STATE GAS LIMITED
ASX:GASEnergyToday’s holders own 87.5% of what they think they own, once every option and right converts.
Share count grew 48% in 24 months; runway 4–8 quarters; 1 cash raise in 24 months
STATE GAS LIMITED's ordinary share count grew 48.0% between October 2024 and October 2026, its latest share-count filing, to 561M shares. The company raised capital once in the 24-month window, totalling A$3.2M, through a convertible notes issue in December 2025. Options and rights on issue could convert into 80M new shares, equal to 14.2% of the current share count, none of which are in the money at the current share price; the nearest expiry is in August 2028. The company has more than 4 quarters of funding at the recent spend rate. No proposed securities issues are currently pending.
Quick answers · 5
When did GAS last raise capital?
The last capital raise in State Gas's filings is Convertible Notes of $3.2M announced 8 Dec 2025, one of 1 cash raises in 24 months.
How much placement capacity does GAS 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 much cash does GAS have?
In its quarterly cash report for the quarter ended 30 June 2026, State Gas reported $636k of cash and estimated 0.8 quarters of funding available at its current rate of spending. That is the company's own estimate.
When do GAS's options expire?
Unexercised options and rights equal 14.2% of State Gas's shares on issue; the nearest expiry is Aug 2028.
How much has GAS's share count grown?
State Gas has 561.4M shares on issue as at 28 Oct 2026, up 48.0% 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 |
|---|---|---|---|---|
| 8 Oct 2026 | 2A · quoted issue | GAS : ORDINARY FULLY PAID | 561.4M | Appendix 2A |
| 1 Oct 2026 | 2A · quoted issue | GAS : ORDINARY FULLY PAID | 558.4M | Appendix 2A |
| 23 Sept 2026 | 3H · cancellation | GAS : ORDINARY FULLY PAID | 552.5M | Appendix 3H |
| 18 Sept 2026 | 2A · quoted issue | GAS : ORDINARY FULLY PAID | 552.5M | Appendix 2A |
| 9 Sept 2026 | 2A · quoted issue | GAS : ORDINARY FULLY PAID | 549.8M | 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
- Price-triggered71.3M · 12.7% of sharesOptions and warrants — they convert when the share price clears their exercise price.
- Condition-triggered8.6M · 1.5% 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: 71.3M priced, 8.6M 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 $0.009 today, 0 securities are in the money (0.0% of shares on issue). No more priced supply until 10× today’s price, which takes it to 71.3M (12.7% 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.
- 8.6M (10.8% 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.
| Code | Security | Type | Exercise price | Expiry | On issue | Source |
|---|---|---|---|---|---|---|
| GASAM | Options | Price-triggered | $0.050 | 3 Aug 2028 | 71.3M | Filing |
| GASAG | Performance rights | Condition-triggered | — | — | 8.6M | 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.
- GASAFPrice-triggered8.4M securities → 023 Sept 2026 Appendix 2A
- GASALconvertible notes578 Oct 2026 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 13 July 2026 | GREGORY BAYNTON | Other | 5.9M | — | — | — | 3Y notice |
| 30 June 2026 | ANTHONY BELLAS | Other | 3.8M | 833k | 2 | — | 3Y notice |
| 30 June 2026 | JON STRETCH | Other | 3.8M | 833k | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.