MERINO & CO. LIMITED

ASX:MNCConsumer Durables & Apparel

84.0M shares on issueASX (delayed) · snapshot 11 Sept 202688.6M fully diluted+5.5% if every option and right converts$0.095price · delayed$8.0Mmarket cap · indicative

Today’s holders own 94.8% of what they think they own, once every option and right converts.

Low

Dilution riskprovisional — limited history

Share count grew 14% in 24 months; 1 cash raise in 24 months; options/rights overhang 6% of shares

Absolute levels — not a ranking against other companies.

Cash runwaycash-generative (no net burn)

Share-count growth (24m)13.7%

Raise cadence (24m)1 cash raise

Options & rights overhang5.5% of shares

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

Pending proposed issuesnone

MERINO & CO. LIMITED had 84M ordinary shares on issue as of September 2026. The company completed one capital raise in the past 24 months, a A$1.0M placement in September 2026, bringing the total disclosed proceeds in that period to A$1.0M. Options on issue could convert into 5M new shares, representing 5.5% of the current share count; these options expire in October 2027 and none are currently in the money. As of the June 2026 quarter, the company held A$1.8M in cash and reported non-negative net cash flow, meaning a funding runway figure does not apply. There are no proposed securities issues pending.

AI-generated summary of this page's cited filings · updated 11 Sept 2026

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5.5%

Options & rights overhang

—

In-the-money supply · no stated strikes

Raises · last 12 months

No net burn

Cash cover · cash-generative

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Latest count 84.0M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

—

The latest quarterly report shows no net cash burn, so there is no cash-out date.

$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: $740k cash at quarter end (item 4.6). Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.

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7 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 3 filings (Appendix 2A 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).

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3 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

1 cash raise in the last 24 months · 1 in the last 12 months

$1.0M

Placement

2 Sept 2026 COMPLETE

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1 raise 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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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.

About 9% of the 15% placement capacity left — about 91% 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

5.5%

Options & rights overhang · of current shares

—

In-the-money supply · no stated strikes

4.6M

Potential new shares

Oct 2027

Nearest expiry

What this supply is, and what converts it

Price-triggered300k · 0.4% 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-triggered4.3M · 5.1% 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, 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.

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 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	—	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.

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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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

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