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WAM Income Maximiser Limited (WMX) has declared a fully franked ordinary dividend of AUD 0.0068 per share, payable on 31 December 2026. This distribution covers the one-month period ending 31 December 2026 and carries a full franking credit at the 30% corporate tax rate. Shareholders may choose to reinvest their dividends via the company's Dividend Reinvestment Plan (DRP) or opt for cash payments.
Key Points
- WAM Income Maximiser Limited (WMX) is an income-focused investment company listed on the Australian Securities Exchange.
- The company announced an ordinary dividend of AUD 0.0068 per fully paid ordinary share, fully franked at 30%.
- Important dates include the ex-dividend date on 16 December 2026, record date on 17 December 2026, and payment scheduled for 31 December 2026.
- A Dividend Reinvestment Plan with no discount is offered; DRP election deadline is 21 December 2026 at 17:00 AEDT, with shares issued on 31 December 2026.
WAM Income Maximiser's Monthly Distribution Approach and Income Strategy
WAM Income Maximiser Limited operates as an Australian investment company dedicated to providing shareholders with steady income through regular dividend payments. The company’s business model focuses on generating income from its investment portfolio and distributing profits consistently. The recently announced distribution represents the December 2026 monthly payout, reinforcing the company’s commitment to steady income generation throughout the year.
The AUD 0.0068 per share dividend exemplifies WAM Income Maximiser’s strategy of delivering predictable monthly payments, offering investors reliable cash flow and demonstrating the company’s earnings capacity across its investment holdings. This one-month distribution ending 31 December 2026 aligns with the company’s ongoing monthly payout schedule, supporting its income maximisation goals.
Tax Advantages: Fully Franked Dividend and Franking Credits
The entire AUD 0.0068 per share dividend is fully franked at the 30% corporate tax rate, granting Australian shareholders franking credits to offset their tax liabilities. Full franking means the company has already paid tax on the earnings distributed, allowing eligible investors to claim these credits in their tax returns. This tax-efficient structure enhances after-tax returns, particularly benefiting retirees and pension funds able to fully utilise franking credits.
With a 100% franking level, WAM Income Maximiser confirms it has sufficient taxable profits to fully frank the dividend. The distribution contains no unfranked or conduit foreign income components, simplifying tax treatment for shareholders. For income-focused investors seeking tax-effective returns, the fully franked status offers a significant advantage beyond the nominal dividend amount.
Dividend Reinvestment Plan Details and Important Election Dates
WAM Income Maximiser provides shareholders the option to participate in a Dividend Reinvestment Plan (DRP), allowing dividends to be automatically reinvested in additional company shares without brokerage fees. The DRP operates with zero discount on the reinvestment price, meaning shares are issued at full market value.
Shareholders must submit DRP election notices by 17:00 AEDT on Monday, 21 December 2026. Those who do not elect participation will receive cash dividends by default on 31 December 2026. The reinvestment price is based on the volume-weighted average price (VWAP) of WMX shares traded on the ASX over the four trading days starting 16 December 2026. New shares issued under the DRP will be allocated on 31 December 2026 and will rank equally with existing shares.
Critical Dates for the December 2026 Dividend Distribution
Key dates for shareholders include the ex-dividend date on 16 December 2026, which is the last day to purchase shares to qualify for the dividend. The record date on 17 December 2026 finalises the shareholder register for distribution entitlement. The dividend payment date is set for 31 December 2026.
The DRP election deadline on 21 December 2026 at 17:00 AEDT provides shareholders ample time to decide on reinvestment. Shares issued through the DRP will coincide with the cash payment date, ensuring a seamless reinvestment process.
Dividend Amount and Calculation Methodology
The declared dividend of AUD 0.0068 per fully paid ordinary share applies uniformly to all shares on record as of 17 December 2026. Each shareholder’s entitlement is calculated by multiplying this per-share amount by their shareholding at the record date.
This monthly dividend framework supports WAM Income Maximiser’s strategy of distributing income regularly throughout the year, differing from traditional annual or semi-annual dividend schedules. The consistent monthly payouts provide shareholders with frequent income or reinvestment opportunities.
Reinvestment Price Determination Using Four-Day VWAP
For DRP participants, the reinvestment price is determined by the volume-weighted average price (VWAP) of WMX shares traded over four ASX trading days starting on the ex-dividend date, 16 December 2026. The VWAP method reflects actual market trading activity and ensures shares are issued at a fair market value without discounts.
The VWAP calculation period overlaps with the DRP election deadline on 21 December 2026 at 17:00 AEDT. This transparent pricing approach is standard among Australian listed companies offering DRPs and guarantees fairness to shareholders.
Regulatory Compliance and Approval Status
WAM Income Maximiser has confirmed that no external regulatory approvals are necessary for this dividend distribution. The company does not require security holder approval, court orders, ASIC filings, ACCC clearance, or FIRB approval for this ordinary dividend.
This distribution is classified as an ordinary dividend related to fully paid ordinary shares and complies with ASX reporting requirements via Appendix 3A.1. The announcement was lodged on 23 July 2026, providing shareholders with advance notice. The absence of additional approvals underscores the routine nature of the monthly dividend within the company’s established policy.
Shareholder Options: Cash Payment or DRP Participation
Shareholders who opt not to participate in the DRP will automatically receive cash payments on 31 December 2026 without needing to take any action. This default ensures timely dividend receipt even if shareholders miss the DRP election deadline.
The DRP offers flexibility, allowing shareholders to reinvest dividends to grow their equity or take cash for other uses. There are no minimum or maximum participation limits, making the plan accessible to all shareholders regardless of portfolio size.
Investor Considerations and Timeline for December Dividend
Investors should note the ex-dividend date of 16 December 2026 as the cutoff for dividend eligibility. Purchases made on or after this date will not qualify for the December dividend. Shareholders on record by 17 December 2026 will receive the distribution.
The DRP election deadline of 21 December 2026 at 17:00 AEDT requires timely action for reinvestment. Shares issued under the DRP will be priced using the VWAP over 16–21 December 2026 with no discount. The payment date of 31 December 2026 ensures dividends are received before year-end, aiding tax and cash flow planning for the 2026–27 financial year.
