Whilst we've crystallised more than $100,000 in losses over the past two years, but our luck turned in March 2009 playing the capital raisings in Australia and the gross profits have unfolded as follows on a monthly basis:
January: broke even
February: broke even
March: $10,170 profit
April: $36,996 profit
May: $31,639 profit
June: $86,600 profit
July: $28,293 profit
August: $12,758 profit
September: $32,229 profit
October: $8901 profit
November: $16,800 profit
December: $2200 loss
January 2010: $2200 profit
Gross paper profits since January 2009: $262,684

Here is the detail of all the individual plays:
January 20
QBE Insurance: sold 67 at $23.80 after getting scaled back to only 50 shares in $5000 share purchase plan at $21.50 each.
January 28
Macquarie Office: bought 100,000 at 20c in entitlement offer, sold 75,000 at 19c and 22,000 at 21c for loss of about $500 which was covered by a third party under-writer.
February 4
Bank of Queensland: bought 654 at $7.64 in share purchase plan and sold 663 at $7.27 for marginal loss.
February 16
Bluescope Steel: bought 1613 at $3.10 in share purchase plan and sold 1635 at $3.19 for marginal profit.

March 6
Wesfarmers: bought 1000 at $13.50 through entitlement offer after applying for $200,000 worth and then sold 506 at $16.80 and 500 at $16.72 for a profit of $3160.
March 13
Commonwealth Property Office Fund: bought 6,250 at 80c in unit purchase plan and sold 6,565 at 94c for profit of $875.
March 16
Tabcorp: bought 1724 at $5.80 through two $5,000 share purchase plan offers and sold 1724 at $6.24 for profit of $750.
March 23
Newcrest Mining: bought 198 at $27 through $5000 share purchase plan and sold 198 at $34.20 for profit of $1425.
March 24
Suncorp: bought 2200 at $4.50 in entitlement offer and sold 2200 at $6.30 for profit of $3960.
Total March profits: $10,170

April 7Fairfax Media: bought 83,333 at 75c in entitlement offer through two accounts and sold for average $1.08 to make
$27,500 but about $8000 went to various financiers and under-writers.
April 16
IBA Health: bought 36,200 at 55c in entitlement offer and sold 36,200 at 63c for profit of
$2896.
April 22
Ceramic Fuel Cells: bought 500,000 at 5c in entitlement offer, sold 200,000 at 6.3c, 47,704 at 6.1c and 240,000 at 6.2c for profit of
$6150.
April 23
Dart Mining: bought 60,000 units at 5c in share purchase plan and sold 45,000 at 5.1c for marginal profit.
April 27
Northern Iron: bought 5000 at $1 in share purchase plan and sold 4,600 at $1.15 for profit of
$450.Total April profits: $36,996
May 1Diversified United Investments: bought 5000 at $2 in share purchase plan and sold 5000 at $2.30 for
$1500 profit.
May 6
Avexa: bought 261,000 at 7c through entitlement offer and sold 261,000 at 9.4c for profit of
$6264.May 7
Crane Group: bought 2000 at $7.50 through two marginally scaled back share purchase plans and sold for average $9.35 to make
$3700.May 8
Peet: bought 22,000 at $1.10 through entitlement offer, sold 7,000 at $1.42 and 15,000 at $1.43 for profit of
$7190.Every Day Mining Services: bought 125,000 at 4c in share purchase plan and sold 100,000 at 4c to break even.
May 14
Onesteel: bought 20,000 shares at $1.80 in entitlement offer and sold for average $2.20 generating a profit of
$8000.May 19
AXA Asia Pacific Holdings: bought 3,508 at $2.85 in share purchase plan and sold 3,508 at $3.84 for profit of
$3472.Mineral Deposits: bought 16,129 at 62c in share purchase plan and sold 16,219 at 63.5c for profit of
$243.May 20
Ramelius Resources: bought 9433 shares at 53c in share purchase plan and sold 8900 at 58c for profit of
$471.May 22
Devine: bought 21,231 at 47.1c in share purchase plan and sold 21,200 at 47c for negligible loss.
