Tracking major capital raisings

Rio Tinto $US15.2 billion: 21-for-40 renounceable rights issue at $28.29-a-share was completed in mid-2009, although only 150 million of the new shares were through the ASX-listed version, raising $4.24 billion.

Wesfarmers $6.2 billion: $3.7 billion-plus placement and entitlement offer at $13.50 a share in February 2009, following a $2.5 billion entitlement offer in April 2008 bringing the total to $6.2 billion. Retail were offered opportunity to apply for additional shares in entitlement but $300 million in applications were cut back to $200 million using a formula of 1000 shares or 3 times the entitlement as explained in this announcement.

NAB $6 billion: $3 billion placement in November 2008 at $20 a share and then a further $250 million raised in a share purchase plan in December 2008 which was priced at $19.97 a share and brought the total raising to $3.25 billion. Backed up with another $2 billion institutional placement at $21.50 a share in July 2009, accompanied by an SPP capped at $750 million.

Westfield $5.96 billion: $2.9 billion placement at just $10.50 a share in February 2009, following on from the $3 billion 2-for-23 rights issues at $19.50 a share in June 2007. The entitlement offer was non-renounceable but both retail and institutional shareholders were promised a premium from the sale of shares not taken up. The retail take up was 15.7 million shares and the surplus of 22.9 million were sold into a bookbuild at $19.50. The institutional bookbuild fetched $19.60. Total raising $5.95 billion in 18 months, when include about $60 million from a share purchase plan at $10.04 a share in early 2009.

CBA $4.865 billion: $2 billion raised through institutional placement at $38 a share in October 2008 to fund BankWest acquisition and another $2 billion raised from institutions at $26 a share on December 18, 2008 with a share purchase plan that attracted applications of $865 million with no scale back. However, retail were still shafted twice because there was no SPP with the first raising and in the second they missed out on the $1.13 fully franked dividend that institutions pocketed.


ANZ $4.7 billion: completed a $2.5 billion institutional placement at $14.40-a-share in June 2009 and was then swamped with $2.2 billion worth of applications for its $15,000 SPP at the same price. Had proposed capping the SPP at $350 million but ended up accepting $1.85 billion of additional funds from its retail investors.

GPT $3.3 billion: $1.6 billion raised through a combination of entitlement offer and placement in October 2008, with the Singapore government emerging as the saviour investing more than $400 million. Retail was entitled to $518 million in the one-for-one offer at 60c but only took up $300 million with the shortfall going to the Singapore Government. Backed up with another $1.7 billion raising in May and June of 2009 which included a one-for-one entitlement offer at 35c, plus a $120 million placement.

Santos $3 billion: raised $2.06 billion institutions and underwriters and $937 million from retail investors through a 2-for-5 entitlement offer at $12.50 a share in June 2009.


Westpac $2.94 billion: $2.5 billion placement in December 2008 at $16 a share followed by a share purchase plan in January 2009 which pulled in an additional $442 million so total of $2.94 billion raised.

Asciano $2.532 billion: started with a $5000 SPP at $4.30-a-share in September 2008 which raised $103 million, although $79.5 million came from under-writer Goldman Sachs-JB Were. Dithered until mid-2009 when it unleashed a 1-for-1 entitlement offer at $1.10 to raise $769 million, plus $1.56 billion in institutional placements. Finished up with a $10,000 SPP to raise another $100 million in August 2009.

Stockland $2.28 billion: $300 million placement on October 7, 2008 at $5.30 a share, but then canned the subsequent share purchase plan because there was no alternative VWAP market pricing and the stock tanked. Came back with a far more comprehensive $1.98 billion raising at $2.70-a-share in May and June of 2009, which comprised a $200 million institutional placement and a 2-for-5 entitlement offer. Retail investors were offered $420 million but only took up 70% of the in-the-money offer.

