial ServicesToday’s holders own 92.3% of what they think they own, once every option and right converts.
2 cash raises in 24 months; share count grew 12% in 24 months; options/rights overhang 8% of shares
BPH ENERGY LTD's ordinary share count increased by 12.3% between August 2024 and February 2026, reaching 1.35B shares. In the past 24 months, the company completed two capital raises totalling A$1.8M, with the latest being an Options Placement in February 2026 for A$543K. There are options on issue that could convert to 112M new shares, representing 8.3% of the current share count, with no options currently in the money; the nearest expiry date is November 2026. As of June 2026, the company held A$2.2M in available cash, sufficient for approximately 37.8 quarters of operations based on recent spending. No proposed securities issues are pending.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)
| Date | Form | Security | On issue, per this filing | Source |
|---|---|---|---|---|
| 16 Feb 2026 | 2A · quoted issue | BPH : ORDINARY FULLY PAID | 1.35B | Appendix 2A |
| 16 Feb 2026 | 2A · quoted issue | BPH : ORDINARY FULLY PAID | 1.35B | Appendix 2A |
| 16 Feb 2026 | 2A · quoted issue | BPH : ORDINARY FULLY PAID | 1.35B | Appendix 2A |
| 11 Feb 2026 | 3G · unquoted | BPH : ORDINARY FULLY PAID | 1.35B | Appendix 3G |
| 20 Jan 2026 | 2A · quoted issue | BPH : ORDINARY FULLY PAID | 1.35B | Appendix 2A |
Capital raises
2 cash raises in the last 24 months · 2 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 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.
Pending proposed issues
Options & convertible securities
- Price-triggered54.5M · 4.0% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 5.3M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered58.0M · 4.3% of sharesPerformance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
Exercise price on record: 49.2M priced, 63.3M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.
Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.
An exercise price is on record for only 43.8% of this supply, so what is in the money today is not a measurement — the tile above reads “—” for that reason. Of the priced supply, 0 is in the money at $0.0020 today. No price up to ten times today’s switches on any more priced supply.
- Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
- 63.3M (56.2% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
- 49.2M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| BPHAH | Options | Price-triggered | $0.030 | 30 Nov 2026 | 5.0M | Filing |
| BPHAAE | Options | Price-triggered | $0.030 | 27 Dec 2026 | 10.7M | Filing |
| — | Options | Price-triggered | $0.030 | 10 Feb 2027 | 33.6M | Filing |
| BPHAE | Options | Price-triggered | — | — | 5.3M | Filing |
| BPHAAF | Performance rights | Condition-triggered | — | — | 58.0M | 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.
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 |
|---|---|---|---|---|---|---|---|
| 11 Feb 2026 | David Breeze | Other | 69.6M | 28k | 58.0M | — | 3Y notice |
| 24 Dec 2025 | David Breeze | Other entitlement/SPP | 696.9M | 5.0M | — | $9k | 3Y notice |
| 24 Dec 2025 | Tony Huston | Other entitlement/SPP | 9.4M | 1.5M | — | $2k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.