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Urbanise.com Limited (ASX:UBN) has applied for the quotation of 21,333 fully paid ordinary shares on the Australian Securities Exchange following an employee's conversion of restricted share appreciation rights on 20 July 2026. These shares were issued at a nominal exercise price of $0.45 per right, with the number of shares calculated based on the difference between the 10-day volume-weighted average price (VWAP) and the exercise price. Post-quotation, Urbanise.com's total issued capital now stands at 78,936,424 ordinary shares.
Key Highlights
- Urbanise.com Limited (UBN) seeks ASX quotation for 21,333 fully paid ordinary shares
- Shares issued following conversion of 111,579 restricted share appreciation rights exercised on 20 July 2026
- Conversion based on 10-day VWAP of $0.6412 versus $0.45 exercise price, resulting in 21,333 shares issued
- New shares subject to trading restrictions until 31 August 2026
- Post-issuance, total ordinary shares quoted on ASX amount to 78,936,424
Detailed Overview of Restricted Share Appreciation Rights Conversion at Urbanise.com
Urbanise.com Limited has submitted an application for quotation of 21,333 ordinary fully paid shares arising from the conversion of restricted share appreciation rights granted to an employee under the company's employee share plan. The conversion took place on 20 July 2026 when the employee exercised 111,579 rights at an exercise price of $0.45 each. The resulting share issuance was calculated using a market-based formula rather than a direct one-to-one ratio.
The company calculated the number of shares issued by multiplying the total rights exercised (111,579) by the difference between the 10-day VWAP on the exercise date ($0.6412) and the exercise price ($0.45), equating to a $0.1912 per right value. This calculation resulted in 21,333 shares being issued. This method aligns with standard share appreciation rights structures, where employees benefit from the increase in share price between grant and exercise dates.
Employee Incentive Scheme and Share Restriction Details
The restricted share appreciation rights converted were part of Urbanise.com's formal employee share plan, designed to align employee incentives with shareholder value and support retention. Although the company did not disclose the original grant date or vesting schedule for these rights, the issuance reflects common compensation practices within the technology and software services sectors.
The newly issued shares will remain restricted from trading until 31 August 2026, approximately five weeks post-issue, to prevent immediate market disposal and promote shareholding stability. The company has not specified if similar restrictions apply to other participants or if this period is standard across all conversions under the plan.
Impact on Capital Structure and Outstanding Securities
Following the quotation of these shares, Urbanise.com's total quoted ordinary fully paid shares on the ASX now total 78,936,424, representing a modest increase in share capital. The newly issued shares rank equally with existing ordinary shares, aside from the temporary trading restriction.
Additionally, Urbanise.com holds 1,334,097 performance rights and 23,161,674 restricted share appreciation rights outstanding, indicating potential for further share issuances as employees exercise vested rights. The company has not disclosed participant numbers, vesting schedules, or timelines for these outstanding rights.
Correction of Previous Appendix 2A Filing
Urbanise.com corrected a prior Appendix 2A filing lodged on 21 July 2026, which inaccurately reported the issuance of 111,579 shares for 111,579 rights. The updated filing on 22 July 2026 clarifies that 21,333 shares were issued from the exercise of 111,579 rights, reflecting the correct calculation based on the VWAP differential. This correction underscores the company's commitment to accurate regulatory compliance.
The company emphasized that across both filings, a total of 111,579 rights were exercised resulting in 21,333 shares issued, rectifying the initial misstatement.
Valuation and Exercise Price Details
The exercise price applied was $0.45 per restricted share appreciation right, with the company valuing consideration per security at $0.450000 AUD. The intrinsic value realized by the employee at exercise was approximately $0.1912 per share, derived from the difference between the 10-day VWAP ($0.6412) and the exercise price.
The 10-day VWAP approach provides a fair valuation by smoothing price volatility, consistent with standard equity compensation practices. The company did not disclose the original grant price or whether the rights were granted in-the-money or out-of-the-money.
Company Profile and Market Position
Urbanise.com Limited (ACN 095768086) operates within the property and real estate technology industry, delivering digital SaaS platforms that facilitate property transactions, management, and stakeholder communication. Listed on the ASX under ticker UBN, the company has a long-standing registration history.
Its employee equity compensation strategy, including performance rights and restricted share appreciation rights, reflects a structured approach to incentivizing and retaining talent by aligning employee rewards with shareholder returns.
Outlook on Future Conversions and Share Dilution
With 23,161,674 restricted share appreciation rights still outstanding after this conversion, Urbanise.com may see further share issuances as employees exercise vested rights. The company has not disclosed vesting schedules or expected exercise timelines. Investors should monitor future Appendix 2A filings to assess potential dilution and changes in share capital.
While equity conversions support employee retention and motivation, cumulative exercises can lead to meaningful dilution. No guidance was provided on the total shares potentially issuable if all outstanding rights were converted under the current VWAP methodology.
Trading Restrictions and Market Impact
The 21,333 shares issued will remain under trading restrictions until 31 August 2026, preventing immediate sale and encouraging longer-term ownership. Although the volume is small relative to total shares outstanding, the aggregate effect of multiple such restrictions lifting may impact market liquidity.
The company has not disclosed intentions regarding share disposition post-restriction or the timing of lifting restrictions on other employee shares. Market participants are advised to monitor announcements for potential supply-side pressures on the share price.
Regulatory Compliance and Governance
Urbanise.com's application for quotation complies with ASX Listing Rules, with the submission of Appendix 2A forms ensuring continuous disclosure and regulatory adherence. The correction of the prior filing demonstrates proactive governance and transparency.
However, the initial filing error highlights the complexity of equity calculations and the importance of robust internal controls for managing regulatory submissions related to share appreciation rights conversions.