QBE $2.24 billion: $2.1 billion placement on November 28, 2008 at $20.50 a share to fund acquisitions and then raised additional $114 million in a heavily scaled back share purchase plan.

CSL $2.143 billion: $2 billion placement to fund US acquisition in August 2008 at $36.75 a share and then followed up with $143 million raised through a share purchase plan, bringing the total to $2.143 billion.

Alumina $1.876 billion: raised $910 million through a renounceable 5-for-19 offer at $3 a share in September 2008 which saw retail investors who didn't participate receive a 35c premium courtesy of the institutional bookbuild. Backed this up with a $976 million raising through a 7-for-10 offer at $1 a share in May 2009 which included an excessive scale back of retail investors who applied for extra stock and no compensation for those who didn't participate.

Bluescope Steel $1.826 billion: $300 million institutional placement at $3.10 a share in December 2008 and then a further $113 million raised in a follow-on share purchase plan in early 2009. However, that was dwarfed in May and June of 2009 with a $1.413 billion entitlement offer at $1.55 a share, including $613 million from retail investors.

Primary Healthcare $1.758 billion: initially raised $184.5 million through an institutional placement at $11.90 a pop on November 9, 2007 with no SPP for retail. Then came a $1.231 billion entitlement offer at $5.40 in early 2008 which only raised $70 million from retail but did return non-participants a 10c premium after an institutional book build. Followed up with a $315 million institutional placement at $5 in mid-2009 and then a $5000 SPP that only raised $27.5 million.

Amcor $1.611 billion: 4-for-9 entitlement offer at $4.30 a share in August 2009 with institutions raising $1.2 billion and the balance coming from retail investors.

Mirvac $1.6 billion: $500 million raising at 90c in late 2008 including a $72 million placement and 0.4-for-1 entitlement offer. This was followed by a $1.1 billion raising in mid-2009 which included a $153 million placement and a 5-for-9 entitlement offer at $1.10. The retail offer was only subscribed for $110 million or 63% although the under-writers bought the 65 million shares left over at $1.10 a share.

Goodman Group $1.278 billion: 1-for-1 entitlement offer at 40c in August 2009 to raise $1.11 bilion, plus a $167 million institutional placement. Another $500 million coming through a hybrid issue to the Chinese Government.

Transurban $1.211 billion: a straight $659 million placement to the Canadian government at $5.49 a share in June 2008 and the follow-up SPP at $5.46 in September 2008 only attracted $10 million from retail investors. Raised an additional $542 million through a 1-for-4 entitlement offer at $4.60 in May-June 2010, although the retail component fell $128 million short and was picked up by institutional underwriters.

Macquarie Group $1.209 billion: a rarity in that retail contributed more than institutions after an initial $540 million placement at $27 a share in May 2009 following by a $15,000 SPP at $26.60 in June that was swamped by $669 million worth of applications which were accepted in full.

Transpacific Industries $1.204 billion: raised $403 million in June 2007 at $13 a share through an institutional placement with no SPP for retail investors then almost went broke but saved by this comprehensive recapitalisation involving a 1.77-for-1 entitlement offer at $1.20 along with Warburg Pincus emerging as a new cornerstone shareholder in a package that raised $801 million.

Lend Lease $1.101 billion: completed an institutional placement on February 4, 2009 at $6.05 a share to strengthen the balance sheet but the shares then tanked to a 20-year low of $5.50 so they abandoned the SPP for retail investors. Came back in March 2010 with a 5-for-22 entitlement offer at $7.70 to raise $808 million after a series of development wins threatened its credit rating.

Dexus Property Group $1.06 billion: $300 million placement on December 3, 2008 at 77c a unit and then picked up an additional $11.5 million through the share purchase plan which was attractively priced at 70.67c. Followed up with a $749 million raising in April and May of 2009 but only $91 million came from retail investors in the 2-for-7 offer at 65c. Institutions were placed $90 million as part of this deal.

