Companies which uncapped SPPs after strong demand

4D Medical (4DS), 2025: accepted all $8.4m in applications from retail investors after earlier announcing a $7m cap. This exceeded the earlier $5.5m placement.

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.

ANZ, 2015: The ANZ SPP ended up raising $720 million at $26.50, a healthy 14.37% discount to the earlier $2.5 billion institutional placement at $30.95 which subsequently became the subject of some ASIC enforcement action. Investors were offered a 2% discount to VWAP in the SPP and the original $500 million cap was lifted to $720 million so there were no scale backs.

Arafura Resources (ARU), October 2025: went into a trading halt at 9.22am on August 18 and then The AFR's Street Talk column reported at 2.51pm on August 18 that Barrenjoey and Canaccord Genuity were helping it raise $80m in a two tranche placement at 19c, a 13.6% discount to the last close of 22c, with a miserable $5m SPP to follow. The second tranche of $9.8m will be subject to shareholder approval. The company had a market cap of $542m before the raise. The latest annual report says that it has 30,109 shareholders so the theoretical maximum in SPP applications is $903m, a whopping 180.6 times the $5m SPP allocation. Wrote to them early on August 19 (see letter) before the official announcement had been made requesting an expansion of the SPP cap and secondary VWAP pricing. The official announcement dropped at 9.39am on August 20 and they failed to move on either issue initially but then commendably uncapped the SPP and accepted all $9.83m in applications, thereby avoiding any scale back. Stock closed at 46c on October 23, so all capital raising participants have done very well.

ARENA REIT (ARF), August 2024: completed a $120m placement at $3.78, a 4.5% discount to the previous close of $3.96, and then embarked on a $20m SPP at the same price with no VWAP alternative. Market cap was around $1.5 billion at the time. Ended up accepting the full $23.8m in applications to avoid any scale back.

Austin Engineering (ANG), 2014: $15,000 SPP at $3.20 after placement. In the money after Bradken offer lifted stock. Expanded $5m cap to $5.5 million to avoid scale back. See announcement.

Australian Strategic Materials (ASM), 2022: $30m placement at $1.73, a 12.4% discount to the previous close of $1.975, followed by a $4m placement to the chair requiring shareholder approval and a $10 million SPP with no VWAP alternative which was uncapped after the board elected to accept all $11.1 million in SPP applications without saying precisely how many shareholders participated.

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 scale back.

Bank of Queensland (BOQ), 2019: announced a $25 million cap after completing a $250 million placement but then accepted all $90 million worth of applications at a 2% discount to VWAP which finished at $7.27 or a a 6.5% discount to what the institutions paid. See announcement.

Bega Cheese (BGA), 2017: Expanded a 2017 SPP from the capped amount of $37.5 million to accepted all $50.5 million in applications after receiving an ASA letter requesting the cap be lifted.

Bendigo & Adelaide Bank (BEN), 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.

Betmakers (BET), July 2025: announced an $11.5m placement at 10c including $1m from CEO Matt Davey, which will require shareholder approval. This is being followed by a miserable $1m SPP. The stock was at 9.9c on June 18. The latest annual report says this company capitalised at $109 million has 12,242 shareholders. If only 34 of them apply for the full $30,000 that will soak up the entire $1 million allocated to retail. Accepted the full $1.2m in applications with no scale back.

Calix (CXL), 2022: initial capital raising was a $60m placement at $4.55 on October 19, an 11% discount to the previous close of $5.12. Stock then tanked after Albanese government cancelled $41m grant for carbon capture, use and storage projects. However, the subsequent $20m SPP had secondary pricing based on a 2.5% discount to VWAP. They accepted all $21.6m in SPP applications with the final price being $4.24, a 21c or 4.6% discount to the $4.60 placement price.

Cann Group (CAN), 2020: after a $14.3 million placement at 40c, launched a $10m SPP at the same price but ended up accepting all $25.6 million in applications bringing the total raising to $40.2 million and being a rare example (see list) of an SPP being larger than the earlier placement. The SPP participation disclosure was good with 2,793 applicants, comprising 14.5% of the nearly 20,000 shareholders.

Carnegie Clean Wave, 2017: announced a $6m SPP cap but then accepted an additional $9m plus added a $3m private placement to keep diluted shareholders sweet. See $18m raising outcome announcement.

Charter Hall Education, 2019: following a $120 million placement at $3.35, announced a $5 million cap on the SPP but ended up accepting all $19.29 million in applications. See announcement.

Charter Hall Retail (CQR), 2019: completed a $150 million institutional placement at $4.51 and announced a $10m cap on the subsequent SPP but ended up accepting all $14.7 million in applications. See announcement.

Charter Hall Retail (CQR), 2020: $275 million placement at $2.90 followed by a $25m SPP at the same price with no VWAP alternative. Lifted the cap and accepted all $29.4 million in applications. See outcome announcement.

Charter Hall Social Infrastructure (CQE), 2019: launched a $100 million placement at $3.35 and initially proposed limiting SPP to just $5 million but then accepted all $19.3 million in applications. See outcome announcement.

Charter Hall Social Infrastructure (CQE), 2020: $100m placement comprising 15% of issued capital at $2.20, followed by a $15m SPP at $2.20. Received $19.3m in applications, which were all commendably accepted.

Charter Hall Group (CHC), 2017: announced a $15 million cap on the SPP, following a $275 million placement. The company accepted all applications after $15.76 million in applications were received.

City Chic Collective (CCX), 2020: $80 million placement at $3.05, a 4.7% discount to the previous close, followed by a $10 million SPP at the same price of a 2% discount to VWAP over the final 5 days of the offer. The placement represents 13.1% of issued capital and the SPP is just 11.1% of the capital raising. Placement conclusion announcement silent on allocation policy or take-up by existing holders. Ended up accepting all $31 million in SPP applications with no scale back which was generous for retail shareholders.

