Key Takeaways
- • L1 Global Long Short Fund (ASX:GLS) launched a one-for-two non-renounceable entitlement offer at A$1.76 per new share, seeking to raise up to approximately A$482.7 million.
- • The offer is not underwritten, so the final amount raised may fall short of the A$482.7 million ceiling.
- • Eligible retail shareholders in Australia and New Zealand are expected to receive offer materials from 13 October 2026, with the retail offer closing at 5.00pm AEDT on 23 October 2026.
- • The A$1.76 issue price was stated to be approximately equal to pre-tax net tangible asset value per share as at 2 October 2026.
- • Non-participating shareholders may face dilution, and the board has indicated an intention to pay fully franked dividends of at least 8.0 cents per share for FY2027.
Summary
L1 Global Long Short Fund Limited (ASX:GLS), an ASX-listed investment company providing exposure to a global long-short equity strategy, announced on 6 October 2026 a non-renounceable entitlement offer and shortfall offer seeking to raise up to approximately A$482.7 million. Eligible shareholders may subscribe for one new fully paid ordinary share for every two shares held at the record date, at an offer price of A$1.76 per new share. According to the company, that price was approximately equal to its pre-tax net tangible asset value per share as at 2 October 2026.
The raising has institutional and retail components. The institutional offer opened on 6 October 2026 alongside a shortfall bookbuild, with the institutional bookbuild scheduled to close at 5.00pm AEDT on 7 October 2026. The retail offer applies to eligible shareholders with registered addresses in Australia or New Zealand at 7.00pm AEDT on 8 October 2026, and is expected to open on 13 October 2026 and close at 5.00pm AEDT on 23 October 2026. Retail holders who take up their full entitlement may also apply for additional shares through a top-up facility. Settlement, allotment and quotation are scheduled across 13 to 15 October for the institutional component and, for retail, settlement on 29 October, issue on 30 October and quotation on 2 November 2026. The company has noted these dates may change.
Because entitlements are non-renounceable, unused rights cannot be transferred or sold, and the offer is not underwritten, so the full amount sought may not be raised. New shares will rank equally with existing shares from issue. The company has reserved the right to conduct an institutional placement alongside or after the offer, close the shortfall process early, extend the closing date or withdraw the offer.
Proceeds are intended to be invested in line with the company's global long-short strategy, which combines long and short positions across global equities based on company and industry research. The board has stated an intention to pay fully franked dividends of at least 8.0 cents per share for the 2027 financial year, in quarterly instalments of 2.0 cents, subject to board approval and available profits. Shareholders who do not participate may face dilution as additional shares are issued.
The raising has institutional and retail components. The institutional offer opened on 6 October 2026 alongside a shortfall bookbuild, with the institutional bookbuild scheduled to close at 5.00pm AEDT on 7 October 2026. The retail offer applies to eligible shareholders with registered addresses in Australia or New Zealand at 7.00pm AEDT on 8 October 2026, and is expected to open on 13 October 2026 and close at 5.00pm AEDT on 23 October 2026. Retail holders who take up their full entitlement may also apply for additional shares through a top-up facility. Settlement, allotment and quotation are scheduled across 13 to 15 October for the institutional component and, for retail, settlement on 29 October, issue on 30 October and quotation on 2 November 2026. The company has noted these dates may change.
Because entitlements are non-renounceable, unused rights cannot be transferred or sold, and the offer is not underwritten, so the full amount sought may not be raised. New shares will rank equally with existing shares from issue. The company has reserved the right to conduct an institutional placement alongside or after the offer, close the shortfall process early, extend the closing date or withdraw the offer.
Proceeds are intended to be invested in line with the company's global long-short strategy, which combines long and short positions across global equities based on company and industry research. The board has stated an intention to pay fully franked dividends of at least 8.0 cents per share for the 2027 financial year, in quarterly instalments of 2.0 cents, subject to board approval and available profits. Shareholders who do not participate may face dilution as additional shares are issued.
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