Suncorp $1.046 bilion: emergency raising in February 2009 at $4.50 a share with the retail component raising $191 million.

Lihir Gold $972 million: an early raising in April 2007 through an entitlement offer at $2.30 and a smaller $120 million placement at $2.80 to close out the hedge book.

Oilsearch $895 million: an institutional placement at $5.90 in October 2009 with SPP to come.


Australand $936 million: $461 million renounceable rights issue at 60c completed in September 2008. Singapore Government stepped up with $300 million as major shareholder but not much other support. No premium from the bookbuild for investors who declined to participate. Followed up with a $475 million 7-for-10 entitlement offer in August 2009 at just 40c a share, which included $80.3 million from retail investors and $15 million from under-writers.

Incitec Pivot $902 million: 5-for-13 entitlement offer at $2.50-a-share in late 2008. The stock hasn't taken off post-raising like many others courtesy of a profit warning.

Orica $899 million: the offer in August 2008 was a one-for-eight at $22.50 a share. Allowed retail shareholders to renounce into a bookbuild but only returned them 10c a share.

ConnectEast $871 million: revealed a one-for-one offer at 55c in December 2008 which saw professional tollroad investor and main underwriter CP2 finish with 27% of the company. All retail applications asking for additional shares over and above the entitlement were satisfied before CP2's underwriting kicked in. Came back with another $421 million 1-for-2 raising at 33c in August 2009.

ING Office $829 million: raised $414 million through a $150 million placement and 1-for-2.9 entitlement offer at 80c a share in December 2008 and then followed up with a 2-for-5 at 45c in mid-2009 to raise an additional $415 million.

Newcrest $809 million: $750 million institutional placement at $27 a share on February 2, 2009 with a follow-up $5000 share purchase plan which only brought in an extra $59 million.

Onesteel $789 million: the raising in April-May 2009 including a $240 million institutional placement at $1.80 a share, plus a 2-for-5 entitlement offer at $1.80. The retail component of $205 million was well short of the $319 million maximum as investors left plenty on the table whilst institutions cleaned up.


Graincorp $787 million: raised $60 million through an institutional placement at $6.25 a share in May 2009 but then left the door open for its follow-on SPP and was deluged such that even after a 50% scale back it raised an additional $138 million from retail investors, many of whom only bought in to take up the offer. Came back with a further $589 million raising in October 2009 through a $100 million placement and 9-for-10 entitlement offer at $5.65 to fund UMH acquisition.

Boart Longyear $756 million: a four-part capital raising unveiled in August 2009 which comprises a 1-for-1 entitlement offer at 27c, an unconditional $120 million insitutional placement, a $230 million institutional placement conditional on shareholder approval and then a $US75 million SPP for retail in October 2009 which ended up being scaled back by 35%.

CSR $733 million: did a $125 million placement in December 2008 at $1.40 a share and a one-for-four entitlement offer at the same price. Came back with a 7-for-40 entitlement offer at $1.66 in November 2009 to raise an additional $384 million.

ING Industrial Fund $700 million: one of the last to move in October 2009 with a $156 million placement, $318 million institutional 1-for-1 entitlement offer at 46c plus a fully under-written $226 million entitlement offer.

Axa Asia Pacific Holdings $666 million: $500 million placement at $2.85 in March 2009 followed by a $10,000 SPP which raised $166 million.

Fortescue Metals $645 million: placed 17.4% of the company with the Chinese Government at $2.48 a share raising $645 million in March 2009 but still hasn't offered the same deal to its loyal but unloved retail shareholders. See announcement.

AMP $559 million: started with a $450 million institutional placement at $5.30-a-share in late 2008 followed by a share purchase plan at $5.16 which raised $109 million.

Elders $550 million: with the company almost going under, the best the board could do was a hugely dilutive $400 million institutional placement at 15c a share in September 2009 and a $20,000 share purchase plan for retail investors which raised the maximum $150 million after being $13 million over-subscribed.

