Ranking the best capital raising plays

It has been a good 2 years playing the capital raisings in Australia and the gross profits above $200 have unfolded as follows on a monthly basis:

January 2009: broke even
February 2009: broke even
March 2009: $10,170 profit
April 2009: $36,996 profit
May 2009: $31,639 profit
June 2009: $86,600 profit
July 2009: $28,293 profit
August 2009: $12,758 profit
September 2009: $32,229 profit
October 2009: $8901 profit
November 2009: $16,800 profit
December 2009: $2200 loss
January 2010: $2350 profit
February 2010: $750 profit
March 2010: $380 profit
April 2010: $400 profit
May 2010: $2,800 profit
June 2010: $390 profit
July 2010: $300 profit
August 2010: $1750 profit
September 2010: $110 loss
October 2010: $14,910 profit
November 2010: $1810 profit
December 2010: $1750 profit
January 2010: $1890 profit

Profits by quarter

March 2009: $10,170 profit
June 2009: $155,235 profit
September 2009: $73,280 profit
December 2009: $23,501 profit
March 2010: $3330 profit
June 2010: $3590 profit
September 2010: $1940 profit
December 2010: $18,460
January 2011: $3110 so far

Gross paper profits since January 2009: $292,616

Here are the rankings from best to worst:

June 9, 2009 - 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.

April 7, 2009 - Fairfax 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.

June 18, 2009 - 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.

July 27, 2009 - 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.

September 17, 2009 - Goodman Group: bought 50,000 shares at 40c through two entitlements and sold for 58c to make a profit of $9000.

September 2, 2009 - Australand: bought 100,000 at 40c in entitlement offer and sold at 48c for a gross profit of $8000.

May 14, 2009 - Onesteel: bought 20,000 shares at $1.80 in entitlement offer and sold for average $2.20 generating a profit of $8000.


May 8, 2009 - 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.

June 5, 2009 - Horizon Oil: bought 100,000 at 10c in share purchase plan and sold 100,352 at 17c for $7000 profit.

November 3, 2009 - Elders: $40,000 into two $20,000 SPP entitlements at 15c and received the lot. Exited at 17.5c for gain of $6700.

May 6, 2009 - Avexa: bought 261,000 at 7c through entitlement offer and sold 261,000 at 9.4c for profit of $6264.

April 22, 2009 - 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.

November 2, 2009 - 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 profit of $6000.

June 5, 2009 - Macquarie Group: bought 564 at $26.60 in share purchase plan and sold 554 at $37.20 for profit of $5978.

October 11, 2010 - MacArthur Coal: $30,000 into two cracks at $15,000 SPP at $11.33. Exited at $13.20 for gain of $4900.

October 28, 2010 Karoon Gas: $15,000 into SPP at $7 and exited at $9.10 for gain of $4470.

June 17, 2009 - Santos: bought 2675 shares at $12.50 in entitlement offer and sold for $14.10 for profit of $4280.

October 4, 2010 - Transfield Services: $30,000 into two entitlements to $15,000 SPP at $3.13. Exited at $3.53 for gain of $3800.

March 24, 2009 - Suncorp: bought 2200 at $4.50 in entitlement offer and sold 2200 at $6.30 for profit of $3960.

October 4, 2010 - Transfield Services: $30,000 into two entitlements to $15,000 SPP at $3.13. Exited at $3.53 for gain of $3800.

May 7, 2009 - Crane Group: bought 2000 at $7.50 through two marginally scaled back share purchase plans and sold for average $9.35 to make $3700.

August 21, 2009 - Asciano: bought 9543 shares after 65% scale back of three $10,000 offers at $1.10 and exited for profit of $3626.

May 19, 2009 - 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.

July 27, 2009 - Karoon Gas: bought 746 at $6.70 in $5000 SPP and sold 800 at $11.16 for SPP profit of $3327.


July 13, 2009 - 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.

March 6, 2009 - 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.

September 16, 2009 - Bendigo & Adelaide Bank: bought 2000 shares at $6.75 through two cracks at entitlement offer and sold for average $8.29 to make a profit of $3083.

July 7, 2009 - Automotive Holdings: bought 12,500 at $1.20 in share purchase plan and sold 12,500 at $1.44 for profit of $3000.

April 16, 2009 - IBA Health (no called Isoft): bought 36,200 at 55c in entitlement offer and sold 36,200 at 63c for profit of $2896.

