Solaris Australian Equity Income Plus Limited (ASX:SET) has issued a cleansing notice under section 708AA of the Corporations Act 2001 in connection with a pro-rata non-renounceable entitlement offer to raise up to $63.4 million, with new shares priced at $2.02 each and the offer expected to open on 19 November 2026.

Key Points

  • The company is conducting a pro-rata non-renounceable entitlement offer to raise up to $63.4 million, with eligible shareholders entitled to subscribe for 1 new share for every 3 shares held as at 7:00pm Sydney time on 16 November 2026.
  • New shares are priced at $2.02 each, broadly equal to a 0.01% premium to the company's estimated pre-tax NTA backing as at 6 November 2026, less the November 2026 dividend of 0.7 cents per share.
  • A placement bookbuild to professional and sophisticated investors closed on 10 November 2026, utilising the company's full capacity under ASX Listing Rule 7.1.
  • Aggregate demand across the placement and shortfall offer exceeded the total $91.97 million size of the capital raising.
  • Placement shares and new shares under the entitlement offer and shortfall offer are expected to be issued on 11 December 2026.

Entitlement Offer Structure and Record Date

Under the entitlement offer, eligible shareholders may subscribe for 1 new share for every 3 shares held at 7:00pm Sydney time on 16 November 2026, the designated record date. The offer also includes an oversubscription facility, allowing eligible shareholders who take up their full entitlement to apply for additional new shares. The entitlement offer is expected to open on 19 November 2026. Certain professional and sophisticated investors in Australia and New Zealand will be invited to apply for shares not subscribed for under a shortfall offer, at the same price and on the same terms as the entitlement offer.

Placement Bookbuild and Shortfall Offer Demand

The company conducted a placement bookbuild for professional and sophisticated investors at $2.02 per share, which closed on 10 November 2026, using the company's full capacity under ASX Listing Rule 7.1. Given the strength of demand for the placement, the joint lead managers also conducted a bookbuild for the shortfall offer. Aggregate demand across the placement and shortfall offer exceeded the total $91.97 million size of the capital raising, and firm commitments have been received from shortfall offer bookbuild participants for new shares that become available under the shortfall offer.

Dividend Entitlement and Control Considerations

The first dividend expected to be payable on the new shares is the December 2026 monthly dividend, subject to the new shares being held on the applicable record date. The company stated in the filing that it does not expect the entitlement offer, the shortfall offer, or the placement to have a material effect on control of the company, as the entitlement offer is structured as a pro-rata issue and the placement will settle on the same date as new shares issued under the entitlement offer and shortfall offer. The cleansing notice was authorised for release by the board.