Mirrabooka Investments (MIR) Investor Update summary

Entitlement offer details and rationale

• Launching a one-for-seven rights issue to raise up to AUD 85 million at AUD 3.06 per share, a 5% discount to the current share price, with shares eligible for a 6.5 cent dividend in August, subject to board approval in July 2025.

• The offer is non-renounceable, structured for fairness and simplicity, allowing shareholders to apply for additional shares beyond their entitlement, subject to scale-back, and closes on June 2, 2025.

• Scale-back decisions will be guided by external advice to ensure fairness, with directors only taking up their full entitlement and not topping up.

Market environment and investment approach

• Recent and expected market volatility, driven by U.S. tariff announcements and trade negotiations, is creating both challenges and opportunities.

• Additional capital is sought to capitalize on increased volatility and investment opportunities in early 2025.

• The investment team remains patient, prioritizing long-term returns and flexibility, and is not in a rush to deploy new capital given current market levels.

Recent investment activity and opportunities

• AUD 72 million was invested across 40 stocks in 2025 year-to-date, with significant positions in companies like Macquarie, ARB, GrainCorp, Treasury Wine Estates, and Cleanaway.

• Policy uncertainty is impacting business decisions and may lead to earnings downgrades and higher inflation.