June 12, 2009 - 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 22, 2009 - Billabong: bought 4000 shares at $7.50 in entitlement offer and sold 4000 at $8.20 for gross profit $2800.

September 29, 2009 - Spotless: $15,000 into SPP at $2.16. No scale back and sold at $2.54 for a gross profit of $2642.

October 7, 2009 - Cougar Energy: applied for $20,000 into two $15,000 SPP entitlements at 8.25c but was scaled back by 35% and then exited at 9.9c to make a profit of $2600.

November 12, 2009 - 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.

August 31, 2009 - National Australia Bank: bought 394 shares at $21.50 through scaled back SPP and sold for $28 to make a profit of $2500.

September 18, 2009 - Energy and Minerals Australia: applied for $15,000 SPP at 21c but scaled back to $4084 worth of shares which were sold at average 25.7c for a profit of $914. Also received 19,450 free options which were sold for 7.2c to raise $1400 so total profit $2314.

September 8, 2009 - Whitehaven Coal: bought 4934 at $3.05 in $15,000 SPP and sold for $3.45 to make a profit of $1976.

August 6, 2009 - Cockatoo Coal: bought into $15,000 SPP at 33c and sold 45,500 shares at 37.1c to make profit of $1865.

October 16, 2009 - Isoft: $15,000 into SPP at 77c and then exited at 86c for profit of $1755.

November 22, 2010 - QRxPharma: $15,000 SPP at 85c after placement. Exited at 95c for gain of $1750.

January 5, 2010 - Avexa: $15,000 into SPP at 14c which was scaled back to $12,000. Exited at 16c for gain of $1700.

June 16, 2009 - Bunnings Warehouse Property Trust: bought 13,333 at $1.50 in entitlement offer and sold 13,000 at $1.629 for profit of $1677.

July 6, 2009 - White Energy Company: bought 2333 at $1.50 in SPP and sold 2618 at $2.19 for a profit of $1609.

November 19, 2009 - Praemium Investors: $20,000 into two 1-for-10 entitlement offers at 15c with overs. Exited at average 16.25c for gain of $1600.

June 17, 2009 - Seek: applied for $5000 SPP at $2.60 but scaled back to 1030 shares. Sold for $4.11 so profit of $1555.

May 1, 2009 - Diversified United Investments: bought 5000 at $2 in share purchase plan and sold 5000 at $2.30 for profit of $1500.

August 14, 2009 - Roc Oil: bought 21,000 at 71c in SPP and sold for 77c to make profit of $1440.

October 12, 2009 - Healthscope: bought 3667 at $4.19 in $15,000 SPP. Exited at $4.59 to make a profit of $1431.

March 23, 2009 - Newcrest Mining: bought 198 at $27 through share purchase plan and sold 198 at $34.20 for profit of $1425.

August 14, 2009 - Innamincka Petroleum: bought 71,000 at 20c in SPP and sold for 22c for a profit of $1420.

October 21, 2009 - Real Estate Capital Partners: $15,000 into SPP at 14.92c. 15% scale back and exited at 16.5c for gain of $1360.

September 9, 2009 - Intermoco: bought 666,666 at 1.5c in SPP and sold for 1.7c to make profit of $1333.

October 16, 2009 - Industrea: $15,000 into SPP at 40.92c and then exited at 44.5c for a profit of $1285.

January 28, 2011 - Maryborough Sugar: $15,000 into SPP at $3.15. Exited at $3.41 for gain of $1240.

February 8, 2011 - Silex Systems: $15,000 into SPP at $5.40 or 10% discount to VWAP. Came in at $5.08 and exited at $5.50 for gain of $1220.

July 8, 2009 - Ausenco: $45,000 into three $15,000 SPPs at $3.20 but scaled back to $6000 and made profit of about $1200.

May 22, 2009 - Fletcher Building: bought 1226 at $4.15 in scaled back share purchase plan and sold 1266 at $5.09 for profit of $1152.

May 10, 2010 - Kings Minerals: $10,000 into 1-for-5 entitlement offer at 6c with overs. Sold 41,375 shares at 8.7c to make profit of $1117.

December 15, 2009 - St Barbara Mines: $15,000 into 3-for-14 entitlement offer at 27c and got the lot. Exited at 29c for gain of $1100.

August 6, 2009 - GME Resources: applied for $3000 at 5c and sold all 60,000 at average 6.8c to make a profit of $1080.

