Announcement • Sep 17
Eildon Capital Fund, Annual General Meeting, Nov 26, 2025 Eildon Capital Fund, Annual General Meeting, Nov 26, 2025. Announcement • Sep 08
Samuel Terry Absolute Return Active Fund managed by Samuel Terry Asset Management Pty Ltd proposed to acquire remaining 36.91% stake in Eildon Capital Fund (ASX:EDC) for AUD 13.1 million. Samuel Terry Absolute Return Active Fund managed by Samuel Terry Asset Management Pty Ltd proposed to acquire remaining 36.91% stake in Eildon Capital Fund (ASX:EDC) for AUD 13.1 million on September 8, 2025. A cash consideration valued at AUD 0.8 per share will be paid by Samuel Terry Absolute Return Active Fund and Samuel Terry Asset Management Pty Ltd. As at the date of this Bidder's Statement, the Fund has cash deposits at bank of approximately AUD 100 million, which will be available to Bidder to satisfy its obligation to pay the Offer Amount and associated transaction costs. Samuel Terry Asset Management Pty Ltd, during or at the end of the Offer Period, acquiring a Relevant Interest in at least 90.80% of the EDC Stapled Securities Eildon Capital Group Board is considering the Offer and at this time the Board recommends that securityholders take no action in relation to the Offer and STAM’s bidder’s statement. The Board intends to form an independent board committee to evaluate and respond to the Offer. Further details will be provided to securityholders in due course. Allens acted as legal advisor for Samuel Terry Asset Management Pty Ltd. Boardroom Pty Limited acted as transfer agent/registrar for Samuel Terry Asset Management Pty Ltd. Reported Earnings • Aug 27
Full year 2025 earnings released: AU$0.035 loss per share (vs AU$0.003 profit in FY 2024) Full year 2025 results: AU$0.035 loss per share (down from AU$0.003 profit in FY 2024). Net loss: AU$1.65m (down AU$1.78m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Announcement • Jun 30
Eildon Capital Group Announces Resignation of Mark Avery as Non-Executive Director Eildon Capital Group announced the resignation of Mr. Mark Avery as a Non-Executive Director of Eildon Capital Limited and its controlled entities, effective immediately. Mr. Avery served as Managing Director from February 2017 to April 2022, and subsequently as a Non-Executive Director. Following Mr. Avery's resignation, the Board now comprises an Independent Chairman, one Independent Director, and one Non-Independent Director. Declared Dividend • Jun 26
First half dividend of AU$0.024 announced Shareholders will receive a dividend of AU$0.024. Ex-date: 27th June 2025 Payment date: 22nd July 2025 Dividend yield will be 7.7%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (dividend approximately 7x free cash flows). The dividend has increased by an average of 4.8% per year over the past 8 years. However, payments have been volatile during that time. Reported Earnings • Feb 27
First half 2025 earnings released: AU$0.014 loss per share (vs AU$0.004 loss in 1H 2024) First half 2025 results: AU$0.014 loss per share (further deteriorated from AU$0.004 loss in 1H 2024). Net loss: AU$666.8k (loss widened 275% from 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Declared Dividend • Dec 21
Final dividend increased to AU$0.04 Dividend of AU$0.04 is 14% higher than last year. Ex-date: 24th December 2024 Payment date: 22nd January 2025 Dividend yield will be 8.5%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 28x earnings) nor is it covered by cash flows (325% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3,025% to bring the payout ratio under control. However, EPS has declined by 51% over the last 5 years so the company would need to reverse this trend. Announcement • Dec 19
Eildon Capital Fund Announces Fully Franked Dividend and Distribution for the Half Year Ending 31 December 2024, Payable on 22 January 2025 The directors of Eildon Capital Group announced a fully franked dividend and distribution for the half year ending 31 December 2024 totaling 4.0 cents per stapled security. This will be made up of a 3.4 cents per security fully franked dividend which will be paid by Eildon Capital Limited (ECL) and a 0.6 cents per security distribution from the Eildon Capital Trust (ECT). The timetable for the dividend/distribution payment is as follows: Ex-distribution Date is 24 December 2024. Record Date is 27 December 2024. Payment date of distribution is 22 January 2025. New Risk • Dec 19
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: AU$7.9m (US$4.9m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Dividend per share is over 28x earnings per share. Cash payout ratio: 325% Earnings have declined by 53% per year over the past 5 years. Minor Risks Revenue is less than US$5m (AU$7.9m revenue, or US$4.9m). Market cap is less than US$100m (AU$43.5m market cap, or US$27.1m). Announcement • Sep 19