Fletcher Building: bought 1226 at $4.15 in scaled back share purchase plan and sold 1266 at $5.09 for profit of
$1152.May 27
GUD Holdings: bought 2439 at $6.15 in first $15,000 share purchase plan and sold 2,442 at $6.15 to break even.
May 28
Dexus Property Group: bought 6,154 in entitlement offer at 65c and sold 6,400 at 72c for profit of
$430.STW Communications: bought 10,869 in entitlement offer at 46c and sold 11,000 at 52.6c for profit of
$717.Total May profits: $31,639
June 1
Sky City Casino: bought 1700 in scaled back share purchase plan at $2.03 and sold 1,500 at $2.17 for profit of
$238.
June 5
Horizon Oil: bought 100,000 at 10c in share purchase plan and sold 100,352 at 17c for
$7000 profit.
Macquarie Group: bought 564 at $26.60 in share purchase plan and sold 554 at $37.20 for profit of
$5978.Aristocrat Leisure: bought 3077 at $3.25 in share purchase plan and sold 3,087 at $3.69 for profit of
$1046.June 9
Bluescope Steel: bought 48,387 at $1.55 in entitlement offer, sold 3,000 at $2.52, 3000 at $2.51, 2000 at $2.66, 4000 at $2.48, 2000 at $2.58, 5000 at $2.29, 16,129 at $2.50, 4000 at $2.67, 5000 at $2.50 and 4480 at $2.89 for crystallised profits of
$47,800. About $13,000 went to financiers or other shareholders we financed.
June 12
Adelaide Brighton: bought 5600 at $1.78 in share purchase plans and sold 2,881 at $2.25 and 2800 at $2.33 for profit of
$2894.
June 15
McMahon Holdings: applied for 61,250 shares at 32c in entitlement offer but scaled back to just 28 shares worth $8.60.
June 16
Bunnings Warehouse Property Trust: bought 13,333 at $1.50 in entitlement offer and sold 13,000 at $1.629 for profit of
$1677.June 17
Santos: bought 2675 shares at $12.50 in entitlement offer and sold for $14.10 for profit of
$4280.Seek: applied for $5000 SPP at $2.60 but scaled back to 1030 shares. Sold for $4.11 so profit of
$1555.Hastie: applied for 13,695 shares worth $15,750 at $1.15 each in entitlement offer but scaled back to virtually nothing.
June 18
Stockland: bought 33,398 at $2.70 in entitlement offer, sold 3000 at $3.07, 10,407 at $3.01, 5000 at $2.81 and 14,991 at $3.13 so overall gross profit
$11,332.June 19Aspen Corporation: applied for $10,000 worth of shares at 30c but scaled back to tiny allocation.
June 22:
Billabong: bought 4000 shares at $7.50 in entitlement offer and sold 4000 at $8.20 for gross profit
$2800.June 23:APN News & Media: applied for $15,000 worth of news shares at $1 in entitlement offer but scaled back to just $41 worth of new shares.
Clean Seas Tuna: applied for $3300 worth of shares at 55c in entitlement offer but scaled back to just 13 new shares.
June 24:
Charter Hall: applied for $23,200 worth of shares at 33c in entitlement offer but scaled back to virtually nothing because billionaire John Gandel scooped up the entire retail shortfall. See
announcement. June 25:
PanAust: applied for $24,000 worth of shares at 28c in entitlement offer but scaled back to extras equivalent to only 50% of tiny entitlement.
Total gross profits for June: $86,600
July 1
Lincoln Minerals: bought 125,00 shares worth $10,000 at 8c in entitlement and sold 50,000 at 8.9c, 50,000 at 8.6c and 25,000 at 8.5c for a profit of
$875. July 6
White Energy Company: bought 2333 at $1.50 in share purchase plan and sold 2618 at $2.19 for a profit of
$1609.July 7
Automotive Holdings: bought 12,500 at $1.20 in share purchase plan and sold 12,500 at $1.44 for profit of
$3000.July 8
Ausenco: $45,000 into three $15,000 SPPs at $3.20 but scaled back to $6000 and made profit of about
$1200.July 9
Cudeco: applied for $5000 SPP at $2.50 a share and sold for $2.48 to make tiny loss.
