BUTN LIMITED
ASX:BTNFinancial ServicesSuspended from quotationToday’s holders own 95.0% of what they think they own, once every option and right converts.
Not rated — the company is suspended from quotation
This company is suspended from ASX quotation. Scoring is paused until it resumes trading. Not rated means no assessment — not low risk.
BUTN LIMITED's ordinary share count grew 36.6% between May 2024 and July 2026, its latest share-count filing, to 382M shares. The company raised capital twice in the past 24 months, most recently a placement in August 2025. Options and rights on issue could convert into 20M new shares, equal to 5.3% of the current share count, none of which are in the money at the current share price; the nearest expiry falls in August 2028. The company no longer lodges quarterly cash reports, so no funding runway figure is available. There are no pending proposed securities issues.
Quick answers · 4
Why was BTN in a trading halt?
Butn requested a trading halt on 26 Oct 2026, giving the reason "Pending release of an announcement regarding a material contract". Trading was expected to resume 28 Oct 2026.
How much placement capacity does BTN 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.
When do BTN's options expire?
Unexercised options and rights equal 5.3% of Butn's shares on issue; the nearest expiry is Aug 2028.
How much has BTN's share count grown?
Butn has 381.7M shares on issue as at 28 Oct 2026, up 36.6% 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 |
|---|---|---|---|---|
| 12 Oct 2026 | 3H · cancellation | BTN : ORDINARY FULLY PAID | 381.7M | Appendix 3H |
| 9 July 2026 | 2A · quoted issue | BTN : ORDINARY FULLY PAID | 381.7M | Appendix 2A |
| 2 Apr 2026 | 3H · cancellation | BTN : ORDINARY FULLY PAID | 382.6M | Appendix 3H |
| 1 Apr 2026 | 3H · cancellation | BTN : ORDINARY FULLY PAID | 381.4M | Appendix 3H |
| 27 Feb 2026 | 3H · cancellation | BTN : ORDINARY FULLY PAID | 382.6M | Appendix 3H |
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
2 cash raises 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
- Price-triggered19.5M · 5.1% of sharesOptions and warrants — they convert when the share price clears their exercise price.At least 5.2M of it states no exercise price — that much cannot be called in or out of the money.
- Condition-triggered569k · 0.1% 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: 14.3M priced, 5.8M 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.
At $0.007 today, 0 securities are in the money (0.0% of shares on issue). 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.
- 5.8M (28.7% 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.
- 14.3M 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 |
|---|---|---|---|---|---|---|
| BTNAV | Options | Price-triggered | $0.12 | 1 Aug 2028 | 8.3M | Filing |
| BTNAW | Options | Price-triggered | $0.12 | 25 Aug 2028 | 500k | Filing |
| BTNAN | Options | Price-triggered | $0.080 | 14 Nov 2028 | 5.5M | Filing |
| BTNAL | Performance rights | Condition-triggered | — | — | 569k | Filing Meeting |
| BTNAI | Options | Price-triggered, no exercise price stated | — | — | 5.2M | Filing |
“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.
- BTNADPrice-triggered2.6M securities → 027 Feb 2026 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 10 Apr 2026 | Cameron Petricevic | Buy on-market | 1.1M | 250k | — | $30k | 3Y notice |
| 10 Apr 2026 | Rael Ross | Buy on-market | 180k | 3.5M | — | $5k | 3Y notice |
| 10 Apr 2026 | Stanley Gordon | Buy on-market | 400k | — | — | $10k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.