SPPs above $100 million in the Australian market

December 31, 2018

This list tracks the biggest share purchase plans conducted by ASX listed companies above $100 million.

1. ANZ: The offer document in 2009 mentioned a cap of $350 million following the $2.5 billion placement at $14.40 but the bank accepted all $2.2 billion worth of applications from 178,000 holders or some 40% of the register. See conclusion announcement.

2. CBA: raised $865 million in March 2009 through an SPP priced at $26. See results announcement.

3. NAB: raised $750 million through a heavily scaled back SPP in 2009 priced at $21.50.

4. Macquarie Group: was an uncapped $15,000 offer at at $26.60 in mid 2009. This followed a $540 million placement and also offered a 5% discount to VWAP. The SPP raised $669 million from 55,000 applicants which meant institutional holders were collectively diluted, in a very rare event. See outcome announcement.

5. Westpac: raised $442 million from a $5000 SPP priced at $15.26.

6. NAB: rasied $250 million in late 2008 through a $5000 SPP priced at $19.97.

7. IAG: raised $236 million in a $15,000 offer at $5.47 in January 2014.

8. Brickworks: rasied $175 million through a $15,000 SPP at $12.40 in 2010 after the company left the door open so thousands of shareholders bought in before the record date. See conclusion announcement. The offer document made no reference to any cap and there was no preceding institutional placement.

9. AXA Asia Pacific Holdings: The deal in 2009 involved a $500 million placement at $2.85 and then a $10,000 SPP limited to $185 million and under-written to $75 million. Commendably the offer document indicated any scale back would be driven by the size of an applicant's holding, but in the end they only received $166 million which was remarkably low given it was almost 40% in the money.

10. Elders: There was $163 million in application for the $20,000 offer at 15c, but the scale back to $150 million somehow only involved investors who applied for more than $20,000 worth of shares. See conclusion announcement.

11. Graincorp: applied for $15,000 SPP at $6.25, scaled back to $7600 and exited for $6.90 to make a profit of $790. This followed a $60 million placement at $6.25. The company raised $138 million in the SPP but was forced to scale back by the listing rule limit on SPPs expanding the capital base by more than 30%. See scale back announcement which gave smaller holders a fixed $7600 allocation and larger holders the full $15,000. Theoffer document identified no cap.

12. Bluescope Steel: bought 1613 at $3.10 in share purchase plan and sold 1635 at $3.19 for marginal profit. Was priced at $3.10 or a 5% discount to VWAP after a $300 million placement and had a $250 million cap which would never have been reached given applicants were limited to $5000 each. Final price was $3.10 and full $113 million was accepted as almost 30,000 holders participated in this 2009 offer.

13. Asciano: put $30,000 into three $10,000 SPP entitlements at $1.10. Scaled back by 65% and exited for profit of $3626. The SPP was pitched at $100 million after a $1.58 million institutional placement and circa $800 million entitlement offer, but after applications worth $290 million from 31,000 holders, this SPP cap was slightly increased to $101.5 million so all applications could receive 35% of their application. See conclusion announcement.

14. QBE: The $100 million offer in early 2009 received $226 million in applications and QBE came up with a unique scale back formula.

15. IAG: only raised $95 million in 2002 after CGU purchase when had underwriting arrangements for $380 million. The biggest shortfall in the history of SPPs.

Add Ansell, IAG and QBE.