Eildon Capital Fund, Annual General Meeting, Nov 27, 2024 Eildon Capital Fund, Annual General Meeting, Nov 27, 2024. Reported Earnings • Aug 27
Full year 2024 earnings released Full year 2024 results: Revenue: AU$7.94m (down 14% from FY 2023). Net income: AU$128.0k (up AU$1.00m from FY 2023). Profit margin: 1.6% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Announcement • Jul 30
Eildon Capital Fund Provides Earnings Guidance for the Financial Year Ended 30 June 2024 Eildon Capital Fund provided earnings guidance for the financial year ended 30 June 2024. For the period, the company expects net profit after tax, before the impact from the divestment of management rights and co-investments adjustments, to be in the range of $3.1 to $3.3 million (30 June 2023: $3.3 million), subject to final adjustments and completion of the Group's audit for the period. Announcement • Nov 29
Eildon Capital Limited Announces Resignation of Ms. Michelle Phillips as Non-Executive Director The Board of Eildon Capital Limited advised the resignation of Ms. Michelle Phillips as a Non-Executive Director of the Company and its controlled entities (Group) with effect from 27 November 2023. The Board would like to thank Ms. Phillips for her outstanding contribution as an Independent Director over the past 7 years since prior to the listing of the Company in 2017 and for her role on several pivotal transactions, including the internalisation of Eildon Funds Management Limited and the restructure of the Group to a stapled entity. Most recently, Ms. Phillips served as a member of the Independent Board Committee in relation to the off-market takeover bid for the Group by Samuel Terry Asset Management Pty Ltd. as trustee for Samuel Terry Absolute Return Active Fund. In light of Ms. Phillip's resignation, the Board now comprises an Independent Chairman, one Independent Director and two Non-Independent Directors (as `independent' is defined in the ASX Corporate Governance Principles). Announcement • Oct 19
Eildon Capital Fund, Annual General Meeting, Nov 21, 2023 Eildon Capital Fund, Annual General Meeting, Nov 21, 2023, at 11:01 AUS Eastern Standard Time. Location: Boardroom, Level 3, 257 Collins Street VIC 3000 Melbourne Australia Agenda: To consider Adoption of Remuneration Report; to consider Election of Frederick Woollard as a Director of the Company; to consider Election of Mark Avery as a Director of the Company; to consider Increase annual limit for non-executive directors' fees; to consider On-market buy-back; to consider 7.1A additional placement capacity; and to consider Approval of Employee Incentive Plan. New Risk • Aug 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 38% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 23% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (158% payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (3.5% increase in shares outstanding). Market cap is less than US$100m (AU$45.2m market cap, or US$29.0m). Reported Earnings • Aug 26
Full year 2023 earnings released: EPS: AU$0.038 (vs AU$0.048 in FY 2022) Full year 2023 results: EPS: AU$0.038 (down from AU$0.048 in FY 2022). Revenue: AU$7.99m (down 34% from FY 2022). Net income: AU$2.08m (down 7.1% from FY 2022). Profit margin: 26% (up from 18% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Aug 13
Eildon Capital Fund Provides Earnings Guidance for the Full Year Ended 30 June 2023 Eildon Capital Fund provided earnings guidance for the full year ended 30 June 2023. The company provide guidance that the statutory net profit after tax to securityholders for the full year ended 30 June 2023 is expected to be in the range of $1.9 million to $2.1 million, subject to final adjustments and completion of the audit. Announcement • Jun 27
Eildon Capital Group Appoints Frederick Woollard as Non-Independent, Non-Executive Director The Board of Eildon Capital Group announced the appointment of Mr. Frederick Woollard as a non-independent, non-executive director of the Group. Mr. Woollard is the nominee of Samuel Terry Asset Management Pty Ltd. as trustee for Samuel Terry Absolute Return Active Fund (STAM), being the majority securityholder of the Group. Mr. Woollard has considerable experience in funds management and is Managing Director and Founder of STAM. Mr. Woollard has worked in financial markets since 1981. Prior to founding Samuel Terry in 2003, he worked for Hunter Hall International Limited. Mr. Woollard also has an Economics degree from University of Sydney. The Board now comprises an Independent Chairman, two Independent Directors and two Non-Independent Directors (as `independent' is defined in the ASX Corporate Governance Principles). Reported Earnings • Feb 25