September 22, 2009 - Sedgman: $10,000 into SPP at $1.30 but scaled back to 2693 shares worth $3500 and exited at $1.695 for profit of
$1063.

June 5, 2009 - Aristocrat Leisure: bought 3077 at $3.25 in share purchase plan and sold 3,087 at $3.69 for profit of $1046.

September 14, 2009 - Structural System: applied for $15,000 SPP at 78c. Scaled back to $11,600 and exited at 85c to make $1040.

July 10, 2009 - Mirvac: applied for $10,000 through entitlement offer at $1 and sold for $1.10 to make a profit of $1000.

May 6, 2009 - MMC Contrarian: $10,000 into 1-for-1 entitlement offer at 50c with overs. Got the lot. Exited at 55c for gain of $1000.

June 1, 2011 - Southern Cross Electrical Engineering: $10,000 into $15,000 SPP at 90c after placement. Exited at 99c for gain for $1000.

September 21, 2009 - Hills Industries: $5000 into SPP at $1.40 but scaled back by 50% to 1786 shares. Exited at $1.94 for gain of $964.

December 23, 2010: $45,000 into $100 Origin Energy note offer and exited at $102 for gain of $900.

February 3, 2010 - Contango Microcap: $15,000 into SPP at 87c and exited at 92.5c for a gain of $900.

March 13, 2009 - Commonwealth Property Office Fund: bought 6,250 at 80c in unit purchase plan and sold 6,565 at 94c for profit of $875.

July 1, 2009 - 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.

August 2, 2010 - GUD Holdings: $15,000 into SPP at $8.30 or 2.5% discount to market. Closed July 21 and scaled back by 55%. Sold 768 at $9.42 for a gain of $860.

December 24, 2010
Brambles: $15,000 into SPP at 2.5% discount to VWAP which turned out to be $6.77. Exited at $7.16 for gain of $840.

February 24, 2010 - Powerlan: $5000 into 4-for-1 entitlement offer at 6c with overs and exited at 7c for gain of $830.

September 21, 2009 - 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.

July 20, 2009 - Fantastic Holdings: bought 2173 through $5000 SPP at $2.30 and sold for average $2.681 to make $828 profit.

July 10, 2009 - Graincorp: applied for $15,000 SPP at $6.25, scaled back to $7600 and exited for $6.90 to make a profit of $790.

October 26, 2009 - Amadeus Energy: $5000 into $5000 SPP at 25c and exited at 30c for gain of $770.

October 11, 2010 - Ampella Mining: $5000 into SPP at $1.95. Scaled back to $3086 and exited at $2.43 for gain of $750.

May 28, 2009 - STW Communications: bought 10,869 in entitlement offer at 46c and sold 11,000 at 52.6c for profit of $717.

March 16, 2009 - Tabcorp: bought 1724 at $5.80 through two share purchase plan offers and sold 1724 at $6.24 for profit of $750.

October 11, 2010 - Ampella Mining: $5000 into SPP at $1.95. Scaled back to $3086 and exited at $2.43 for gain of $750.

May 27, 2010 - Supercheap Auto: $10,000 into $10,000 SPP at $4.80 after placement. Exited at $5.15 for gain of $700.

July 28, 2009 - Austen Engineering: bought 3448 at $1.45 in $5000 SPP and sold 3458 at $1.65 for profit of $690.

July 21, 2009 - 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.

January 7, 2010: Commonwealth Office: $10,000 into SPP at 91c and exited at 97c for gain of $650.

September 22, 2009 - Bank of Queensland: $8000 into entitlement offer at $10 with no scale back. Exited at $10.81 for profit of $648.

December 21, 2010: Nomad Building Solutions: $6000 into 3-for-4 entitlement offer at 10c with overs. Exited at 11c for gain of $570.

August 24, 2010 - SAI Global: $5000 into 1-for-7.2 entitlement offer at $3.60 with overs. Exited at $4 for gain of $555.

May 20, 2009 - Ramelius Resources: bought 9433 shares at 53c in share purchase plan and sold 8900 at 58c for profit of $471.

December 13, 2009 - AMCIL: put $10,000 into $15,000 SPP at 64c and exited at 67c for a gain of $450.

April 27, 2009 - Northern Iron: bought 5000 at $1 in share purchase plan and sold 4,600 at $1.15 for profit of $450.


