Ann: May 2024 Investment Update, page-2

With the WMI capital raising, that was oversubscribe ($90m from the original $75m), it seems that existing shareholders with their existing units have not benefited for the following reasons:

• payment on dividends straight away to the new units even though the new units did not contribute to the profit reserve
• In March - 60.4c profit reserve / share and dividend coverage of 5.8 years
• In April - 52.1 profit reserve / share and dividend coverage of 5 years. This before the payment of the dividend and inclusion of part of the new shares in the register
• In May - 40.1 profit reserve / share and dividend coverage of 3.9 years. Dividend of 5.25c paid and inclusion of all new shares in the register
• Based on the March figures a dividend payment of 8.7% of the profit reserve and without new shares would 55.5c and still a 5.2 year (without any loss in the months on the profit reserve
• But instead in two months (based on March profit reserve) approx. 33% of the profit reserve has been used (when only 8.7% was distributed to existing shares) and a decline of 1.3 years of dividend coverage.

How has this benefited existing shareholders and their existing shares? Why wasnt a special dividend considered, this would have benefited existing shareholders

It seems that Wilsons is more interested in increasing their management fees than being fair / beneficial to their existing shareholders.