First half 2023 earnings released: EPS: AU$0.002 (vs AU$0.017 in 1H 2022) First half 2023 results: EPS: AU$0.002 (down from AU$0.017 in 1H 2022). Revenue: AU$4.45m (down 24% from 1H 2022). Net income: AU$115.4k (down 85% from 1H 2022). Profit margin: 2.6% (down from 14% in 1H 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Feb 04
Eildon Capital Fund Provides Earnings Guidance for the Half Year Ended December 31, 2022 Eildon Capital Fund provided earnings guidance for the half year ended December 31, 2022. For the period, the company expects net profit after tax to securityholders to be in the range of $1.9 million - $2.1 million (31 December 2021: $1.93 million excluding revaluation gains). This result remains subject to final adjustments and completion of the audit for the period. Announcement • Dec 22
Eildon Capital Group Announces a Distribution for the Quarter Ending 31 December 2022, Payable on 24 January 2023 The directors of Eildon Capital Group announced a distribution for the quarter ending 31 December 2022 of 1.50 cents per stapled security which will be paid from Eildon Capital Trust (ECT). No dividend is being paid from Eildon Capital Limited. Ex-distribution Date of 23 December 2022. Record Date of 28 December 2022. Payment date of distribution of 24 January 2023. Announcement • Oct 17
Eildon Capital Fund, Annual General Meeting, Nov 17, 2022 Eildon Capital Fund, Annual General Meeting, Nov 17, 2022, at 14:00 AUS Eastern Standard Time. Location: Hall & Wilcox, Level 11, Rialto South Tower, 525 Collins Street, Melbourne, VIC 3000 Melbourne Australia Agenda: To consider Adoption of Remuneration Report; to consider Election of Directors; o approve Increase annual limit for non-executive directors' fees;. Reported Earnings • Aug 25
Full year 2022 earnings released: EPS: AU$0.048 (vs AU$0.024 in FY 2021) Full year 2022 results: EPS: AU$0.048 (up from AU$0.024 in FY 2021). Revenue: AU$12.2m (up 15% from FY 2021). Net income: AU$2.24m (up 123% from FY 2021). Profit margin: 18% (up from 9.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Jul 20
Eildon Capital Fund Provides Earnings Guidance for the Full Year Ended 30 June 2022 Eildon Capital Fund provided earnings guidance for the full year ended 30 June 2022. For the period, the company expects net profit after tax to securityholders will be in the range of $6.0 - $6.1 million (30 June 2021: $4.9 million). Announcement • Jun 28
Eildon Capital Fund Declares Dividend for the Quarter Ending June 30, 2022, Payable on July 22, 2022 The directors of Eildon Capital Group announced that they have resolved to pay a distribution from Eildon Capital Trust for the quarter ending on 30 June 2022 of 1.5 cents per stapled security. The distribution is currently an estimate, and will be finalised prior to payment. The dividend and distribution reinvestment plan (DRP) will be applicable for this distribution. Payment date of distribution and expected issue date of stapled securities under the DRP as July 22, 2022 and Ex-distribution date is 5 July 2022 and record date is 6 July 2022. Reported Earnings • Feb 26
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: AU$0.017 (up from AU$0.01 in 1H 2021). Revenue: AU$5.84m (up 35% from 1H 2021). Net income: AU$788.6k (up 97% from 1H 2021). Profit margin: 14% (up from 9.3% in 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jan 24
Eildon Capital Fund Provides Profit Guidance for the Half Year Ended 31 December 2021 Eildon Capital Fund provided profit guidance for the half year ended 31 December 2021 . For the period, the company expects net profit after tax to securityholders to be in the range of $2.5 million 2.8 million (31 December 2020: $2.5 million). This result remains subject to the final adjustments and completion of the audit for the period. Upcoming Dividend • Dec 28
Upcoming dividend of AU$0.02 per share Eligible shareholders must have bought the stock before 04 January 2022. Payment date: 24 January 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.6%. Within top quartile of Australian dividend payers (5.5%). Higher than average of industry peers (3.2%). Announcement • Dec 16
EAM Caboolture Property Fund, managed by Eildon Capital Fund (ASX:EDC) acquired Coles Anchored Shopping Centre and Large Format Retail Centre in Caboolture, Queensland. EAM Caboolture Property Fund, managed by Eildon Capital Fund (ASX:EDC) acquired Coles Anchored Shopping Centre and Large Format Retail Centre in Caboolture, Queensland on December 15, 2021. The Property has been independently valued at AUD 5.8 million on completion. The acquired property will be known as the 'Caboolture Shopping Village' and is anticipated to be completed and opened for trading in around November 2022.