July 10Graincorp: applied for $15,000 SPP at $6.25, scaled back to $7600 and exited for $6.90 to make a profit of
$790.
Mirvac: applied for $10,000 through entitlement offer at $1 and sold for $1.10 to make a profit of
$1000.
July 13
ANZ: bought 2074 ANZ at $14.40 through two SPPs and sold 1037 at $15.80 and another 1037 at $16.10 so overall profit
$3214.July 15Eastern Corporation: spent $2100 in entitlement offer at 24c and sold for 27c to make profit of
$262.
July 16Asciano: savagely scaled back to less than 100 new shares after applying for $57,000 at $1.10 through two entitlement offers.
July 17
Australian Infrastructure Fund: savagely scaled back to just 50-odd new shares after applying for $20,000 in
entitlement offer at $1.10.
July 20
Fantastic Holdings: bought 2173 through $5000 SPP at $2.30 and sold for average $2.681 to make
$828 profit.
July 21
Atlas Iron: applied for $5000 SPP at $1.39, scaled back to 1600 shares which were sold at $1.81 to make a profit of
$672. July 27
Macarthur Coal: bought 7500 shares at $6 each for $45,000 through 3 different $15,000 SPP offers. Sold 1000 at $7.464, 2500 at $7.36, 2575 at $7.355 and 1490 at $7.66 for gross profit of
$10,826.
Karoon Gas: bought 746 at $6.70 in $5000 SPP and sold 800 at $11.16 for SPP profit of
$3327.July 28
Austen Engineering: bought 3448 at $1.45 in $5000 SPP and sold 3458 at $1.65 for profit of
$690.
July profits: $28,293
August 6GME Resources: applied for $3000 at 5c and sold all 60,000 at average 6.8c to make a profit of
$1080.
Northern Energy: put $5000 into $10,000 SPP at 35c and sold 14,200 shares at 37.8c to make a profit of
$397.Cockatoo Coal: bought into $15,000 SPP at 33c and sold 45,500 shares at 37.1c to make profit of
$1865.August 10
Macquarie Leisure: applied for $45,000 in three $15,000 SPP offers at $1.15 a share but scaled back to 1305 shares in total worth $1435 which were sold at an average $1.41 to make a gain of
$340.August 14
Roc Oil: bought 21,000 at 71c in SPP and sold for 77c to make profit of
$1440.Innamincka Petroleum: bought 71,000 at 20c in SPP and sold for 22c for a profit of
$1420.
August 21
Asciano: put $30,000 into three $10,000 SPP entitlements at $1.10. Scaled back by 65% and exited for profit of
$3626.August 31: put $38,000 into three NAB SPP offers but scaled back to 394 shares costing $8471 and then exited for $28 to post a profit of
$2500.August profits: $12,758
September 1
CBH Resources: put $15,000 into SPP at 10c and exited for average 9.4c to lose about
$1000.September 2
Australand: applied for maximum $40,000 of overs in 40c entitlement offer and got full allocation. Exited at 48c to make profit of
$8000.
September 8
Whitehaven Coal: $15,000 into SPP at $3.05 and exited for $3.45 to make a profit of
$1976.September 9
Intermoco: $10,000 into $15,000 SPP at 1.5c and exited at 1.7c to make gross profit of
$1333.
September 10
Virgin Blue: $23,000 into two 20c entitlement offers with unlimited ability to apply for extras but with just 130 shares held by the wife and I, was scaled back to just $47.80 worth of shares and a paper gain of about
$35.
September 14
Structural Systems: $15,000 into SPP at 78c which was scaled back by 24% or $3600. Exited at 85c for a profit of
$1040. September 16
Bendigo & Adelaide Bank: applied for $30,000 worth of shares across two entitlements and allocated 2000 shares at $6.75. Sold for an average $8.29 for a profit of
$3083.
