MA FINANCIAL GROUP LIMITED

ASX:MAFFinancial Services

199.4M shares on issueASX (delayed) · snapshot 11 Sept 2026208.3M fully diluted+4.5% if every option and right converts$5.24price · delayed$1.04Bmarket cap · indicative

Today’s holders own 95.7% of what they think they own, once every option and right converts.

Low

Dilution risk

3 cash raises in 24 months; share count grew 10% in 24 months

Absolute levels — not a ranking against other companies.

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

Share-count growth (24m)9.9%

Raise cadence (24m)3 cash raises

Options & rights overhang4.5% of shares

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

Pending proposed issuesnone

MA FINANCIAL GROUP LIMITED's ordinary share count grew 9.9% between March 2024 and September 2026, reaching 199M shares. In the past 24 months, the company completed three capital raises totalling A$49.7M. The most recent was a Non-Renounceable Entitlement Offer in August 2025. Options on issue could convert into 9M new shares, representing 4.5% of the current share count, with none currently in the money. An expiry date for these securities has not been filed. The company has not lodged a current quarterly cash report, so no available cash or funding-runway figure is disclosed on that basis. No proposed securities issues (Appendix 3B) are pending.

AI-generated summary of this page's cited filings · updated 10 Sept 2026

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4.5%

Options & rights overhang

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In-the-money supply · no stated strikes

Raises · last 12 months

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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 199.4M 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
9 Sept 2026	2A · quoted issue	MAF : ORDINARY FULLY PAID	199.4M	Appendix 2A
14 July 2026	3H · cancellation	MAF : ORDINARY FULLY PAID	197.3M	Appendix 3H
14 July 2026	3G · unquoted	ORDINARY FULLY PAID	197.3M	Appendix 3G
2 June 2026	2A · quoted issue	MAF : ORDINARY FULLY PAID	197.3M	Appendix 2A
13 Apr 2026	3G · unquoted	ORDINARY FULLY PAID	196.0M	Appendix 3G

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30 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 3.6 monthsaverage gap between raises

12.5 monthssince the most recent

20 Jan 2025 – 26 Aug 2025first to most recent in this window

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Non-Renounceable Entitlement Offer

26 Aug 2025

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4 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.

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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.

About 83% of the 15% placement capacity left — about 17% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). Holder-approved issues and any later ratification are not deducted, so the true headroom can be higher.

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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

4.5%

Options & rights overhang · of current shares

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In-the-money supply · no stated strikes

8.9M

Potential new shares

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Nearest expiry

What this supply is, and what converts it

Price-triggered331k · 0.2% of shares
Options and warrants — they convert when the share price clears their exercise price.
No exercise price is on record for any of it, so none of it can be called in or out of the money.
Condition-triggered8.6M · 4.3% of shares
Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 0 priced, 8.9M 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.

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 8.9M 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
MAFAA	Options	Price-triggered	—	—	331k	Filing
MAFAB	Performance shares	Condition-triggered	—	—	527k	Filing Meeting
MAFAC	Rights	Condition-triggered	—	—	8.0M	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.

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.

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3 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

Date	Director	Type	Shares	Options	Other	Value	Source
4 June 2026	Catherine Yuncken	Buy on-market	3k	—	—	$15k	3Y notice
4 June 2026	Simon Kelly	Buy on-market	—	—	—	$59k	3Y notice
4 June 2026	Simon Kelly	Buy on-market	15k	—	—	$30k	3Y notice