ASX Suspension Continues as SIV Capital Battles Rising Losses and Uncertain Re-Listing

Financial Performance Deteriorates

SIV Capital Limited has reported a widening statutory loss for the half-year ended 31 December 2025, with the net loss attributable to members rising 29.7% to $172,763. This compares to a loss of $133,157 in the prior corresponding period. Revenue from ordinary activities fell sharply by 41% to $186,042, reflecting a challenging operating environment for the investment company.

The company’s earnings per share also declined, with basic and diluted losses per share increasing to 36 cents from 28 cents a year earlier. Despite the losses, SIV Capital remains debt free, with liabilities limited to trade creditors and customer bonds.

ASX Suspension Persists

SIV Capital’s securities have been suspended from quotation on the ASX since 18 December 2024 due to the exchange’s determination that the company’s operations were insufficient to warrant continued listing. The suspension remains in place as the company works to satisfy ASX’s listing rules, with no timeline provided for reinstatement.

The company continues to comply with disclosure obligations, providing periodic updates to keep the market informed despite the suspension. This ongoing status weighs on shareholder liquidity and market confidence.

Pursuit of Re-Listing Transaction

In a bid to return to the ASX, SIV Capital is actively pursuing a confidential non-binding term sheet transaction, as referenced in the Chairman’s address at the 2025 Annual General Meeting. While details remain undisclosed, the board believes the proposed transaction will meet ASX re-listing requirements and potentially enhance shareholder value.

The nature of the transaction has evolved during evaluation, with various conditions precedent yet to be satisfied. The board remains cautiously optimistic about the upside potential but acknowledges the uncertainty inherent in the process.

Balance Sheet and Cash Flow

As at 31 December 2025, SIV Capital reported net tangible assets per share of 16.92 cents, slightly down from 17.25 cents a year earlier. The company holds significant carry forward tax losses of $66.3 million and capital losses of $24.5 million, though no deferred tax assets are recognised on the balance sheet.

Cash flow from operating activities was negative $225,147 for the half-year, reflecting ongoing administrative and corporate expenses exceeding income from rental assets, bad debts recovered, and interest.

Outlook and Governance

The directors have prepared the financial report on a going concern basis, supported by current cash flow forecasts. The board comprises experienced non-executive directors, including Chairman Allan English AM, who remain committed to navigating the company through its current challenges.

The independent auditor, Hall Chadwick QLD, reviewed the half-year financial statements and found no issues with compliance or independence.