GLOBAL MASTERS FUND LIMITED

ASX:GFLNot Applic

11.3M shares on issueASX (delayed) · snapshot 11 Sept 202613.9M fully diluted+23.6% if every option and right converts$2.91price · delayed$32.8Mmarket cap · indicative

Today’s holders own 80.9% of what they think they own, once every option and right converts.

Low

Dilution risk

Options/rights overhang 24% of shares

Absolute levels — not a ranking against other companies.

Cash runwayno data — not a quarterly (4C/5B) cash filer

Share-count growth (24m)4.8%

Raise cadence (24m)0 cash raises

Options & rights overhang23.6% of shares

In-the-money supplyno data — no exercise price on record

Pending proposed issuesnone

GLOBAL MASTERS FUND LIMITED's ordinary share count grew 4.8% between January 2025 and January 2026, reaching 11M shares. The company has not raised capital in the past 24 months, and no proposed securities issues are currently pending. Options and rights on issue could convert into 3M new shares, representing 23.6% of the current share count, of which 0% are in the money. An expiry date for these securities is not on record, and no current quarterly cash report is available to provide a cash balance or funding runway figure.

AI-generated summary of this page's cited filings · updated 1 Sept 2026

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23.6%

Options & rights overhang

—

In-the-money supply · no stated strikes

Raises · last 12 months

—

Cash cover · not a quarterly filer

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Latest count 11.3M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

Not a quarterly cash filer. This company does not lodge Appendix 4C/5B quarterly cash reports, so cash runway does not apply.

Issuance timeline

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

Date	Form	Security	On issue, per this filing	Source
13 Jan 2026	2A · quoted issue	GFL : ORDINARY FULLY PAID	11.3M	Appendix 2A
12 Nov 2025	2A · quoted issue	GFL : ORDINARY FULLY PAID	11.3M	Appendix 2A
3 Nov 2025	2A · quoted issue	GFL : ORDINARY FULLY PAID	11.3M	Appendix 2A
29 Oct 2025	2A · quoted issue	GFL : ORDINARY FULLY PAID	11.2M	Appendix 2A
27 Oct 2025	2A · quoted issue	GFL : ORDINARY FULLY PAID	11.2M	Appendix 2A

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21 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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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

23.6%

Options & rights overhang · of current shares

—

In-the-money supply · no stated strikes

2.7M

Potential new shares

—

Nearest expiry

What a price move would switch on

No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 2.7M 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
GFLGA	—	Converts on terms	—	—	2.7M	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.

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1 option line 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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