Stable Dividend, No DRP Discount: What This Means for WAM Income Maximiser Investors

Dividend Update and Payment Details

WAM Income Maximiser Limited (ASX, WMX) has released an update to its dividend distribution details for the period ending 30 November 2025. The company confirmed an ordinary dividend of AUD 0.0035 per share, fully franked at the corporate tax rate of 30%. This dividend reflects a monthly distribution, consistent with the company's income-focused investment strategy.

The record date for shareholders entitled to receive this dividend is 19 November 2025, with the ex-dividend date falling a day earlier on 18 November. Payment of the dividend is scheduled for 28 November 2025, providing a clear timeline for investors expecting income from their holdings.

Dividend Reinvestment Plan (DRP) Price Adjustment

Alongside the dividend confirmation, WAM Income Maximiser updated the Dividend Reinvestment Plan (DRP) price to AUD 1.59256. This price is calculated based on the volume weighted average market price (VWAP) of shares traded on the ASX over the four trading days commencing on the ex-dividend date. Notably, there is no discount applied to the DRP price, maintaining parity with market value.

The DRP remains a full participation plan, allowing shareholders to reinvest their dividends into newly issued shares that rank equally with existing ordinary shares from the date of issue. There are no minimum or maximum participation limits, and the default option for shareholders who do not elect to participate is to receive the dividend in cash.

Implications for Investors

This update provides investors with important clarity on the income they can expect from their WMX holdings in November, as well as the terms of reinvestment through the DRP. The fully franked nature of the dividend enhances its attractiveness by providing tax credits to Australian resident shareholders.

While the dividend amount per share is modest, it aligns with WAM Income Maximiser’s consistent monthly distribution approach. The unchanged dividend amount and zero discount on the DRP price suggest a stable income and capital management strategy, with limited immediate impact on share price or dilution.

Investors will likely monitor the uptake of the DRP and the share price movements around the ex-dividend and payment dates to gauge market sentiment and the effectiveness of the reinvestment plan.