Global Masters Fund Limited-GFL Convertible Notes Quarterly Update

Global Masters Fund Limited (ASX: GFL) released a price-sensitive quarterly report to the Trustee and ASIC for the GFL Convertible Notes (ASX: GFLGA) for the period ended 31 December 2025. The company confirmed the conversion price remains unchanged at $3.10 per share. During the quarter, 303,665 notes were converted into ordinary shares. As of quarter-end, total debt stood at $8.30 million, with cash and cash equivalents of $2.63 million and marketable securities with a market value of $60.60 million. This resulted in a low loan-to-value ratio of 9.36%, reflecting a conservative balance sheet position. The company confirmed full compliance with the terms of the Notes, the Trust Deed, and the Corporations Act, and reported no adverse events, enforcement triggers, or material changes to the business during the period.

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