Insurance Australia Group $534 million: raised an initial $450 million through an institutional placement at $3 a share in February 2009 with a further $84.4 million raised through $5000 share purchase plan at the same price.

Macquarie Office $508 million: placement and one-for-one entitlement offer at the knock-down price of 20c in December 2008 in a bid to shore up its balance sheet and improve liquidity.

Qantas $526 million: $500 institutional placement million at $1.85 in February 2009 caused the shares to tank and the subsequent SPP was capped at $150 million but only raised $26 million at the bargain price of $1.51.

Gunns $479 million: raised $333 million from institutions through an accelerated 7-for-10 entitlement offer at $1.50 a share in August 2008 but then only an additional $1.4 million came through the door from the retail offer given the stock had tanked with the whole market after Lehman Brothers collapsed. Came back for another $145 million in September 2009 through a 1-for-4 at 90c with only $22 million coming from retail investors.

Bendigo & Adelaide Bank $475 million: $175 million institutional placement and share purchase plan at $10-a-share in December 2008 followed by a $300 million raising at $6.75 in August 2009.

AWB $459 million: $100 million placement and $359 million 1-for-1 entitlement offer at $1 announced in September 2009 which ended up heavily diluting retail courtesy of a $106 million retail shortfall as was explained here.

FKP $474 million: the troubled Queensland property player announced a $150 million 5-for-14 entitlement offer at $1.50 in October 2008 and then came back with a $324 million 1-for-1 entitlement offer at 40c in mid-2009.

Sonic Healthcare $469 million: $425 million placement in November 2008 at $11.60-a-share and follow-on share purchase plan that pulled in $44 million.

Iluka Resources $467 million: $353 million raised in a four-for-seven rights issue at $2.55 in March 2008 and then followed up with a $114 million placement at $3 a share in May 2009 but failed to deliver retail investors an SPP.

Lynas Corp $450 million: after FIRB blocked a Chinese takeover the company unveiled a three-part capital raising comprising an $88 million unconditional placement at 45c, a $67 million conditional placement and a $295 million 1-for-1 entitlement offer.


Bank of Queensland $448 million: $108 million raised in early 2009 through a placement and share purchase plan at $7.64 a share. Came back with another $340 million raising in August 2009 comprising a $143 million institutional placement at $10 a share plus a $197 million 1-for-9 entitlement offer at the same price.

Paladin Energy $430 million: a 15% institutional placement in September 2009 at $4.60 a share without a single dollar from retail, although at least the discount was very skinny.

SP Ausnet $405 million: completed a 1-for-4 entitlement offer at 78c a share in June 2009.

Tabcorp $387 million: $300 million placement at $5.80 a share in February 2009, with the subsequent $5000 share purchase plan raising $87 million.

Macquarie Airports $359 million: 1-for-11 entitlement offer in October 2009 to fund $345 million internalisation payment to Macquarie Group.
Crown $342 million: $300 million placement at $4.95-a-share in December 2008 with James Packer stumping up $100 million and subsequent $5000 share purchase plan raised $40 million from retail investors.

Nufarm $335 million: raised $300 through an institutional placement at $11.25 a share in May 2009 and then collected an additional $35 million from the follow-on SPP which was priced at $10.18 a share.

Sigma Pharmaceutical $297 million: 1-for-3 entitlement offer at $1.02 a share in September 2009 which had no placement component and a bookbuild to compensate those who don't participate.

Macquarie Media $294 million: 1-for-1 entitlement offer at $1.55 announced in October 2009 as part of long overdue management separation from Macquarie Group.

Billabong $291 million: completed a 2-for-11 entitlement at $7.50 a share in June 2009 which had no placement component.

Aquila Resources $286 million: Chinese steel giant Baosteel to invest up to $286 million for a 15% stake in the company through a placement at $6.50 a share.