EAM Caboolture Property Fund, managed by Eildon Capital Fund (ASX:EDC) completed the acquisition of Coles Anchored Shopping Centre and Large Format Retail Centre in Caboolture, Queensland on December 15, 2021. Reported Earnings • Aug 25
Full year 2021 earnings released: EPS AU$0.024 (vs AU$0.091 in FY 2020) The company reported a mediocre full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: AU$10.6m (up 36% from FY 2020). Net income: AU$1.01m (down 75% from FY 2020). Profit margin: 9.5% (down from 53% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Mar 20
Eildon Capital Fund has completed a Follow-on Equity Offering in the amount of AUD 6.3242 million. Eildon Capital Fund has completed a Follow-on Equity Offering in the amount of AUD 6.3242 million.
Security Name: Stapled Securities
Security Type: Common Stock
Securities Offered: 6,140,000
Price\Range: AUD 1.03
Discount Per Security: AUD 0.0206
Transaction Features: Subsequent Direct Listing Reported Earnings • Feb 24
First half 2021 earnings released: EPS AU$0.01 (vs AU$0.072 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: AU$4.33m (down 18% from 1H 2020). Net income: AU$401.0k (down 88% from 1H 2020). Profit margin: 9.3% (down from 62% in 1H 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jan 22
Eildon Capital Fund Appoints Ms. Lulu Yang as the Head of Distribution and Investor Relations for Unlisted Funds Eildon Capital Fund announced that the appointment of Ms. Lulu Yang as the Head of Distribution and Investor Relations for unlisted funds, representing a further strategic appointment as the Group continues to build its funds management operations. Announcement • Jan 14
Eildon Capital Limited Appoints Tiffany Mclean as Company Secretary Eildon Capital Group announced the appointment of Ms. Tiffany McLean as joint Company Secretary of Eildon Capital Limited. Ms McLean is a corporate lawyer with 15 years' experience in corporate governance, compliance and capital raisings and has held roles in private practice in Australia and in-house legal in the UK. She has provided legal services to the Group since 2018, including investments made by the Group and the successful implementation of the internalisation of Eildon Funds Management Limited (EFM). Is New 90 Day High Low • Dec 15
New 90-day high: AU$1.05 The company is up 17% from its price of AU$0.90 on 09 September 2020. The Australian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 11% over the same period. Announcement • Nov 21
Eildon Capital Fund Announces Cessation of John Hunter as Director Eildon Capital Fund announced cessation of John Hunter as director. Date that director ceased to be director is 17 November 2020. Announcement • Nov 20
Eildon Capital Fund Announces Cessation of Jonathan Sim as Director Eildon Capital Fund announced cessation of Jonathan Sim as director. Date that director ceased to be director is 17 November 2020. Is New 90 Day High Low • Nov 06
New 90-day high: AU$0.97 The company is up 11% from its price of AU$0.87 on 07 August 2020. The Australian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 4.0% over the same period. Reported Earnings • Oct 26
Full year earnings released - EPS AU$0.091 Over the last 12 months the company has reported total profits of AU$4.09m, down 6.8% from the prior year. Total revenue was AU$7.79m over the last 12 months, up 2.0% from the prior year. Profit margins were 53%, which is lower than the 57% margin from last year. The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Sep 29
New 90-day high: AU$0.96 The company is up 1.0% from its price of AU$0.95 on 01 July 2020. The Australian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 2.0% over the same period. Announcement • Sep 26
Eildon Capital Limited Forms Independent Board Committee The board of Eildon Capital Limited formed an independent board committee (IBC) comprising Mr. James Davies, Ms. Michelle Harpur and Mr. Craig Treasure to consider the Internalization proposal on behalf of the Group. 
