Questions on capital raising fairness at AGMs


December 31, 2018

Amidst the biggest deluge of capital raisings in Australian corporate history, we have been raising serious questions about the fairness of the system at AGMs as follows. Click on the links below.

Ten Network AGM December 9, 2010
What does director Christine Holgate think about how Ten shafted retail shareholders by failing to do an SPP after a placement? - Read transcript

Leighton AGM November 4, 2010
Asking for a fair SPP considering what happened at Spark Infrastructure with Stephen Johns presiding.
Read transcript

Bendigo Adelaide Bank AGM November 3, 2010
Last year's capital raising was unfair for retail shareholders

Transurban AGM
October 26, 2010
Why didn't you allow retail investors to take up overs in the recent offer?

Alumina AGM
May 7, 2010
Why didn't you replicate the fair model of the 2008 capital raising, in 2009?

AWB
, December 23, 2009
Why wasn't your one-for-one offer renouncable? How did you market the offer?

National Australia Bank, December 17 2009
Watch video of questions on SPP shafting

Ten Network
2009 AGM, November 10, 2009
Going in hard on the SPP rip-off



Cazaly Resources 2009 AGM, November 6, 2009
When raising capital please look after retail

Western Areas 2009 AGM, November 6, 2009
Where was the SPP after your institutional placement?

Transfield Services AGM, November 4, 2009
You owe us heavily diluted retail shareholders a share purchase plan

Transurban AGM
, October 27, 2009
If raising capital again, don't shaft us retail investors


Asciano AGM, October 23, 2009
Why didn't you accept more than the $100 million from the SPP?

Pacific Brands AGM, October 22, 2009
Why wasn't your capital raising renounceable for retail investors?
Why did you shaft retail investors by restricting applications for the shortfall?

GPT AGM, May 25, 2009
Why is GPT ripping off small shareholders in the latest capital raising?

AMP AGM, May 14, 2009
Structure your next capital raising so there is no dilution of retail shareholders as a class.

Alumina AGM
, May 7, 2009
Don't scale back the retail allocation under the theoretical maximum.
This offer discriminates against apathetic retail investors, not the board.

Axa Asia Pacific Holdings AGM, May 6, 2009
Why not just do a renounceable rights issue?

Bell Financial Group AGM, April 22, 2009
Don't let your clients like St Barbara shaft us small shareholders

CFS Retail AGM, April 7, 2009
How much did we pay Goldmans and JP Morgan for the $325 million and what is wrong with renounceable rights issues?
Taking out the tiny shareholders - compulsory or voluntary?

QBE Insurance AGM
, April 8, 2009
How on earth can retail only be allocated 6% of a capital raising?
Stop treating us small shareholders badly and what's wrong with renounceable rights issues?

Babcock & Brown AGM, May 31, 2008
Where was the share purchase plan after private placement?


* Listen to this package of our favourite AGM exchanges over the years and go here for a complete list of all our shares trades in 2009.