Solaris Australian Equity Income Plus Limited (ASX:SET) has received firm commitments for its placement of 14,129,493 new fully paid ordinary shares at $2.02 per share, raising approximately $28.5 million, and has launched a 1-for-3 pro-rata non-renounceable entitlement offer to raise up to $63.4 million, with the combined capital raising targeting $91.97 million in total proceeds.

Key Points

  • Placement of 14,129,493 new shares at $2.02 per share raised approximately $28.5 million from professional and sophisticated investors.
  • A 1-for-3 pro-rata non-renounceable entitlement offer is expected to open on Thursday, 19 November 2026, targeting up to $63.4 million.
  • Aggregate demand across the Placement and Shortfall Offer exceeded the total $91.97 million capital raising size.
  • All new shares are expected to settle on Friday, 11 December 2026, with normal trading commencing Monday, 14 December 2026.
  • Each director of the company intends to take up their full entitlement under the Entitlement Offer.

Placement Results and Offer Price Details

SET disclosed that it received firm commitments for the full amount available under the Placement, which was originally announced on Monday, 9 November 2026. The issue price of $2.02 per share is described in the filing as broadly equal to the company's estimated pre-tax net tangible asset backing per share, being the pre-tax NTA per share of $2.025 as at 6 November 2026, adjusted for the November 2026 fully franked dividend of 0.7 cents per share. The offer price represents a 5.2% discount to the closing price of $2.13 on Friday, 6 November 2026, the last trading day before the announcement.

Entitlement Offer Structure and Key Dates

Under the Entitlement Offer, Eligible Shareholders are entitled to subscribe for one new share for every three existing fully paid ordinary shares held at 7:00pm Sydney time on the Record Date of Monday, 16 November 2026. The Entitlement Offer is expected to open on Thursday, 19 November 2026, with the Offer Booklet and personalised Entitlement and Acceptance Forms dispatched on the same date. The Entitlement Offer is scheduled to close at 5:00pm Sydney time on Friday, 4 December 2026. Results of the Entitlement Offer and Shortfall Offer are expected to be announced on Monday, 7 December 2026.

Shortfall Offer and Oversubscription Facility

Eligible Shareholders who take up their full entitlement may also apply for additional new shares in excess of their entitlement through an Oversubscription Facility, with the Board retaining discretion to scale back applications and no guarantee that any application will be successful. Any shares not taken up under the Entitlement Offer or the Oversubscription Facility may be offered to professional and sophisticated investors in Australia and New Zealand at the Offer Price through the Shortfall Offer. The filing states that the first dividend expected to be payable on the new shares is the December 2026 monthly dividend, subject to new shares being held on the applicable record date.