Share Price*
as at 17/06/2019
Warrant Price*
as at 17/06/2019
Latest NAV
as at 12/06/2019
Ex-dividend NAV (after deducting 1.31cps dividend payable)
*updated every 20 minutes

Capital Management Strategies

Dividends | Share Buybacks | Warrants

One of the key ways the Board can add value for shareholders is through proactive capital management strategies. The objective is to increase total shareholder return and maintain the discount/premium to NAV within a reasonable range.

The Board of Barramundi have implemented the following capital management strategies:

  • Regular dividend programme
  • Opportunity to partake in our Dividend Reinvestment Plan
  • Share buyback programme
  • Warrant issues


In August 2009, Barramundi announced a new long-term distribution policy. Under the policy Barramundi will pay shareholders 2% per quarter of its average NAV.  

The payments are made in March, June, September and December.

December 2018

1.42 cps

September 2018

1.40 cps

June 2018

1.33 cps

March 2018

1.38 cps

December 2017

1.31 cps

September 2017

1.30 cps

June 2017

1.31 cps

A full history of Barramundi dividends is available.


Barramundi has a clear advantage over many other listed entities through their Portfolio Investment Entity (PIE) tax status. As a listed PIE, Barramundi dividends will be tax-free to New Zealand resident shareholders. Refer to ‘What does PIE mean?’ under the FAQ section of the website for further information.

Imputation credits will be attached to dividends to the fullest extent possible.

Dividends paid by Barramundi may include dividends received, interest income, investment gains and/or return of capital.

Dividend Reinvestment Plan (DRP)

The DRP offers shareholders an alternative to cash dividends. Shareholders who don't require the regular income can elect to apply all or part of any cash dividends in subscribing for fully paid ordinary shares.

The advantage of enrolling in the plan is that shares issued under the DRP are at a 3% discount to the current market price (being the weighted average selling price on the first five days immediately following the ex-dividend date). Furthermore, shares issued under the DRP do not incur brokerage costs.

To participate in the DRP:

  • Request a personalised Participation Notice
  • Send the completed Participation Notice to Barramundi's Share Registrar:
    Computershare Investor Services Limited
    Private Bag 92119
    Victoria Street West
    Auckland 1142


Share Buybacks

The company will from time to time buyback its own shares on market if in the opinion of the Board the Barramundi share price does not appropriately reflect the company's underlying NAV.

Buybacks work well in circumstances where excessive discounts to NAV exist, as it adds value for shareholders by purchasing undervalued shares in the company. Barramundi will not buy back shares when the discount is below 8%.

The buyback period runs for 12 months from the date it is announced to the market. We currently have a share buyback policy in place until 31 October 2019.

Shares purchased under the policy are held as treasury stock and are available to be re-issued under the dividend reinvestment plan or to pay performance fees to the Manager.


On the 1 November 2018 the Directors of Barramundi announced that the company would undertake a pro rata offer of warrants to shareholders. Barramundi shareholders will be allotted one warrant for every four shares held on record date (31 October 2018).

Each warrant gives shareholders the right, but not the obligation to subscribe for one ordinary share in Barramundi on the exercise date (25 October 2019). The exercise price will be $0.64 less any dividends declared during the period up to the exercise date.

A copy of the Warrant Terms can be found here



Previous warrant issues:


Exercise Price

Exercise Date / Exercise Period

Total % Exercised



24 November 2017




6 May 2016




1 December 2009 to 27 October 2011




29 October 2007 to 18 February 2008


What is a warrant?

A warrant is the right, not the obligation, to purchase an ordinary share in Barramundi at a fixed price on a fixed date.