Spheria Emerging Companies updates NTA figures and proposal discount

Spheria Emerging Companies Limited (ASX: SEC) reported its Net Tangible Asset (NTA) backing per share as of 31 August 2025. The pre-tax NTA was A$2.664 and the post-tax NTA was A$2.548, excluding deferred tax assets related to capitalised issue costs and income tax losses.

The company also provided an update regarding its reinstated conditional proposal to exchange SEC shares for units in the Spheria Australian Smaller Companies Fund. For the period from 1 April 2025 to 31 August 2025, the average daily NTA discount was 2.4%. The final average daily NTA premium/discount for the full measurement period ending 31 March 2026 will be determined in April 2026.

Additionally, Spheria Emerging Companies Limited released estimated daily pre-tax NTA figures for early September 2025. The estimated pre-tax NTA per share was A$2.657 as of 1 September 2025, and A$2.638 as of 2 September 2025. These daily estimates are unaudited and approximate, calculated based on the daily value of the company’s investment portfolio and cash balances, adjusted for various fees and estimated movements in operating costs and income taxes.