Whitefield Income Offers Shares at $1.34 in $40 Million Capital Raise
Whitefield Income Limited has launched a $40 million Share Purchase Plan offering eligible shareholders a discounted entry point to increase their holdings ahead of the December dividend.
- Share Purchase Plan open to Australian and New Zealand shareholders
- Shares offered at a 7.4% discount to recent market price
- Maximum subscription capped at A$30,000 per shareholder
- Total raise capped at A$40 million or 30 million shares
- New shares eligible for December 2025 dividend
Whitefield Income Launches Discounted Share Purchase Plan
Whitefield Income Limited (ASX, WHI) has announced a Share Purchase Plan (SPP) aimed at raising up to A$40 million from its existing shareholders in Australia and New Zealand. Eligible shareholders can subscribe for up to A$30,000 worth of fully paid ordinary shares at a discount to the prevailing market price, providing an attractive opportunity to increase their stake in the company.
The SPP shares will be issued at the lower of A$1.34 per share; a 7.4% discount to the five-day volume weighted average price as of 31 October 2025; or the volume weighted average price over the five trading days leading up to the offer’s close on 28 November 2025. This pricing mechanism ensures shareholders benefit from a meaningful discount while reflecting market conditions at the time of allotment.
Capital Raising and Dividend Implications
The capital raised through the SPP will be deployed in line with Whitefield Income’s investment strategy, reinforcing its financial position and supporting ongoing income distributions. Shares issued under the plan will rank equally with existing shares and will be entitled to the upcoming dividend payable on 31 December 2025, provided they are held as of the 17 December record date. The company’s recent monthly dividend translates to an annualised gross yield of 7.5% inclusive of franking credits, making the offer particularly appealing for income-focused investors.
Whitefield Income has set a cap on the SPP at A$40 million or 30 million shares, with provisions for scaling back applications if demand exceeds this limit. The board retains discretion to issue additional shares up to 30% of the company’s issued capital if necessary, subject to ASX Listing Rules. This flexibility aims to balance shareholder participation with prudent capital management.
Participation and Next Steps
Eligible shareholders with registered addresses in Australia or New Zealand as of 31 October 2025 will receive documentation and personalised application forms starting 5 November 2025. The offer closes at 5, 00pm Sydney time on 28 November 2025, with allotment expected on 5 December. Whitefield Income will host a quarterly update webinar on 20 November to discuss the capital raising and provide broader company insights.
Investors considering participation should review the full SPP terms and conditions and assess how the discounted share price and upcoming dividend align with their investment objectives. As always, the share price may fluctuate between the offer and allotment dates, introducing some pricing uncertainty.
Bottom Line?
Whitefield Income’s SPP offers a timely, discounted entry for shareholders ahead of a solid dividend, but market dynamics and potential scale-backs warrant close attention.
Questions in the middle?
- Will demand exceed the A$40 million cap, triggering scale-backs or additional share issuance?
- How will the share price react post-SPP, especially after the December dividend payment?
- What specific investments will the raised capital support within Whitefield Income’s portfolio?
