Key Highlights

  • WAM Income Maximiser's November Dividend of 0.67 cents per share is fully franked.
  • The November dividend goes ex-dividend on 17 November and is payable on 30 November.
  • The December dividend of 0.68 cents per share goes ex-dividend on 16 December.
  • Both dividends qualify for the reinvestment plan, which operates without a discount.

WAM Income Maximiser Limited (ASX:WMX) has two fully franked monthly dividends scheduled before the end of the calendar year. The November dividend of 0.67 cents per share goes ex-dividend on 17 November 2026 and is payable on 30 November, and the December dividend of 0.68 cents per share goes ex-dividend on 16 December and is payable on 31 December 2026. Both amounts were confirmed in the company's 24 August 2026 update. For readers following upcoming dividends ASX companies have locked in, WAM Income Maximiser is a listed Investment company that pays fully franked dividends every month, with each payment set out months in advance.

The November and December Dividend Dates

The November dividend of 0.67 cents per share is fully franked, worth 0.96 cents per share including franking credits. The shares go ex-dividend on Tuesday 17 November 2026 and the Record Date is 18 November 2026 at 7:00pm Sydney time. The last date to elect into the Dividend reinvestment plan is 20 November 2026 and the payment date is Monday 30 November 2026.

The December dividend of 0.68 cents per share is also fully franked, worth 0.97 cents including franking credits. The shares go ex-dividend on Wednesday 16 December 2026, the record date is 17 December 2026, the reinvestment plan election deadline is 21 December 2026 and payment is due on Thursday 31 December 2026.

To receive either dividend, shares must be held before the relevant ex-dividend date. Because ASX trades settle two Business days after they are made, the ex-dividend date sits one business day before the record date.

A Monthly Step-Up Pattern

The four dividends set out for September to December show a small increase each month. The September dividend was 0.65 cents, paid on 30 September 2026. The October dividend was 0.66 cents, paid on 30 October 2026. November is 0.67 cents and December is 0.68 cents. Earlier, the July dividend was 0.63 cents and the August dividend 0.64 cents.

Across the six months from July to December, that adds up to 3.93 cents per share in fully franked dividends. Each monthly amount has been announced ahead of time, giving shareholders a schedule that runs several months forward. The structure spreads income across twelve smaller payments rather than two larger half-yearly dividends.

Franking on a Monthly Dividend

The franking credits are calculated at the 30% corporate tax rate. On the 0.67 cent November dividend, the franking Credit is about 0.29 cents, which brings the grossed-up amount to the 0.96 cents shown by the company. On the 0.68 cent December dividend, the credit is about 0.29 cents and the grossed-up figure is 0.97 cents.

Australian resident shareholders include the grossed-up amount in Taxable Income and can use the credit to offset tax payable. The company's portfolio holds both equities and Debt securities, and its ability to frank dividends depends on the tax it pays on its income and realised gains.

Reinvestment Plan Terms

The dividend reinvestment plan operates for the September to December dividends, with no discount. New shares are issued at the Volume weighted average price over the four trading days starting on each ex-dividend date, with the number of shares rounded down to the nearest whole share. Shareholders who do not participate receive cash on each payment date.

With monthly dividends, the reinvestment plan runs twelve times a year rather than twice. Each payment has its own election deadline, so changes to a reinvestment instruction take effect from the next dividend for which the deadline has not passed.

For November, the four-day pricing period begins on Tuesday 17 November and runs to Friday 20 November, the same day as the election deadline. For December, it begins on Wednesday 16 December and runs through Thursday 17 December, Friday 18 December and Monday 21 December, again ending on the election deadline. The reinvestment price for each month is therefore set by trading in the days immediately after the shares go ex-dividend.

Capital Raising and Portfolio Context

The December dividend will be paid on a larger share base after the company's Capital raising in August. WAM Income Maximiser ran a 2-for-5 pro-rata non-renounceable entitlement offer, which closed on 21 August 2026, together with a Placement and a shortfall offer. The company reported raising about $172.4 million, the maximum available. That comprised $78.5 million from the entitlement offer and top-up facility, $47.0 million from the placement and an expected $46.9 million from the shortfall offer. Existing shareholders funded 62% of the capital raised, and the new shares were issued on 28 August 2026.

The company said the raising was expected to lift total Assets to approximately $500 million, an increase of more than 50%. A larger share base means the same Dividend per share requires more total cash each month.

In the year to 30 June 2026, the portfolio returned 19.2% before fees, expenses and taxes, compared with 5.8% for its benchmark. At 30 June 2026, the asset mix was 59.5% Equity and 40.5% debt. The company is chaired by Geoff Wilson AO, who is also Chief Investment Officer, with Matthew Haupt as Lead Portfolio Manager and Catriona Burns as Chief Executive Officer. Its target income return is linked to the RBA cash rate, and the company states that the target is not a forecast.

Key Takeaways

WAM Income Maximiser's November dividend of 0.67 cents per share, fully franked, goes ex-dividend on 17 November 2026 and is payable on 30 November. The December dividend of 0.68 cents per share goes ex-dividend on 16 December and is payable on 31 December 2026. Both qualify for the reinvestment plan, which operates without a discount.

The monthly amounts have risen by 0.01 cents each month since July, and the company completed a capital raising of about $172.4 million in August. Further monthly dividends for 2027 are expected to be announced by the company in advance, continuing its forward schedule.