How Does Clime Capital’s (ASX:CAM) Special Dividend Sit With a Qualified Audit Opinion?

Key highlights

• Clime Capital Ltd (ASX:CAM) has a special dividend of 0.5 cents per share, franked at 50%, with an ex-dividend date of 9 November 2026 and payment on 27 November 2026.
• The company’s FY26 annual report announcement of 5 October 2026 reports a $13.4 million pre-tax profit and a qualified audit opinion relating to certain unlisted unit trusts.
• A September quarter dividend of 1.35 cents per share, 50% franked, has an ex-date of 8 October 2026 and is payable on 23 October 2026.

Clime Capital Ltd (ASX:CAM) is a listed investment company that holds a listed equity portfolio alongside unlisted assets, and it is managed by Clime. As at 19 October 2026, it has a special dividend of 0.5 cents per share, franked at 50%, that goes ex-dividend on 9 November 2026. On 5 October 2026, the company announced its FY26 annual report and results, including a qualified audit opinion, the special dividend and its September quarter dividend.

About the company

CAM’s portfolio comprises listed shares and unlisted assets that it has held for the last eight years. The unlisted assets include unit trusts holding property equity, secured credit and listed equities, and corporate bonds. The company says that less than 5% of its unlisted assets are exposed to residential property developments, with the main exposures to commercial, industrial and hospitality assets. The gross portfolio value was about $154 million at 30 September 2026.

Upcoming dividend details

The Board declared the special dividend despite the audit qualification, saying the qualified opinion does not diminish the results achieved in FY26. The company’s dividend schedule lists the same payment under the heading interim.

FY26 results

The company reported a $13.4 million pre-tax profit and a $35.8 million profit reserve. The estimated unaudited pre-tax net tangible asset backing at 30 September 2026 was 81.5 cents per share, cum the September quarter dividend. The announcement refers to a 17% gross asset return over FY26, with the listed portfolio improving considerably in the second half as the manager reduced exposure to lower-income and highly priced assets.

The portfolio was tilted towards resources and away from financials, and the decision to hold and add to CSL during a period of price volatility contributed to returns. Other positions named as contributors were BHP, RIO, WOW, COL, CPU and ALL.

Qualified audit opinion

The announcement says the current market environment and increased scrutiny of private credit and unlisted investments resulted in a qualified audit opinion on certain unlisted unit trusts held in the portfolio. Directors are undertaking a detailed review of the valuation and reporting received on those unlisted investments and say they are not aware of adjustments required to the valuations at this stage. They will update shareholders as the review progresses.

How the dividend timetable works

The ex-dividend date of 9 November 2026 is the first trading day on which shares change hands without the right to the upcoming dividend of 0.5 cents per share. Shares bought before that date carry the entitlement, subject to the record date and settlement timing, while shares bought on or after it do not. Payment follows on 27 November 2026, 18 days after the ex-dividend date. The ex-dividend date falls 21 days after 19 October.

The dividend is franked at 50%, so franking credits are attached to only part of the payment. How much those credits are worth depends on each shareholder’s own tax position, which this article does not assess.

A dividend is a distribution of profit that the board decides to pay, and the amounts quoted are per share. The total cash paid depends on the number of shares on issue at the record date, which can change if a company issues new shares or repurchases existing ones. Dates and amounts can change if the company announces an update.

Factors shareholders may weigh

The audit qualification relates to the valuation of unlisted holdings, and the outcome of the directors’ review is not yet known. Unlisted assets are harder to value than listed shares, and the announcement says some may need adjustment if the review identifies problems.

Dividends are franked at 50%, so not all of the payment carries franking credits. A special dividend is separate from regular quarterly dividends and may not be repeated. The annual general meeting is on 16 November 2026, and the manager proposes a shareholder webinar.

What’s next

The September quarter dividend is paid on 23 October 2026. The special dividend goes ex on 9 November and is paid on 27 November 2026, with the AGM on 16 November 2026 and the directors’ valuation review continuing.