NAOS EX-50 OPPORTUNITIES COMPANY LIMITED
ASX:NACFund / trustToday’s holders own 81.1% of what they think they own, once every option and right converts.
Options/rights overhang 23% of shares; share count grew 12% in 24 months
NAOS EX-50 OPPORTUNITIES COMPANY LIMITED had 46M ordinary shares as at November 2025, its latest share-count filing. The company has not raised capital through any placement, rights issue or share purchase plan in the past 24 months. Options and rights could convert into 11M new shares, representing 23.4% of the current share count; none of those options are in the money, and the nearest expiry is December 2026. Because the company is an investment vehicle, no operating-cash-based funding-runway estimate applies. No proposed securities issues are pending. Share-count growth over its filing history is not stated because the Appendix 2A series ends before the latest market reading.
Quick answers · 2
How much placement capacity does NAC have left?
None of the 15% placement capacity counted as used in the last 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 NAC's options expire?
Unexercised options and rights equal 23.4% of Naos Ex-50 Opportunities Company's shares on issue; the nearest expiry is Dec 2026.
Shares on issue — last 2 years
Cumulative figures as stated by the company on its daily notice. Latest notice
Cash runway
Issuance timeline
Latest 5 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 |
|---|---|---|---|---|
| 31 Oct 2025 | 3H · cancellation | NAC : ORDINARY FULLY PAID | 45.8M | Appendix 3H |
| 30 Sept 2025 | 3H · cancellation | NAC : ORDINARY FULLY PAID | 46.0M | Appendix 3H |
| 2 Sept 2025 | 3H · cancellation | NAC : ORDINARY FULLY PAID | 46.1M | Appendix 3H |
| 4 Aug 2025 | 3H · cancellation | NAC : ORDINARY FULLY PAID | 46.4M | Appendix 3H |
| 30 June 2025 | 3H · cancellation | NAC : ORDINARY FULLY PAID | 46.8M | Appendix 3H |
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
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
No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 10.7M 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 |
|---|---|---|---|---|---|---|
| NACO | Options | Price-triggered, no exercise price stated | — | 31 Dec 2026 | 10.7M | Filing |
“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.
- NACGAconvertible bonds175k31 Oct 2025 Appendix 2A
Director dealings
| Date | Director | Type | Shares | Options | Other | Value | Source |
|---|---|---|---|---|---|---|---|
| 30 Sept 2026 | David Rickards OAM | Buy DRP | 35k | 240k | — | — | 3Y notice |
| 30 Sept 2026 | Sarah Williams | Buy DRP | 3k | — | — | — | 3Y notice |
| 30 Sept 2026 | Sebastian Evans | Buy DRP | 21k | 15k | 6k | — | 3Y notice |
| 30 Sept 2026 | Warwick Evans | Buy DRP | 13k | — | — | — | 3Y notice |
Ownership
Latest announcements
Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 Oct 2026.