Key Highlights

  • The Placement raised about $28.5 million at $2.02 per share, the maximum available under the company’s placement capacity.
  • The one-for-three entitlement offer could raise up to $63.4 million, including an oversubscription facility.
  • Aggregate demand across the placement and shortfall bookbuild exceeded the $91.97 million size of the raising.
  • The entitlement offer is non-renounceable and not underwritten, and eligible shareholders who do not participate receive no value.

Solaris Australian Equity Income Plus Limited (ASX:SET) has received firm commitments for a placement of 14,129,493 new shares at $2.02 each, and has launched a pro-rata entitlement offer. The announcement dated 11 November 2026 puts the total Capital raising at $91.97 million across the placement, the entitlement offer and a shortfall offer, with trading in the company’s shares set to resume on the same day.

The placement and the shortfall bookbuild

The placement was priced at $2.02 per share, which the company said was a 5.2% discount to the $2.13 closing price on Friday, 6 November 2026, the last trading day before the placement and entitlement offer were announced. The placement settles alongside the entitlement offer and shortfall offer on 11 December 2026, and the new shares are expected to trade normally from 14 December.

Because demand was high, the joint lead managers ran a bookbuild for the shortfall offer. The company said Aggregate Demand across the placement and the shortfall exceeded the total $91.97 million size of the raising, and firm commitments have been received from bookbuild participants for shares that may become available under the shortfall.

Entitlement offer terms and timetable

Eligible shareholders on the register at 7:00pm Sydney time on 16 November 2026 may subscribe for one new share for every three existing shares held. The offer could raise up to $63.4 million. Shareholders who take up their full entitlement may apply for additional shares through the oversubscription facility, although the board can scale back those applications at its discretion. Shares will trade on an ex-entitlement basis from 13 November.

The offer booklet and personalised forms are due on 19 November, and the offer closes at 5:00pm Sydney time on 4 December. Results of the entitlement offer and shortfall are expected on 7 December. Each director has said they intend to take up their full entitlement.

Dilution and what shareholders are being asked to weigh

The raising increases the number of shares on issue. A one-for-three entitlement adds roughly a third to the holdings of participating shareholders, while the placement adds a further 14.1 million shares. Existing holders who do not take up their entitlement will see their proportional stake reduced, and the offer is non-renounceable, so unexercised entitlements cannot be sold.

The company said the proceeds would be put to work ahead of its February and March Dividend season, and that the first dividend expected on the new shares is the December 2026 monthly dividend, subject to Record Date eligibility. Because the offer is not underwritten, the final amount raised depends on take-up by shareholders and bookbuild participants, and the company has reserved the right to vary the timetable.

Final Word

The raising is large relative to the company’s current share count, and its outcome will depend on take-up across the entitlement offer and the shortfall bookbuild. Shareholders will be watching the results due on 7 December, the settlement on 11 December and the first monthly dividend paid on the new shares. The offer price, the level of shortfall and the allocation decisions will show how the additional capital is absorbed by the register.