May 28, 2009 - Dexus Property Group: bought 6,154 in entitlement offer at 65c and sold 6,400 at 72c for profit of $430.

October 23, 2009 - Watpac: $30,000 into three $15,000 SPPs at $1.25 but scaled back to 2110 shares. Exited for profit of $400.

April 15, 2010 - Argo: $10,000 into 15,000 SPP at $6.31. Exited at $6.56 for gain of $400.

August 6, 2009 - Northern Energy: $5000 into $10,000 SPP at 35c and sold 14,200 shares at 37.8c to make a profit of $397.

March 18, 2010 - Charter Hall: $5000 into 2-for-5 entitlement offer at 65c with overs. Exited at 70c for gain of $380.

September 29, 2009 - Skilled Engineering: $15,000 into SPP at $1.50 but scaled back to 666 shares worth $1000 and sold at $2.05 for a profit of $366.

August 10, 2009 - Macquarie Leisure: put $45,000 into three SPP entitlements at $1.10 a share. Scaled back to just 1305 shares worth $1435, but exited these at an average $1.41 for a gain of $340.

December 22, 2010 - Breakaway Resources: $12,500 into $15,000 SPP at 7.4c. Exited at 7.6c for gain of $310.

July 6, 2010 - Gindalbie Metals: $10,000 into SPP at 93c, scaled back to $8700, exited at 97c for gain of $300.

October 23, 2009 - FEA: $10,000 into 1-for-1 offer at 7.5c with no scale back of extras. Exited for $300 profit.

November 19, 2009 - 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.

November 3, 2009 - Boart Longyear: $30,000 into two $15,000 SPPs at 27c. Scaled back to $19,500 and exited at 27.5c to make $300.

August 17, 2010 - Mirrabooka: $15,000 into SPP at $1.60. Exited at $1.635 for gain of $300.

October 18, 2010 - MEC Resources: $8,000 into 1-for-10 entitlement offer at 50c with overs. Got the lot and exited at 52c for gain of $300.

October 28, 2010 - Mirabella Nickel: sold 3,121 at $1.69 in an SPP. $260 profit

July 15, 2009 - Eastern Corporation: spent $2100 in entitlement offer at 24c and sold for 27c to make profit of $262.

October 18, 2010 - Premium Investors: $7500 into SPP at 5% discount to VWAP. Priced at 72c and exited at 74.6c for gain of $250.

May 23, 2009 - Mineral Deposits: bought 16,129 at 62c in share purchase plan and sold 16,219 at 63.5c for profit of $243.

October 9, 2009 - Folkestone: $7,200 into 2-for-1 entitlement offer at 15c. Got the lot and exited at 15.5c to make profit of $240.

June 1, 2009 - 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 24, 2009 - Bradken: $5,000 into SPP at $7.05 and exited at $7.40 for a gain of $230.

October 8, 2009 - Ramsay Healthcare: exited three heavily scaled back $15,000 SPP offers at $9.835 for average $10.52 to make profit of $200.

February 4, 2010 - Platinum Capital: $15,000 into SPP at $1.53 (5% discount to VWAP) and exited at $1.555 for profit of $200.

December 24, 2010 - Bow Energy: $15,000 into SPP at $1.15. Scaled back to $12,500 and exited at $1.17 for gain of $200.

October 28, 2010 - Wide Bay Australia: sold 517 at $10.07 in an SPP. $180 profit after scaled back

November 1, 2010 - Gryphon Minerals: sold 2,173 at $1.34 in an SPP. $160 profit after scaled back


Substantial losses in capital raising plays

December 3, 2009 - BBI (now renamed Prime Infrastructure): $15,000 into SPP at $5.08 and exited at $4 to lose $3200.

December 21, 2009 - QRXPharm: $11,000 into entitlement offer at 80c and exited at 76c to lose $550.

December 21, 2010 - Westfield Retail Trust: $13,750 into 1-for-4.23 demerger from parent with overs at $2.75. Exited at $2.65 for loss of $500.

November 6, 2009 - Myer: exited 1701 at $3.78 after paying $4.10 in float so loss was about $500

September 7, 2010 - Gloucester Coal: $10,000 into 3-for-5 entitlement offer at $9.25 with overs. Exited at $9.17 for loss of $110.

* We've also got this chronological version of the list which includes all the upcoming offers we're considering taking up.