September 17: Goodman Group: $20,000 into two 1-for-1 entitlement offers at 40c with no scale back and exited for 58c to make a profit of
$9000.September 18
Energy & Minerals Australia: $15,000 into two entitlements to $15,000 SPP at 21c but scaled back to just $4084 allocation which were sold at average 25.7c for a profit of $914. Also sold 19,450 free options at 7.2c for a profit of $1400 so total profit
$2314.
September 21
Hills Industries: $5000 into SPP at $1.40 but scaled back by 50% to 1786 shares. Exited at $1.94 for gain of
$964. Amcor: $25,000 into two entitlement offers at $4.30 but scaled back to 656 shares costing $2820. Exited at $5.56 for profit of
$826.September 22
Bank of Queensland: $8000 into entitlement offer at $10 with no scale back. Exited at $10.81 for profit of
$648.Sedgman: $10,000 into $10,000 SPP at $1.30 but scaled back to 2693 shares worth $3500 and exited at $1.695 for profit of
$1063.September 29
Skilled Engineering: $15,000 into SPP at $1.50 but scaled back to 666 shares worth $1000 and sold at $2.05 for a
$366 profit.
Spotless: $15,000 into SPP at $2.16. No scale back and sold at $2.54 for a gross profit of
$2642.September profits: $32,229
October 5Clarius Group: $20,000 into 1-for-3.5 entitlement offer at 64c but scaled back to just 10 new shares as formula was 2.3 times entitlement.
October 7:
Cougar Energy: exited two scaled back $15,000 SPPs at 8.25c for 9.9c to make a profit of
$2600.
Ramsay Healthcare: exited three heavily scaled back $15,000 SPP offers at $9.835 for average $10.52 to make profit of
$200.October 8
Gunns: $18,000 into entitlement offer at 90c. Scaled back to just 125 new shares so not even worth selling given only started with 114.
October 9
Folkestone: $7,200 into 2-for-1 entitlement offer at 15c. Got the lot and exited at 15.5c to make profit of
$240.
October 12
Healthscope: $15,000 into SPP at $4.19. Exited at $4.59 for a profit of
$1431.October 15
TFS Corp: put $2000 into $15,000 SPP at 93c and exited for negligible loss.
October 16
Industrea: $15,000 into SPP at 40.92c and then exited at 44.5c for a profit of $1285.
Isoft: $15,000 into SPP at 77c and then exited at 86c for profit of $1755.
October 20
CMA Corp: $15,000 into SPP at 10c but exited for average 9.4c to lose
$900.Redflex Holdings: $10,000 into 1-for-12 entitlement offer at $2.04 but scaled back to virtually nothing.
October 21
Real Estate Capital Partners: $15,000 into SPP at 14.92c. 15% scale back and exited at 16.5c for gain of
$1360.
October 23
Watpac: $30,000 into three $15,000 SPPs at $1.25 but scaled back to 2110 shares. Exited for $400 profit.
FEA: $10,000 into 1-for-1 offer at 7.5c with no scale back of extras. Exited for $300 profit.
October 26:
Amadeus Energy: $5000 into $5000 SPP at 26c and exited at 30c for gain of
$770.
October gains: $8901.
November 2:AWB: $40,000 into two entitlements to 1-for-1 offer at $1 with extras. Scaled back to $30,000 and exited at $1.20 for
$6000 gain.
Bass Strait Oil: $10,000 into 2-for-3 entitlement offer at 3c with extras. Exited at 3c so lost about $400 getting on register.
November 3Boart Longyear: $30,000 into two $15,000 SPPs at 27c. Scaled back to $19,500 and exited at 27.5c to make
$300.
Brickworks: $15,000 into at $12.40 which closed October 23 with no scale back. Exited at $12.50 to break even.
