Delorean Opens $2.2 Million Share Purchase Plan at 10% Discount

Share Purchase Plan Launches alongside Strategic Placement

Delorean Corporation (ASX:DEL) has opened a Share Purchase Plan (SPP) offering existing eligible shareholders the chance to buy shares at $0.09 each, the same price secured by strategic investor LMS Energy in a recent $2.2 million placement. This move aims to raise up to $2.2 million to support the company’s growing bioenergy infrastructure pipeline.

The $0.09 issue price represents a 10% discount to the volume weighted average price (VWAP) of $0.10 over the five trading days before the SPP announcement, offering shareholders a cost-effective entry point without brokerage fees. Eligible shareholders can invest between $1,000 and $30,000, with the company reserving the right to scale back applications if demand exceeds the SPP cap.

Capital to Propel Key Bioenergy Projects in South Australia and New South Wales

Funds raised from the SPP will fuel progress on Delorean’s flagship SA1 Salisbury bioenergy facility in South Australia and the NSW1 Horsely Park project in New South Wales. The SA1 facility, wholly owned by Delorean, is in advanced construction stages and expected to deliver renewable biomethane to the gas network by Q4 2026, with Origin Energy contracted for offtake and Supagas for biogenic CO2.

The NSW1 project, co-located with Brickworks’ operations at Horsely Park, benefits from $30.5 million in combined State and Federal grants and a 25-year biomethane offtake agreement with Brickworks. This project recently reached a positive Final Investment Decision, positioning Delorean as a significant renewable gas infrastructure owner with high growth prospects. These developments build on a track record of four successful commercial bioenergy facilities across Australia and New Zealand, underscoring Delorean’s expanding footprint in the sector.

The strategic placement to LMS Energy, a seasoned player in Australia’s biogas industry, signals confidence in Delorean’s projects and growth trajectory. The SPP allows existing shareholders to participate on identical terms, potentially increasing retail investor alignment with the company’s strategic direction.

Offer Details, Scale-back Provisions, and Shareholder Eligibility

The SPP opened on 4 May 2026 and closes on 25 May 2026, with new shares expected to be issued by 29 May 2026. The maximum number of shares to be issued under the plan is capped at 73.4 million, representing 30% of Delorean’s issued capital, in line with ASX Listing Rules.

Participation is limited to shareholders registered on 29 April 2026 with Australian or New Zealand addresses. The offer is non-renounceable, meaning rights cannot be transferred. The company may scale back applications at its discretion to ensure the $2.2 million cap is not exceeded, with any excess application monies refunded without interest.

Delorean has also reserved the right to place any shortfall from the SPP, subject to ASX rules and available placement capacity. Custodians and nominees holding shares for multiple beneficiaries can apply for up to $30,000 per beneficiary, subject to certification requirements.

Context of Delorean’s Bioenergy Expansion and Funding Strategy

This SPP follows a series of milestones including the recent strategic investment by LMS Energy and a positive Final Investment Decision for NSW1 Horsely Park backed by $30.5 million in government grants. The company has been advancing the SA1 Salisbury project with ARENA funding and long-term offtake agreements, as detailed in its recent positive FID for NSW1 and $30.5M government grants announcements.

Delorean’s pivot to owning and operating bioenergy infrastructure reflects a strategic shift from its previous contractor role, aiming to capitalise on renewable gas demand and government incentives. The SPP funds will supplement working capital and underpin further project development, including potential advances on the VIC1 Stanhope facility, subject to funding.