Companies / BSA

BSA LIMITED

ASX:BSACommercial & Professional Services
75.3M shares on issueASX (delayed) · snapshot 11 Sept 2026100.1M fully diluted+32.9% if every option and right converts$0.26price · delayed$19.2Mmarket cap · indicative

Today’s holders own 75.2% of what they think they own, once every option and right converts.

Low
Dilution risk

Options/rights overhang 33% of shares; runway 4–8 quarters

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway7.1 quarters of funding
Share-count growth (24m)2.9%
Raise cadence (24m)0 cash raises
Options & rights overhang32.9% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

BSA LIMITED's ordinary share count grew 2.9% between September 2024 and May 2025, reaching 75M shares. The company has not undertaken any capital raises in the past 24 months and has no pending proposed securities issues. Options and rights on issue represent potential new shares equivalent to 32.9% of the current share count, with the nearest expiry in May 2029. As of the June 2026 quarter, the company reported A$15.1M in available cash, sufficient to cover 7.1 quarters of operations at its recent expenditure rate.

AI-generated summary of this page's cited filings · updated 9 Sept 2026
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32.9%
Options & rights overhang
0.0%
In-the-money supply
0
Raises · last 12 months
7.1 qtrs
Cash cover · over 4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 75.3M per ASX (delayed) (snapshot 11 Sept 2026).
74.50M74.75M75.00M75.25MDec 24Oct 25Sept 2675.3M

Cash runway

7.1 qtrs
More than four quarters of funding at the recent spend rate.
Funds operations to about Mar 2028 at the reported spend rate.
$15.1M cash after burn from the quarter ended 30 June 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $16.8M cash at quarter end (item 4.6), 138.4 qtrs of funding on the company’s own estimate. Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.
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14 quarters on record — Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 30 June 2026.
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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
28 Aug 20263G · unquotedORDINARY FULLY PAID75.3MAppendix 3G
17 June 20263H · cancellationBSA : ORDINARY FULLY PAID75.3MAppendix 3H
1 May 20263G · unquotedBSA : ORDINARY FULLY PAID75.3MAppendix 3G
1 May 20263G · unquotedBSA : ORDINARY FULLY PAID75.3MAppendix 3G
30 July 20253H · cancellationBSA : ORDINARY FULLY PAID75.3MAppendix 3H
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29 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
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Capital raises

No equity raises in the last 24 months.
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Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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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.

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3 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
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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.

No Appendix 3B in the last 12 months reports an issue under the 15% placement capacity (as at 2026-09-12).
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Placement capacity — LR 7.1 / 7.1A
The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.
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Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

32.9%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
24.8M
Potential new shares
May 2029
Nearest expiry
What this supply is, and what converts it
  • Price-triggered12.5M · 16.6% of shares
    Options and warrants — they convert when the share price clears their exercise price.
  • Condition-triggered12.3M · 16.3% of shares
    Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 12.5M priced, 12.3M 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.

What a price move would switch on
12.4M24.8M$0.26 now0.25× today ($0.06) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.13) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.19) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.26) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.32) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.38) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.51) — 5.0M of the priced supply in the money, 6.6% of shares on issue3× today ($0.77) — 10.0M of the priced supply in the money, 13.3% of shares on issue5× today ($1.27) — 12.5M of the priced supply in the money, 16.6% of shares on issue10× today ($2.55) — 12.5M of the priced supply in the money, 16.6% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.26 today, 0 securities are in the money (0.0% of shares on issue). At double today’s price it is 5.0M (6.6% of shares).

  • 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.
  • 12.3M (49.6% 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.
CodeSecurityTypeExercise priceExpiryOn issueSource
BSAAGOptionsPrice-triggered$0.501 May 20295.0MFiling
BSAAHOptionsPrice-triggered$0.751 May 20295.0MFiling
BSAAIOptionsPrice-triggered$1.001 May 20292.5MFiling
BSAAFPerformance rightsCondition-triggered——12.3MFiling 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.

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4 option lines on record — In-the-money value & price ladder
What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.
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Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
22 July 2026Mr David GeraghtyBuy69k6.0M5.0M$21k3Y notice
21 July 2026Mr David GeraghtyBuy2.8M6.0M5.0M$896k3Y notice
13 July 2026Mr David GeraghtyBuy198k—5.0M$60k3Y notice
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13 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

28 Aug 2026Notification regarding unquoted securities - BSA
20 Aug 2026Appendix 4G
20 Aug 2026Corporate Governance Statement
20 Aug 2026$PAppendix 4E and Annual Report
17 Aug 2026Change in substantial holding
29 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
26 July 2026Change of Director's Interest Notice - DG
23 July 2026Ceasing to be a substantial holder
22 July 2026Becoming a substantial holder
22 July 2026Change of Director's Interest Notice - DG
19 July 2026Change of Director's Interest Notice - DG
12 July 2026Change of Director's Interest Notice - DG
9 July 2026Change of Director's Interest Notice - DG
29 June 2026$PFoxtel Contract Extended for Two Years
29 June 2026Change in substantial holding
18 June 2026Resignation of Non-Executive Director
17 June 2026Notification of cessation of securities - BSA
10 June 2026Change of Director's Interest Notice - DG
8 June 2026$PGrant of Loan Facility to Director
5 May 2026Change of Director's Interest Notice - DG

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.