Companies / KPO

KALINA POWER LIMITED

ASX:KPOUtilities
2.93B shares on issueASX (delayed) · snapshot 11 Sept 20263.26B fully diluted+11.1% if every option and right converts$0.025price · delayed$73.3Mmarket cap · indicative

Today’s holders own 90.0% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 18% in 24 months; 3 cash raises in 24 months; options/rights overhang 11% of shares

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway14.0 quarters of funding
Share-count growth (24m)18.0%
Raise cadence (24m)3 cash raises
Options & rights overhang11.1% of shares
In-the-money supply3.3% of shares
Pending proposed issuesnone

KALINA POWER LIMITED's ordinary share count grew 18.0% between May 2024 and August 2026, reaching 2.93B shares. The company completed three capital raises in the past 24 months totalling A$1.8M, with the most recent being a A$310K Non-Renounceable Entitlement Offer (Shortfall Placement) in May 2025. Options and rights on issue represent potential new shares equivalent to 11.1% of the current share count, with 3% of these in the money; the nearest expiry is October 2026. As of June 2026, the company held A$13.5M in available cash, providing approximately 14.0 quarters of operational cover. There are no pending proposed issues (Appendix 3B) at this time.

AI-generated summary of this page's cited filings · updated 9 Sept 2026
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11.1%
Options & rights overhang
3.3%
In-the-money supply · most strikes not on record
0
Raises · last 12 months
14.0 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 2.93B per ASX (delayed) (snapshot 11 Sept 2026).
2.75B2.80B2.85B2.90BDec 24Oct 25Sept 26Cash raise · 7 May 2025Cash raise · 10 Apr 2025Cash raise · 3 Mar 20252.93B

Cash runway

14.0 qtrs
More than four quarters of funding at the recent spend rate.
More than three years of funding at the reported spend rate — far enough out that a dated estimate would be false precision.
$13.4M 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: $14.2M cash at quarter end (item 4.6), 14.8 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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15 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
31 Aug 20262A · quoted issueKPO : ORDINARY FULLY PAID2.93BAppendix 2A
6 May 20263H · cancellationKPO : ORDINARY FULLY PAID2.93BAppendix 3H
8 Apr 20263H · cancellationKPO : ORDINARY FULLY PAID2.93BAppendix 3H
31 Mar 20263H · cancellationKPO : ORDINARY FULLY PAID2.93BAppendix 3H
28 Jan 20262A · quoted issueKPO : ORDINARY FULLY PAID2.93BAppendix 2A
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34 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

3 cash raises in the last 24 months · 0 in the last 12 months

every 1.1 monthsaverage gap between raises
16.2 monthssince the most recent
3 Mar 2025 – 7 May 2025first to most recent in this window
$310k
Non-Renounceable Entitlement Offer (Shortfall Placement)
7 May 2025
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6 raises on record — 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.

96.4M of option supply could convert within 12 months — 3.3% of shares on issue
96.4M in the money, expiring in the window
Out-of-the-money options are excluded — at today’s price they expire rather than convert. So is condition-triggered supply, which has no expiry and no price, and convertibles that convert on their own terms rather than on a date.
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1 dated event 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

11.1%
Options & rights overhang · of current shares
3.3%
In-the-money supply · most strikes not on record
326.1M
Potential new shares
Oct 2026
Nearest expiry
What a price move would switch on
163.0M326.1M$0.025 now0.25× today ($0.006) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.013) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.019) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.025) — 96.4M of the priced supply in the money, 3.3% of shares on issue1.25× today ($0.031) — 96.4M of the priced supply in the money, 3.3% of shares on issue1.5× today ($0.038) — 96.4M of the priced supply in the money, 3.3% of shares on issue2× today ($0.050) — 96.4M of the priced supply in the money, 3.3% of shares on issue3× today ($0.075) — 96.4M of the priced supply in the money, 3.3% of shares on issue5× today ($0.125) — 96.4M of the priced supply in the money, 3.3% of shares on issue10× today ($0.250) — 96.4M of the priced supply in the money, 3.3% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.025 today, 96.4M securities are in the money (3.3% of shares on issue) — a floor, because an exercise price is on record for only 29.6% of this supply. 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.
  • 229.7M (70.4% 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
KPOAROptionsPrice-triggered$0.0209 Oct 202696.4MFiling
KPOAEOptionsPrice-triggered——229.7MFiling

“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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2 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
5 May 2026Malcolm JacquesSell12.2M327k——3Y notice
5 May 2026Matthew JenkinsSell8.7M1.2M——3Y notice
5 May 2026Timothy HorganSell16.1M10k——3Y notice
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27 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

31 Aug 2026Application for quotation of securities - KPO
26 Aug 2026$PPreliminary Final Report
28 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
10 June 2026Change of Directors' Interest Notice x 3
21 May 2026$PMAJOR REGULATORY AGREEMENT ENHANCES KALiNAS PROJECTS
6 May 2026Notification of cessation of securities - KPO
28 Apr 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
8 Apr 2026Notification of cessation of securities - KPO
1 Apr 2026Change of Directors' Interest Notice x 6
31 Mar 2026Notification of cessation of securities - KPO
27 Feb 2026$PHalf Yearly Report and Accounts
29 Jan 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
28 Jan 2026Application for quotation of securities - KPO
1 Dec 2025Notification of cessation of securities - KPO
1 Dec 2025Change of Directors' Interest Notice x 6
28 Nov 2025Notification regarding unquoted securities - KPO
28 Nov 2025Results of meeting
28 Nov 2025Chairman's Address to Shareholders
20 Nov 2025Application for quotation of securities - KPO
12 Nov 2025Jefferies Company Presentation

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