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 Marlin 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 2010, Marlin announced a new long-term distribution policy. Under the policy Marlin will pay shareholders 2% per quarter of its average NAV.  

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

March 2024 1.86cps
December 2023 1.83cps
September 2023 1.82cps
June 2023 1.75cps
March 2023 1.66cps
December 2022 1.85cps
September 2022 1.85cps

A full history of Marlin dividends is available.


Marlin has a clear advantage over many other listed entities through their Portfolio Investment Entity (PIE) tax status. As a listed PIE, Marlin 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 Marlin 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 trading days on which the Shares trade ex-entitlement for the relevant dividend or distribution). Furthermore, shares issued under the DRP do not incur brokerage costs.

How to participate in the DRP:

  • Read the DRP Offer Document
  • Download the Participation Notice
  • Post or email the completed Participation Notice to Marlin's Share Registrar:
    Computershare Investor Services Limited
    Level 2, 159 Hurstmere Road
    Private Bag 92119
    Auckland 1142
    Email: [email protected]

Share Buybacks

The Board of Marlin Global Limited has a buyback programme in place whereby Marlin shares (MLN) are purchased on market by the company within certain parameters determined by the Board. 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.

Buybacks work well in circumstances where excessive discounts to NAV exist, as it adds value for shareholders by purchasing undervalued shares in the company. Marlin will only buy back shares if the discount to the last published net asset value, after adjusting for any changes in the S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD) since the last published net asset value, is greater than 6%.

Shares purchased under the policy are held as treasury stock and are available to be utilised under the dividend reinvestment plan, to the extent permitted by law.


On 10 November 2023, Marlin Global warrant holders had the option to convert their warrants into ordinary Marlin Global shares at an exercise price of $0.92 per warrant.

The new shares were allotted to warrant holders on 15 November 2023. All new shares have the same rights as current Marlin Global shares, including participating in the company’s quarterly dividend policy.

The remaining warrants which were not exercised have now lapsed, and all rights in regard to them have now expired.

The additional funds will be invested in Marlin Global’s current investment portfolio of stocks.

Previous warrant issues:


Exercise Price

Exercise Date / Exercise Period

Total % Exercised



10 November 2023




20 May 2022




6 November 2020




12 April 2019




5 August 2016




15 December 2009 to 31 October 2010


What is a warrant?

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