Companies which lifted capped SPPs


April 20, 2017

This list tracks companies which announced a cap on the overall size of an SPP and then lifted it when faced with over-subscriptions. The order is determined by the percentage increase in the size of the offer.

ANZ, 2009: The offer document 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. This remains a record 529% expansion of an SPP.

Bendigo & Adelaide Bank, 2014:
$230 million selective institutional placement at $10.85 to fund Rural Finance purchase. First announced a soft $50 million cap and $5000 individual limit on the SPP but this was lifted to $7,500 after ASA representations. Only a $270m SPP would have retained pre-raising relativities between institutions and retail. They ended up accepting full $150 million so no scale-backs and 200% expansion on initial soft indicative cap.

Automotive Holdings, 2014: After raising $115 million from institutions at $3.49, attempted to limit SPP to just $10 million. After ASA representations, this was expanded by 200% to $30 million so no scaleback.

Crane Group, 2009: $40 million placement at $7.50 and the company announced individuals were limited to $9000 each and $10 million collectively in the follow-up SPP. However, after it received $27 million in applications, the scale back only reduced this to $22.8 million so that everyone received a minimum 200 shares worth $1500 and were then scaled back by 20% of everything above that amount. The offer was expanded by 128%.

Adelaide Brighton, 2009: Capped SPP at $15 million but expanded this by 90% to $28.5 million after being overwhelmed with $57 million worth of applications. Investors received a minimum $1000 and then a 50% scale back. This followed an $85 million placement to institutions at $1.78.

DUET Group, 2014:
announced a $30 million SPP cap in 2014 after the latest of a long line of institutional placements but then accepted all $43 million in SPP applications after representations from the ASA. Expanded by 43.3% to achieve no scale back.

The Reject Shop, 2013: $15,000 SPP at fixed price of $16.20 after $30 million placement to fund store rollout. Offer document mentioned $10 million cap but after $25.5 million in applications this was expanded by 40% to $14 million.

QBE, 2014: SPP was initially capped at $150 million but this was expanded by 33.3% to $200 million after a threatened board tilt. Original placement was $650 million at $10.10.

Atlas Iron, 2009: there was a $105 million placement and the SPP offer document mentioned an $11.7 million cap plus the formula for any scaleback but after applications worth $29.75 million were received, this was increased to $14.8 million so the scale back was only 50%. Offer expanded by 26.5%.

Super Retail Group, 2010: $76 million institutional placement followed by $10,000 SPP at $4.80. Announced $10 million cap on SPP but ended up accepting all $12.4 million in applications after 24% expansion.

IAG, 2014: announced a $200 million cap on SPP in 2014 but then accepted all $236 million in application after representation from the ASA. Expanded by 18% after ASA representations to achieve no scale back.

Western Areas, 2014: announced a $15 million cap on a 2014 SPP but then ended up lifting by 18% by accepting $17.7m of $18.8m in application after representations from ASA and an administrative error.

Asciano, 2010: The SPP was pitched at $100 million after a $1.58 billion institutional placement and circa $800 million entitlement offer, but after applications worth $290 million from 31,000 holders, this SPP cap was slightly increased by 1.5% to $101.5 million so all applicants could receive 35% of their application.



MQA