Dilution Watch — 12 October 2026

The week in ASX capital raises and dilution, from the filings themselves. Every figure comes from ASX announcements as published on DilutionLens. This edition covers Monday 5 to Friday 9 October.

One offer is most of the week. Twenty-five companies announced cash raises for up to A$617.9M, and A$482.7M of that is the ceiling on GLS's 1-for-2 entitlement offer. It is not underwritten, and institutions have put in A$100.9M so far. Without the top three, GLS, BM1 and TOR, the other twenty-two disclosed A$55.3M between them. The halt conveyor sped up again: 15 companies halted for a capital raise in five sessions, against 11 and 16 in the two weeks before.

The week's biggest raises

  • GLS — L1 Global Long Short Fund, an investment company, offered one new share for every two at A$1.76 (6 October), for up to about A$482.7M. The institutional part raised about A$100.9M. L1 Group passed on its A$70.1M entitlement so it could go to new holders, and it may take up any retail shortfall. The retail offer, up to A$381.7M, opens 13 October. The announcement states no discount. Dilution risk: Moderate.
  • BM1 — Ballard Mining placed A$45.0M at 66 cents, “a 7.7% discount to the last closing price and a 16.2% discount to the 10-day VWAP”. That is about 68.2M shares, all under 7.1. An SPP at the same price adds up to A$5.0M, and up to A$5.0M more if oversubscribed. It sat in a halt from 8 October and announced this morning. Its latest quarterly showed 4.61 quarters of funding. Dilution risk: High.
  • TOR — Torque Metals placed A$25M at 19 cents (8 October), about 131.6M shares, or “approximately 21% of Torque's existing shares on issue”. It used both mandates: “7.1 (87.2 million Shares) and 7.1A (44.4 million Shares)”. The announcement states no discount. Its share count grew 165.5% in 24 months. Options already on issue equal 36.9% of its register, and 10.6% of its shares are in the money. Dilution risk: Very high.
  • KZR — Kalamazoo Resources placed A$10.0M at 18 cents (7 October), a “29% premium to the Company's last closing price” and 27% above the 15-day VWAP. Two cornerstones took all of it: an Abu Dhabi vehicle put in A$7.84M for 9.9%, and YT International put in A$2.16M. There was no broker and no fee. Its latest quarterly showed 0.31 quarters of funding, the second thinnest of the week. Dilution risk: Very high.
  • CMB — Cambium Bio proposed 19,884,669 shares at 50 cents (8 October), about A$9.9M, for a Phase 3 trial of Elate Ocular. The whole issue waits for a shareholder vote on 9 November. The filing states no discount. That is 62.5% of its market value, the largest of the week against company size. Its latest quarterly showed 1.38 quarters of funding. Dilution risk: Very high.
  • PRX — Prodigy Gold launched a 1-for-2 entitlement offer at 4.7 cents (8 October) for up to A$7.92M. Its three largest holders underwrite it all for a 2% fee, and two of them get a board seat each while they hold 10%. The announcement states no discount. Its latest quarterly showed 2.12 quarters of funding. Dilution risk: High.

The rest of the week: OD6 A$6.92M at 9.5 cents, 13.6% under the close. ZMI A$3.24M at 1.8 cents, 5.3% under the last close, for 180M shares. DVL A$3.0M at 2.2 cents, 12% under the last trade, to fund humanoid robotics and a chip tape-out. RKT A$2.23M as a strategic placement. TMB a 1-for-4 entitlement offer at 3.5 cents for up to A$2.2M, with an option for every two shares. PMM A$1.8M alongside an option over a San Juan project, from 0.19 quarters of funding, the thinnest of the week. PHO A$1.4M. EGR a A$1.175M top-up at its SPP price of 22.2 cents, after the SPP itself raised A$3.552M. P1E A$1.17M. ALV A$1.0M from strategic investors. CYP a renounceable entitlement offer for about A$913,000, from 0.43 quarters of funding. AAU A$900,000. WWG A$576,000. CBY A$564,000. And MOM A$350,000 of convertible notes. SRN made a call on its partly paid shares. LSR opened an options offer, SLZ an entitlement offer and GLL a placement, all with no amount in the feed yet.

The halt conveyor

Fifteen companies halted for a capital raise in five sessions, against 11 and 16 in the two weeks before: ALV, BM1, CPM, EGR, GLS, KZR, M4M, PKD, PMM, PRX, RKT, TOR, TZL, VRC and ZMI. Nine had raised by Friday. TZL came out with no raise: it said the placement of the shortfall from its rights issue “was not able to be finalised in totality by expiry date”. Two announced this morning: BM1's A$45M, and CPM's A$4.85M at 7.5 cents, “approximately a 24% discount to the 15 day VWAP”, to buy a copper project. M4M, PKD and VRC were still halted at the time of writing.

Thirty-two retail offers are open

Holders in 32 companies have a retail offer running or announced: 15 entitlement offers, 12 share purchase plans and 5 rights issues, down from 33. Six came in this week: entitlement offers from GLS, PRX, TMB, CYP and SLZ, and BM1's SPP. MCO extended its SPP, capped at 1.8 cents, to 14 October, with results due 16 October. The oldest still listed, AEV and SPN, were dated 17 August.

New this week: ratified placements refill capacity

When holders vote to ratify an earlier placement under Listing Rule 7.4, those shares stop counting against the company's 15%. The capacity estimate now hands them back where the vote matches a proposed-issue notice exactly. Convertibles now count at their maximum conversion, and where that is unknown the figure is withheld rather than guessed. The counts fell as a result, so they do not compare with last week. The capacity page today lists 143 companies past 75% of their 15% allowance, 89 past 90%, and 18 that have used all of it. Last week's 204, 140 and 31 were counted before the change. Fifty-four of the 143 have also drawn on the extra 10% mandate, and 1,433 companies carry an estimate. Two of this week's raisers are now past 75%: LSR (about 99% used) and OD6 (about 98%).

Overhangs among this week's raisers

Options, rights and convertibles already on issue are the dilution that comes after the raise. ZMI's equal 94.8% of its register, before the 180M placement shares. LSR's equal 85.3% and GLL's 52.2%. Little of it is in the money: 2.3% of ZMI's shares, and none of the other two. The in-the-money supply sits with smaller overhangs: PHO's equals 31.1% of its shares, ALV's 13.6%, PMM's 11.4% and TOR's 10.6%.

Chart of the week: how big the raise was against the company

10%25%50%CMB62.5%PRX49.5%TMB26.5%OD624.4%TOR21.1%KZR16.4%BM113.8%ZMI12.6%DVL10.6%RKT8.2%
PlacementEntitlement offer (every holder can take part)Amount raised against market value on 12 October, after the announcement.

The dollar ranking and the dilution ranking are not the same list. Ballard's A$45M is 13.8% of its market value. Cambium's A$9.9M is 62.5%, and Prodigy's A$7.9M is 49.5%. Three of the ten are a quarter or more of the company. The largest, Cambium, cannot issue a share until its holders vote on 9 November.

The market currently splits: 589 Minimal, 334 Low, 374 Moderate, 260 High, 185 Very high, and 112 Not rated. About one in four rated companies sits at High or Very high dilution risk.

Dilution Watch is compiled from ASX announcements (Appendix filings, quarterly cash reports and raise notices) as published on DilutionLens. General information only, not financial advice; no view is expressed on any company's future actions or securities.