Companies / MCA

MURRAY COD AUSTRALIA LIMITED

ASX:MCAFood, Beverage & Tobacco
247.9M shares on issueASX (delayed) · snapshot 11 Sept 2026250.8M fully diluted+1.2% if every option and right converts$0.19price · delayed$46.5Mmarket cap · indicative

Today’s holders own 98.8% of what they think they own, once every option and right converts.

High
Dilution risk

Runway under 2 quarters; share count grew 134% in 24 months; 2 cash raises in 24 months

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runway0.2 quarters of funding
Share-count growth (24m)134.4%
Raise cadence (24m)2 cash raises
Options & rights overhang1.2% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

MURRAY COD AUSTRALIA LIMITED's ordinary share count grew 134.4% between July 2024 and May 2026, to 248M shares. This growth figure is adjusted for an approximately 1-for-10 share consolidation completed in February 2025. The company completed two capital raises in the past 24 months totalling A$35.6M, with the most recent being an A$18.6M accelerated non-renounceable entitlement offer in April 2026. Options and rights on issue could convert into 3M new shares, representing 1.2% of the current share count. The nearest expiry for these options is December 2026, with none currently in the money. As of the June 2026 quarter, the company reported A$1.8M in available cash, which covers approximately 0.3 quarters of operating expenses. No proposed securities issues are currently pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026
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1.2%
Options & rights overhang
0.0%
In-the-money supply
2
Raises · last 12 months
0.2 qtrs
Cash cover · under 2 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Adjusted for the 1-for-10 consolidation (3 Feb 2025). Latest count 247.9M per ASX (delayed) (snapshot 11 Sept 2026).
100M150M200M250MDec 24Oct 25Sept 261-for-10 consolidationCash raise · 30 Apr 2026Cash raise · 24 Sept 2025247.9M

Cash runway

0.2 qtrs
Less than two quarters of funding at the recent spend rate — near-term funding pressure.
The latest quarterly report funded operations to about July 2026 — that date has passed, and no later report is on record.
$1.8M 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: $4.1M cash at quarter end (item 4.6), 3.2 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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13 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
27 May 20262A · quoted issueMCA : ORDINARY FULLY PAID247.9MAppendix 2A
11 May 20262A · quoted issueMCA : ORDINARY FULLY PAID191.1MAppendix 2A
17 Mar 20262A · quoted issueMCA : ORDINARY FULLY PAID123.9MAppendix 2A
26 Feb 20263H · cancellationMCA : ORDINARY FULLY PAID123.9MAppendix 3H
2 Dec 20253H · cancellationMCA : ORDINARY FULLY PAID123.9MAppendix 3H
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16 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

2 cash raises in the last 24 months · 2 in the last 12 months

every 7.2 monthsaverage gap between raises
4.4 monthssince the most recent
24 Sept 2025 – 30 Apr 2026first to most recent in this window
$18.6M
Accelerated non-renounceable entitlement offer
30 Apr 2026 COMPLETE
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2 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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4 dated events 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.

Under 1% of the 15% placement capacity left — about 99% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure. 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

1.2%
Options & rights overhang · of current shares
0.0%
In-the-money supply · at current price
3.0M
Potential new shares
Dec 2026
Nearest expiry
What a price move would switch on
1.5M3.0M$0.19 now0.25× today ($0.05) — 0 of the priced supply in the money, 0.0% of shares on issue0.5× today ($0.09) — 0 of the priced supply in the money, 0.0% of shares on issue0.75× today ($0.14) — 0 of the priced supply in the money, 0.0% of shares on issue1× today ($0.19) — 0 of the priced supply in the money, 0.0% of shares on issue1.25× today ($0.23) — 0 of the priced supply in the money, 0.0% of shares on issue1.5× today ($0.28) — 0 of the priced supply in the money, 0.0% of shares on issue2× today ($0.38) — 0 of the priced supply in the money, 0.0% of shares on issue3× today ($0.56) — 0 of the priced supply in the money, 0.0% of shares on issue5× today ($0.94) — 0 of the priced supply in the money, 0.0% of shares on issue10× today ($1.88) — 619k of the priced supply in the money, 0.2% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $0.19 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 619k (0.2% 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.
  • 2.4M more carries an exercise price above ten times today’s — off the right of this axis, and in every total on this page.
CodeSecurityTypeExercise priceExpiryOn issueSource
MCAAFOptionsPrice-triggered$2.305 Dec 2026750kFiling
MCAAGOptionsPrice-triggered$3.3521 Dec 2028700kFiling
MCAAJOptionsPrice-triggered$2.2520 Jan 2030900kFiling
MCAAKOptionsPrice-triggered$1.522 Dec 2030619kFiling

“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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4 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
4 Sept 2026Brett William Fisher PatonBuy on-market60k———3Y notice
4 Sept 2026Brett William Fisher PatonBuy on-market66k———3Y notice
2 Sept 2026Brett William Fisher PatonBuy on-market449k———3Y notice
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22 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

7 Sept 2026Change in substantial holding
7 Sept 2026Change of Director's Interest Notice
7 Sept 2026Change of Director's Interest Notice
6 Sept 2026Change of Director's Interest Notice
6 Sept 2026Change of Director's Interest Notice
30 Aug 2026$PPreliminary Final Report
30 July 2026$PQuarterly Activities/Appendix 4C Cash Flow Report
12 June 2026Company Secretary Appointment/Resignation
29 May 2026Change of Director's Interest Notice
29 May 2026Change in substantial holding
29 May 2026Change in substantial holding
29 May 2026Ceasing to be a substantial holder
29 May 2026Change of Director's Interest Notice
29 May 2026Change of Director's Interest Notice
28 May 2026Ceasing to be a substantial holder
27 May 2026Company Secretary Appointment/Resignation
27 May 2026Application for quotation of securities - MCA
26 May 2026Completion of Retail Offer
15 May 2026Change of Director's Interest Notice
15 May 2026Change of Director's Interest Notice

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