Barramundi's undiluted NAV dips slightly; warrant exercise on horizon

Barramundi (NZX:BRM) reported its undiluted Net Asset Value (NAV) at $0.7053 as of September 24, 2025, a slight decrease from $0.7125 on September 17, 2025. The company's share price closed at $0.70 on September 24, 2025, and $0.71 on September 17, 2025, maintaining a 1% discount for both periods. This unaudited NAV is net of fees and tax, with treasury stock currently at nil.

A significant detail for investors is the outstanding 85,179,108 warrants (BRMWI) set to be exercised on August 7, 2026. The exercise price for these warrants is $0.70, adjusted by dividends declared between August 7, 2025, and the exercise date announcement. To date, 1.41 cents per share in dividends have been declared, with three more expected before the August 2026 exercise price announcement.

Barramundi, managed by Fisher Funds, invests in Australian growth companies and aims to provide competitive returns through capital growth and dividends. Its top five portfolio holdings as of September 24, 2025, include CSL (8%), WiseTech (7%), Xero (6%), Macquarie Group (5%), and Seek (5%). The company was listed on the NZX Main Board on October 26, 2006.