Dilution Watch — 26 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 19 to Friday 23 October. Two of its raises, Albion and Critical Minerals, landed last Monday morning and got a line in the 19 October edition.
The smallest week of the last four. Ten companies announced new cash raises for about A$27.1M, a third of it BOA's A$9.2M placement. Without the top three, the other seven disclosed A$11.1M between them. Most filings didn't say how the price compared with the market: six of the ten we read stated no discount at all. 10 companies halted for a capital raise in five sessions, the same as the week before and down from 15 the week before that.
The week's biggest raises
- BOA — BOA Resources placed A$9.245M at 10.5 cents (22 October), for copper drilling at Neds Creek in WA. A$7M uses its 7.1 capacity now; the rest, including about A$130,000 from directors, waits for the AGM on 30 November. The filing states no discount. It is up 261.6% in shares on issue over 24 months, and its options equal 18.4% of the register, all of them in the money. Its latest quarterly showed 6.00 quarters of funding. Dilution risk: High.
- ADD — Adavale Resources placed A$4.65M at 3 cents (22 October), “an 11.8% discount to Adavale's closing share price” of 3.4 cents, for up to 155M shares. The first 91.48M use both its 7.1 and 7.1A mandates, and about 95% of its 15% is now used. Options already on issue equal 74.3% of its register, none in the money. Its latest quarterly showed 1.16 quarters of funding. Dilution risk: Very high.
- CMG — Critical Minerals Group is raising up to A$2.05M at 6 cents (19 October): A$1.25M by placement, “a discount of 13.0% to the last traded price”, and up to A$800,000 by SPP at the same price. Its cornerstone holder Idemitsu tops up only as far as keeps its stake where it is. Its latest quarterly showed 0.80 quarters of funding. Dilution risk: Very high.
- MAP — Microba Life Sciences placed A$2.025M at 4 cents (20 October), “9.1% discount to the Company's last closing price”, backed by its substantial holder Sonic Healthcare. Half uses its 7.1 capacity now; the other A$1.0M has conditions to meet. The same release cut annual cash costs by about A$5M. Its latest quarterly showed 1.02 quarters of funding. Dilution risk: Very high.
- HLX — Helix Resources “opened and closed” a A$2.0M placement at 4 cents on the same day (19 October), with free options attached. The filing states no discount. Its latest quarterly showed 0.10 quarters of funding, the thinnest of the week's raisers. Dilution risk: Very high.
The rest of the week: ZNO about A$1.86M, A$250,000 placed with one existing holder plus a 1-for-10 rights issue for up to A$1.61M, both at 3.9 cents. ALB A$1.8M at 5 cents across both mandates, which takes it to about 99% of its 15%. AEI A$1.5M at 4.4 cents from two investors, after a halt that was still on when last week's edition went out. HPC an entitlement offer for up to about A$1.43M with free options, which its filing puts at “a premium of approximately 33% to the 5-day VWAP”. And VTA a A$500,000 SPP at 2.1 cents.
Last week's raisers, a week on
Eleven of the 17 companies that raised in the week of the last edition now trade below their raise price. AV1, which placed at 8 cents above its close, last traded at 5.4 cents. DUN, the deepest discount of that week at 4.5 cents, is at 5 cents.
New this week: convertible debt is no longer counted as overhang
Convertible notes and bonds were being added to a company's overhang as if each note were a share. They are counted in face value, so one company read as a 121% overhang on A$1 notes. They now sit in their own line on the company page, “Also on issue: convertible debt”, on 112 companies. Separately, a watchlist can now email you within the hour when a company you follow halts, is suspended or files a new share notice.
The halt conveyor
Ten companies halted for a capital raise in five sessions, against 10 and 15 in the two weeks before: ADD, AX8, BOA, BTE, BTR, IXC, NGX, PIM, RHT and SKN. Two of them, ADD and BOA, had raised by Friday. The other eight had no raise in our data as of this morning's build: AX8, BTE, BTR, IXC, NGX, PIM, RHT and SKN.
Twenty-eight retail offers are open
Holders in 28 companies have a retail offer running or announced, the same count as a week ago: 16 entitlement offers, 6 rights issues and 6 share purchase plans. Three came in on Friday: rights issues from HPC and ZNO, and VTA's SPP. The oldest still listed, DBF's convertible note entitlement, is dated 27 August.
Placement capacity
The capacity page today lists 138 companies past 75% of their 15% allowance, 84 past 90%, and 13 that have used all of it, against 140, 88 and 16 a week ago. Three of this week's raisers are now past 75%: ALB has used about 99%, AEI about 97% and ADD about 95%.
Overhangs among this week's raisers
Options, rights and convertibles already on issue are the dilution that comes after the raise. ADD's equal 74.3% of its register, ALB's 37.3% and MAP's 36.4%, none of them in the money. BOA's are smaller, at 18.4%, but all of them are.
Chart of the week: most raises didn't say
Four of the ten filings we read named a discount or premium, and six named none, including the week's largest. Where a filing is silent, we leave it silent: a discount worked out from a close we picked is a number no document states. The three discounts ran from 9% to 13%; Hydration priced its offer above its recent average.
The market currently splits: 590 Minimal, 328 Low, 366 Moderate, 260 High, 180 Very high, and 102 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.