Highlights

  • WAM Research (ASX:WAX) has declared a final Dividend of AUD 0.050 per share.
  • The dividend carries an annual Yield of 10.75% and is 50% franked.
  • The shares are scheduled to trade ex-dividend on 15 October 2026, with payment due on 28 October 2026.
  • Portfolio performance, realised gains, NTA and franking capacity remain important factors for future distributions.

WAM Research (ASX:WAX), one of the listed Investment companies in the Wilson Asset Management stable, has declared a final dividend of AUD 0.050 per share. The shares are scheduled to trade ex-dividend on 15 October 2026, with the Record Date set for 16 October 2026 and payment due on 28 October 2026. The dividend carries an annual yield of 10.75% and is 50% franked, keeping the LIC firmly on the radar of investors focused on income.

Dividend in focus

WAM Research's (ASX:WAX) final dividend amounts to AUD 0.050 per share and carries 50% franking. The annual yield stands at 10.75%, providing a notable income component alongside exposure to the company's actively managed Australian Equity portfolio.

The ex-dividend date is 15 October 2026, followed by the record date on 16 October 2026. Eligible shareholders are scheduled to receive the payment on 28 October 2026. The 50% franking level means the attached franking benefit is lower than that of a fully franked distribution, which may affect the after-tax value for eligible Australian shareholders.

What is driving the business?

WAM Research invests in undervalued growth companies, chiefly in the small and mid-cap segment of the Australian market, using Wilson Asset Management's research-driven, catalyst-focused process. Its returns depend on the manager's stock selection and on the broader fortunes of smaller listed companies, which have experienced varying market conditions in recent years.

The LIC's ability to generate Shareholder returns depends on portfolio performance, realised gains and the value of its underlying investments. Its share price can also trade above or below net tangible assets, meaning the premium or discount to NTA is an important consideration alongside portfolio performance.

Why income investors may be watching

WAM Research (ASX:WAX) offers an annual yield of 10.75%, placing income firmly at the centre of the investment case. The LIC structure can provide flexibility in the timing of distributions, although the sustainability of future payments ultimately depends on investment outcomes and available distributable profits.

The 50% franking level is also an important consideration. While it still provides some franking benefit for eligible Australian investors, the effective after-tax value is lower than it would be under a fully franked distribution. Investors may therefore want to consider both the headline yield and the level of franking when assessing the income proposition.

Risks

WAX faces the risks associated with a small and mid-cap-focused LIC, including portfolio volatility, dependence on manager performance and sensitivity to changes in smaller-company valuations. A sustained weak period across portfolio holdings could pressure NTA and reduce the level of realised gains available to support future distributions.

The LIC can also trade at a discount to NTA, affecting shareholder value independently of the dividend. Future distributions and franking levels remain discretionary and can change depending on investment performance, available profits and franking capacity.

Investor takeaway

WAM Research's final dividend of AUD 0.050 per share, payable on 28 October 2026, carries an annual yield of 10.75% and is 50% franked. The distribution provides a notable income component, but investors may want to weigh the headline yield against partial franking and the risks associated with small and mid-cap investing. NTA performance, realised gains and franking capacity remain important indicators when assessing future distributions.