Why Is Orion Equities (ASX:OEQ) Trading at a 52-Week Low?

Sonal Goyal

26 October 2026 09:46 PM AEDT

Why Is Orion Equities (ASX:OEQ) Trading at a 52-Week Low?

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Key Highlights

Orion Equities (ASX:OEQ) traded at $0.13, down 25.71%, after touching a 52-week low during the 26 October 2026 session.
The company will seek Shareholder approval at its 27 November 2026 AGM to be removed from the ASX official list.
The board estimates delisting would save about $41,000 a year in overheads.

Orion Equities Limited (ASX:OEQ) shares touched a 52-week low during the Trading session on 26 October 2026, trading at $0.13, down 25.71% on the day. Orion is a Perth-based listed Investment company that has been quoted on the ASX since November 1970. On the same day it announced it will ask shareholders to approve a voluntary removal from the official list.

Proposal to Delist From the ASX

Orion said it will seek shareholder approval at its Annual General Meeting on 27 November 2026 for removal from the ASX official list under Listing Rule 17.11A.2. The rule requires approval by special resolution and a notice of meeting that includes the information specified in Listing Rule 17.11C. If shareholders approve, the company will formally request delisting, which would occur no earlier than one month after approval, and ASX would ordinarily agree where the rules are met.

The company said it will announce the last day of trading and the delisting date once confirmed. A notice of meeting and explanatory statement will provide further detail, and an indicative timetable accompanies the announcement.

Reasons Given by the Board

The board listed five reasons. These are a historically small number of shareholders and a high number of unmarketable parcel holders; very low trading liquidity, with 296,000 shares (2% of shares on issue) traded in the nine months to 30 September 2026, against annual turnover of 5% to 9% over the preceding four years; a high concentration of ownership, with the top 20 shareholders holding 66% of Issued Capital now and between 85% and 90% in each year since 2016; savings of about $41,000 a year from lower overhead costs; and a Market Capitalisation that has historically been materially lower than net Tangible Asset backing.

Orion also noted it recently completed a minimum holding buy-back of 23,769 shares, equal to 0.15% of issued capital, held by 34 of its 201 shareholders at a total cost of $4,753.80, with the shares cancelled on 24 September 2026.

The reasons also note that Annexure A summarises the proportion of unmarketable parcel holders as at 23 October 2026 and on 30 June each year since 2016, Annexure B gives ten years of share price and Volume data, and Annexure C compares the share price with post-tax net tangible asset backing at each 30 June since 2016. These annexures support the board's statements about Liquidity and the discount to net tangible assets.

About Orion Equities

Orion Equities, ABN 77 000 742 843, describes itself as a listed investment company. Its latest Annual Report shows net Assets of $6,786,182, compared with $6,582,320 a year earlier, with investment property carried at $2.5 million (2025: $2.1 million) after a $400,000 Fair Value gain. Following a delisting, the company said it would no longer be subject to the ASX Listing Rules but would remain subject to the Corporations Act and its constitution, and would be classed as an unlisted disclosing entity for as long as it has at least 100 shareholders.

The annual report income statement shows expenses including personnel costs of $337,166 and corporate expenses of $36,833, alongside a $400,000 fair value gain on investment property. Total liabilities were $169,436, compared with $239,945 a year earlier, and issued capital was $18,808,028. The company's principal activity is described as that of a listed investment company.

Risks

The proposal requires a special resolution, and the outcome of the 27 November vote is not known. If delisting proceeds, shares would no longer trade on the ASX, and the company would no longer be bound by the continuous disclosure requirements of the Listing Rules, although Corporations Act obligations continue. The board itself describes the existing market as thinly traded, so share price changes may reflect small volumes.

Catalysts on Investors' Radar

Key dates start with the despatch of the notice of AGM and explanatory statement, which the company said will occur shortly, followed by the AGM on 27 November 2026. If the resolution passes and ASX agrees, the suspension and delisting dates would be announced, with delisting no earlier than one month after the vote.

Final Perspective

Orion's 52-week low coincided with its announcement of a proposed voluntary delisting. The board's stated case rests on liquidity, ownership concentration, costs and the gap between Market Value and net tangible assets, and shareholders will decide the matter at the 27 November meeting.

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