BHAGWAN MARINE LIMITED
ASX:BWNTransportationToday’s holders own 97.7% of what they think they own, once every option and right converts.
Share count grew 26% in 24 months; 1 cash raise in 24 months
BHAGWAN MARINE LIMITED's ordinary share count rose 26.2% between February 2026 and September 2026, its latest share-count filing, to 398M shares. The company raised capital once in the 24-month window, a A$30.0M placement in February 2026. Options and rights on issue could convert into 9M new shares, equal to 2.3% of the current share count, none of which are in the money at the current share price; however, no filing on record states an expiry date for these securities. The latest cash report, a half-year/annual report, shows non-negative net cash flow, so no funding-runway figure applies. No proposed securities issues are pending.
Quick answers · 4
When did BWN last raise capital?
The last capital raise in Bhagwan Marine's filings is Placement of $30.0M announced 9 Feb 2026, one of 1 cash raises in 24 months.
How much placement capacity does BWN have left?
About 4% of the 15% placement capacity left, about 96% used in 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 BWN have outstanding?
Unexercised options and rights equal 2.3% of Bhagwan Marine's shares on issue.
How much has BWN's share count grown?
Bhagwan Marine has 397.9M shares on issue as at 28 Oct 2026, up 26.2% 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 |
|---|---|---|---|---|
| 14 Oct 2026 | 3G · unquoted | BWN : ORDINARY FULLY PAID | 397.9M | Appendix 3G |
| 1 Sept 2026 | 2A · quoted issue | BWN : ORDINARY FULLY PAID | 397.9M | Appendix 2A |
| 20 July 2026 | 3H · cancellation | BWN : ORDINARY FULLY PAID | 397.2M | Appendix 3H |
| 31 Mar 2026 | 2A · quoted issue | BWN : ORDINARY FULLY PAID | 397.2M | Appendix 2A |
| 17 Feb 2026 | 2A · quoted issue | BWN : ORDINARY FULLY PAID | 315.2M | 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 · 1 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 9.3M 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 |
|---|---|---|---|---|---|---|
| BWNAB | Performance rights | Condition-triggered | — | — | 9.3M | Filing Meeting |
3.6M of the 9.3M granted 14 Oct 2026: conditions on a financial target, relative shareholder return. Terms | ||||||
“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 line under a class is a grant of rights into it, as read from the company’s own filings: its size, any share-price or market-cap hurdles, and the other kinds of condition it carries. A grant is often only part of the class, so its terms say nothing about the rest. Whether a hurdle has been met is not shown.
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.
- BWNAACondition-triggered784k securities → 01 Sept 2026 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 1 Sept 2026 | Andrew Wackett | Buy | 371k | — | 689k | — | 3Y notice |
| 1 Sept 2026 | Tracey Horton | Other | 129k | 75k | — | — | 3Y notice |
| 4 June 2026 | Loui Kannikoski | Buy on-market | 352k | — | — | $100k | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.