MERINO & CO. LIMITED
ASX:MNCConsumer Durables & ApparelToday’s holders own 94.8% of what they think they own, once every option and right converts.
Share count grew 14% in 24 months; 1 cash raise in 24 months; options/rights overhang 6% of shares
MERINO & CO. LIMITED's ordinary share count grew 13.7% between March 2026 and September 2026, its latest share-count filing, to 84M shares. The company raised capital once in the past 24 months, a A$1.0M placement in September 2026. Options and rights on issue could convert into 5M new shares, equal to 5.5% of the current share count, none of which are in the money; the nearest expiry falls in October 2027. The company's latest cash report for the June 2026 quarter showed non-negative net cash flow, so no funding-runway figure applies. No proposed securities issues are currently pending.
Quick answers · 4
When did MNC last raise capital?
The last capital raise in Merino & Co's filings is Placement of $1.0M announced 2 Sept 2026, one of 1 cash raises in 24 months.
How much placement capacity does MNC have left?
About 9% of the 15% placement capacity left, about 91% used in 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.
When do MNC's options expire?
Unexercised options and rights equal 5.5% of Merino & Co's shares on issue; the nearest expiry is Oct 2027.
How much has MNC's share count grown?
Merino & Co has 84.0M shares on issue as at 28 Oct 2026, up 13.7% over 24 months according to its Appendix 2A filings.
Shares on issue — last 2 years
Cash runway
Issuance timeline
Latest 3 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 |
|---|---|---|---|---|
| 9 Sept 2026 | 2A · quoted issue | MNC : ORDINARY FULLY PAID | 63.3M | Appendix 2A |
| 9 Mar 2026 | 2A · quoted issue | MNC : ORDINARY FULLY PAID | 53.2M | Appendix 2A |
| 9 Mar 2026 | 3G · unquoted | MNC : ORDINARY FULLY PAID | 53.1M | Appendix 3G |
Each filing states the count for the security it names, as at its own reference date and in the units of that filing — so the newest row (63.3M) need not equal the current count above (84.0M).
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-triggered300k · 0.4% of sharesOptions 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-triggered4.3M · 5.1% 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: 0 priced, 4.6M 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.
No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 4.6M 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 |
|---|---|---|---|---|---|---|
| MNCAB | Options | Price-triggered, no exercise price stated | — | 23 Oct 2027 | 300k | Filing |
| MNCAE | Performance rights | Condition-triggered | — | — | 4.3M | 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.
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 25 Feb 2026 | Boxiang (Peter) Zhao | Other incentive | 150k | — | 100k | — | 3Y notice |
| 25 Feb 2026 | Fang (Fiona) Yue | Other incentive | — | — | 2.0M | — | 3Y notice |
| 25 Feb 2026 | Steven Woolley | Other incentive | — | — | 200k | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.