The capital raisings refund experience

Adelaide Brighton: announced a $100 million placement at $1.78 a share on April 8, 2009, but the formal $10,000 share purchase plan wasn't launched until May 14 and the record date was May 6. This left the door open and the share register quickly expanded by 3000 to 13,000. We got on the register a second time, applied for $20,000 worth of shares and was scaled back to $10,000 but still made a profit of about $2500 when the shares started trading on June12. The refund cheques didn't arrive 7 business days later on Monday, June 22.

Alumina: applied for $40,000 worth of new shares at $1 each but only allocated $112 worth which started trading on June 2, 2009. Refund of $39,888 direct debited on June 5, 2009.

APN News & Media: the $16 million retail component of its heavily in-the-money entitlement offer at $1 a share in June 2009 was heavily scaled back. We applied for $15,000 worth but were only allocated 41 news shares, which were allotted on Tuesday, June 23. Refunds were direct credited on the same day as this statement explains.

Aspen Group: announced an illogical scale back policy to an entitlement offer on June 19 but the shares didn't start trading until June 25 and there was no mention of when refunds would be sent out.


Asciano: after a heavy scaleback could only manage a flat 2.1 times your entitlement for those who wanted extra after applications worth $604 million were made for the $427 million in stock available. The new shares were allotted on July 22 and our $57,000 refund landed in the bank account on July 24.

Ausenco: $15,000 SPP was scaled back to just $2000 for investors with less than 625 shares and the refund cheques arrived on July 14, 6 days after the new shares first traded on July 8, 2009.

Bendigo Bank: applied for $30,000 worth of shares across two entitlements. Scaled back to $13,500 and the two refunds...

Charter Hall: billionaire John Gandel scooped up all the shortfall in a heavily discounted entitlement which began trading on ???? whilst the refunds were direct debited on ????

Clean Seas Tuna: announced a placement and entitlement offer on May 12, 2009, which closed on June 12 but retail refund cheques didn't arrive until June 29, one of the worst records of any companies.

Crane Group: allotted shares in $7.50 share purchase plan on May 7, 2009 and refund of $1500 direct debited the next day on May 8, 2009.

DUET Group: applied for $25,000 worth of shares in $1.40 offer but only allocated 109 shares which first traded on May 4, 2009. Refund of $24,846.90 direct debited the next day on May 5, 2009. See announcement.

Fairfax Media: shares sold April 7, 2004 and refund cheques arrived five business days later on April 14, 2009.

Fletcher Building: shares allotted from share purchase plan on May 22, 2009, and refund cheque arrived on May 26.

Goodman Group: applied for $20,000 worth of shares across two entitlements in September 2009 but heavily scaled back...

GPT: only allowed shareholders to apply for additional worth 25% of their original entitlement. We were entitled to a maximum of $19.25 and did a BPAY for $500 to try and get up to a marketable parcel. The shares started trading on June 17 and the refund cheque arrived 4 business days later on Monday, June 22, 2009.

Graincorp: applied for $15,000 SPP but was scaled back to $7600 worth. Shares started trading on July 10, 2009 and refund was deposited on July 11. (check)

Hastie: applied for $15,750 in $1.10 a share entitlement offer but scaled back heavily. Shares available to trade on June 18 and refund cheques arrived on Monday, June 22, 2009.

MacMahon Holdings: applied for $25,000 worth of shares in June 2009 entitlement offer but only allotted a handful. Shares started trading on June 16 and the refunds arrived a week later on June 23.

Macquarie Leisure: $15,000 SPP in July 2009 will be heavily over-subscribed but we're yet to see the scale back policy.

Pacific Brands: allotted shares in its retail offer on June 12, 2009 and the refund of $175.80 was paid by direct credit five business days later on June 19.



PanAust Ltd: retail entitlement offer closed on June 25, 2009, shares were allotted on June 30 and have promised to send refund cheques on July 2.

QBE Insurance: had a $5000 SPP at $20.50 in January 2009 after an earlier $2 billion institutional placement at the same price. Came up with a convoluted scale back policy which delayed the trading date by 4 days to January 20 but at least the $3970 refund was direct debited on the same day.

Seek: allotted a minimum of 1000 shares in heavily over-subscribed SPP at $2.85 a share in June 2009. Scale back announcement made no reference to refund time-table. Shares were tradable from June 17 but refunds didn't arrive until June 23.

SkyCity Casinos: applied for $9000 worth of shares in June 2009 SPP and received 42% allocation which started trading on June 1. Refund of $5402.18 direct debited on June 2, 2009.

Structural Systems: applied for $15,000 SPP in September 2009 but scaled back to $11,600. New shares started trading on September 24 and refunds arrived...

Virgin Blue: applied for $23,000 worth of shares in September 2009 but almost completely scaled back. New shares traded on September 8 and refund cheques arrived on September 15.

Wesfarmers: applied for $200,000 worth of shares in March 2009 entitlement offer. Allotted 1002 shares worth $13,500 on March 6 and refunded $186,484.73 two business days later on March 10, 2009.