Transfield Services $267 million: emergency one-for-one capital raising at just $1.25 in December 2008 which diluted the Belgiorno-Nettis family but created the platform for a strong share price recovery.

Duet Group $265 million: $132 million institutional placement at $1.50 a share in April 2009 was coupled with a 1-for-6.25 entitlement offer which raised a further $133 million.



Ramsay Healthcare $260 million: $240 million placement at $10.05 completed in August 2009 and followed by a $40 million SPP which was heavily scaled back.

Macarthur Coal $252 million: raised $190 million through an institutional placement at $6 a share in June 2009 and then a further $62 million through a follow-up SPP on the same terms.

Healthscope $250 million: completed a $140 million institutional placement at $4.30 a share in August 2009 followed by a healthy $90 million SPP in September 2009.

Aristocrat Leisure $241 million: $200 million placement at $3.25 in April 2009 followed by a $24.4 million SPP and a $1 million placement to the founding Ainsworth family.

Virgin Blue $231 million: 1-for-1 entitlement offer at 20c raised $210 million in August 2009, plus some lucky institutions shared in a $21 million placement at the same heavily discounted price.

Commonwealth Office $205 million: $192 million placement on February 9, 2009 at 80c a share and a follow through unit purchase plan raised $13.3 million.

Whitehaven Coal $200 million: raised $174 million through an institutional placement at $3 a share in July 2009 and then followed up with a $26 million SPP for retail investors in September 2009 which wasn't scaled back.

Campbell Bros $197 million: a 1-for-6 entitlement offer at $22 in October 2009.

Paperlinx $185 million: a 2-for-5 entitlement offer at $1.25 a share in October 2008 which has been a disaster for investors.

Karoon Gas $173 million: $150 million institutional placement at $6.70 a share in June 2009 followed by a $23.5 million SPP which was unfortunately restricted to $5000 for each shareholder.

Apex Minerals $157m: a $20 million placement at 27c in January 2009 was followed by a $28 million placement and rights issue at 20c in May 2009 then a $109 million 9-for-2 entitlement offer at 4c in October 2009.

Skilled Engineering $155 million: $75 million institutional placement to Perpetual and Paradice in November 2007 at $5.20 a share followed by $70 million placement and $10 million SPP at $1.50 a share announced in August 2009.

Australian Pharmaceutical Industries $150 million: $38 million institutional placement at the heavily discounted price of 65c plus a 1-for-2 entitlement offer at the same price in October 2009.

Bunnings Warehouse Property Trust $150 million: 1-for-3.06 entitlement offer at $1.50 a unit in May 2009 with no placement component.

Ten Network Holdings $138 million: completed a million placement at $1.15 a share in August 2009 but failed to follow through with a share purchase plan for retail investors.



Adelaide Brighton $113.5 million: raised $85 million through an institutional placement at $1.78 in April 2009 and a further $28.5 million through a heavily scaled back SPP at the same price.

Amalgamated Holdings $107 million: 1-for-4 entitlement offer at $4.10 in November 2009.

APN News & Media $99m: completed 1-for-5 entitlement offer at $1 a share in June 2009.

Ausenco $90 million: raised $40 million from institutions in a placement at $3.20 in May 2009 and was then deluged by retail investors in the SPP but still pocketed an additional $50 million after a heavy scaleback.

Hastie $77 million: $29 million institutional placement and $48 million 1-for-4 entitlement offer at $1.15 a share in May 2009 with the retail component raising $17 million.

Peet $77 million: 1-for-3 entitlement offer at $1.10 a share in May 2009 with no placement component.

Macquarie Leisure $67 million: $42 million placement at $1.15 a share and then a further $25 million raised through scaled back SPP at the same price.

Crane Group $63 million: did a $40 million placement at $7.50 in March 2009 and followed up with a $23 million share purchase plan.

White Energy Company $57 million: raised $55 million from an institutional placement at $1.50 in May 2009 but then only an additional $2.5 million came in from retail in the subsequent SPP.