Elders: $40,000 into two $20,000 SPP entitlements at 15c and received the lot. Exited at 17.5c for gain of
$6700.November 6
Myer: exited 1701 at $3.78 for loss of about
$500.November 9
MAP: $15,000 into entitlement offer at $2.30 but scaled back to virtually nothing.
November 12
Capral: applied for $20,000 in entitlement offer at 2.5c and exited 141,000 shares at 4.3c to make a profit of
$2500.
November 13
Campbell Bros: $8000 into 1-for-6 entitlement offer at $22 with extras but scaled back to virtually nothing.
November 19
Kathmandu: $30,000 into two applications for flying blind float priced at $1.70 and scaled back to 12,940 shares costing $22,000. Exited at $1.73 for gain of
$300.Po Valley Energy: $15,000 into SPP at $1.55 and exited at average $1.53 to lose about
$200.Praemium: $20,000 into two 1-for-10 entitlement offers at 15c with overs. Exited at average 16.25c for gain of
$1600.November 25
Toro Energy: $15,000 into three $5000 SPP entitlements at 15c. Exited at average 15.33c to break even considering more expensive purchase prices.
November profits: $16,800
December 3
BBI: $15,000 into SPP at $5.08 and exited at $4 to lose
$3200.
December 7:
Amalgamated Holdings: $15,000 into 1-for-5 entitlement offer at $4.10 with overs. Scaled back to virtually nothing.
December 8:
Moly Mines: applied for $45,000 worth of shares through three $15,000 SPP entitlements at 80c. Scaled back by 48% to $23,400 and then exited for negligible profit.
December 9
Penrice Soda: $14,000 into 1-for-2 entitlement offer at 70c with overs but scaled back to virtually nothing.
December 14
AMCIL: $10,000 into $15,000 SPP at 64c and exited at 67c for a gain of $450.
December 15
St Barbara Mines: $15,000 into 3-for-14 entitlement offer at 27c and got the lot. Exited at 29c for gain of $1100.
December 16
Tissue Therapies: $15,000 into SPP at 11.84c. Scaled back and sold all 12,622 at 13.5c for gain of $210 but after losses on original purchase result is barely break even.
December 21
QRX Pharma: $11,000 into 1-for-5 entitlement offer at 80c with overs. Exited at 76c to lose $550.
December 22
Ord River Resources: $10,000 into 1-for-3 entitlement offer at 4.5c with overs. Exited at 4.5c to break ever.
December 24
KFM Diversified: $20,000 into 1-for-6 entitlement offer at 70c with overs. Scaled back to tiny amount.
December 29Clean Seas Tuna: $3000 into three $15,000 SPPs at 25c and exited at 26.5c for break even given higher entry price.
December result: lost $2200.
January 5
Avexa: $15,000 into SPP at 14c which was scaled back to $12,000. Exited at 16c for gain of $1700.
January 7
Commonwealth Office: $10,000 into SPP at 91c and exited at 97c for gain of $650.
January 22
Mirabella Nickel: $10,000 into SPP at $2.30 and exited at $2.30 to break even.
January 27
Over Fifty Group: $15,000 into SPP at 72c or 10% discount to VWAP. Final price 64c and exited at 63.4c to lose $150.
January profits: $2200
February 1:
CBD Energy: $15,000 into SPP at 13c and exited at 12c to lose $1150.
February 2:
Breakaway Resources: $10,000 into 1-for-3 entitlement offer at 6c with overs. Exited at 5.9c for tiny loss.
February 3:
Contango Microcap: $15,000 into SPP at 87c and exited at 92.5c for a gain of $900.
February 4:Platinum Capital: $15,000 into SPP at $1.53 (5% discount to VWAP) and exited at $1.555 for profit of $200.
Assessing the capital raising pipelineHere is the very thin list of known offers in the pipeline which remain open and we're considering:
Norfolk Group: 2-for-9 entitlement offer at 72c with overs which closes February 26 and trades March 9.
Staging Connections: 1-for-2 entitlement offer at 2c with no overs which closes February 15 and trades February 19.