Cyclopharm (CYC), 2024: $20m placement at $1.42, hefty 13.9% discount to the previous close of $1.69. Was followed by an under-sized $2m SPP for retail with no VWAP alternative pricing. Stock fell 15% to $1.40 on May 27 when trading resumed but later recovered. After strong demand, the company doubled the SPP to $4 million by accepting all applications.

Dexus (DXS), 2015: $400 million institutional placement at $7.32 and then announced a $50 million SPP but eventually accepted all $77.8 million in applications.

Dexus (DXS), 2019: responded positively to our request for an expansion of its $50 million Share Purchase Plan when it announced that it would be accepting all $63.9 million in applications with no scale back. This was still pretty light on after a $900 million placement.

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.

GPT (GPT), 2019: lifted a $50 million cap on its SPP to $66.8 million and then used these excellent words in the outcome announcement: “The SPP offer was sent to 31,781 eligible Security holders and valid applications were received from 5,980 Security holders. This represents a participation rate of 18.8% and an average application worth approximately $11,170.”

Growthpoint, 2019: announced it was expanding its $15 million Share Purchase Plan to accept all $23 million in applications. The $15,000 offer was priced at $3.97 against a market price of around $4.36 when it issued. Growthpoint also adopted the new model for disclosing participation rates in the SPP with these words: “The SPP offer was sent to 3,958 eligible securityholders and 1,672 applications were received, providing a take-up rate of 42.24% and an average application of $14,086.”

Hansen Technologies (HSN) 2015: aimed to raise $10 million under an SPP in conjunction with a $15 million placement. The company lifted the cap after receiving over the SPP was oversubscribed by approximately $2 million.

HMC Capital (HMC), 2024: the biggest shareholder in Sigma before the Chemist Warehouse reverse takeover and emerging activist investor completed a $100m placement at $6.50 and followed up with a $30 million SPP. Announcement failed to mention the previous close was $7.41 so that's a hefty 12.3% discount. Ended up attracting $58.3m in applications and accepted the lot.

Insurance Australia Group (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.

IKEGPS Group (IKE), August 2025: announced an $18m placement at 81c, a 4.5% discount to the previous close of 85c, which was followed by a $2m SPP, which was expanded to $8.27m when they commendably accepted all applications, increasing the overall raise to $26.27 million. Held a virtual AGM on September 27, last year. The stock was at 96c on July 28, capitalising the company at $178m.

Insurance Australia Group (IAG), 2020: a $650 million placement at $5.50 followed by a $100 million SPP which was uncapped when $125.9 million came through the door and was priced at $4.97 based on a 2% discount to the closing VWAP of $5.07.

Independence Group, 2016: announced a $30 million cap on its SPP, which followed a $300 million institutional placement. The company lifted the cap after receiving $31.4 million in subscriptions from shareholders.

Ingenia (INA), 2020: $150 million placement at $3.45 followed by a $25 million SPP. Only has about 3500 holders so the theoretical maximum for the SPP is $105 million and the company ended up accepting all $27.9 million in SPP applications, marginally lifting the $25 million cap. Only about 30% of shareholders participated even though it was more than 20% in the money.

Intelligent Monitoring Group (IMB), 2024: raised $20m in a placement at 48c to fund an acquisition and followed up with a $3m SPP which it expanded to $3.68m to avoid any scale back. The pricing was just a 4% discount to the previous close of 50c.

Invocare (IVC), 2020: announced a $50m cap on its SPP following a $200 million placement but then accepted all $74 million worth of applications. See announcement.

Lynas (LYC), Sept 2025: announced a $750m placement at $13.25 with its results on August 28, followed by a $75m SPP. The pricing was $13.25, a 10% discount to the previous close of $14.73. The latest Lynas annual report reveals that is has 47,176 shareholders. If they all apply for the full $30,000, that will raise $1.415 billion, so the $75m cap looks pretty skinny after a huge $750m big end of town placement. They ended up accepting all $182m in applications and the shares popped to $16.52 the night before the lifting of the cap was announced on September 23 so the circa 13% participation was a crazy missed opportunity for those who didn't invest. The stock opened at $16.99 on the September 26 exit day so that was a 28.2% paper gain for participants.


Macarthur Coal, 2009: After a $190 million placement at $6, the SPP offer document talked about a plan to raise $20-40m but then they accepted all $62 million in applications. See announcement.

Macquarie Atlas Roads, 2017: announced a capped $15 million SPP in March 2017 after doing a $185 million institutional placement and ended up accepting all $22 million in applications.

National Storage (NSR), 2020: $300 million placement at $1.57, followed by a $30m SPP which was expanded to $48 million with no scale back. See SPP outcome announcement which didn't include any participation data.

NIB (NHF), 2022: $150 million raising comprising a $135 million placement at a floor price of $6.90 which was the final price, followed by a $15m SPP at the lower of the placement price and a 2% discount to the VWAP. The annual report claims the company has 132,516 shareholders which means the theoretical maximum application is $3.975 billion and the capped amount of $15m only represents 0.37% of this amount or just $113 for each shareholder on average. Emailed the company on November 6 requesting expansion of the $15m cap and full disclosure of SPP participation data. Ended up being priced at $6.74 and accepted all $21.3m in applications without disclosing participation data.

Nickel Industries (NIC), 2023 a big $673 million raise all of which is via selective placement at $1.02 per share, a 9% discount to the previous close of $1.12, except for the $29m SPP at the end, which was expanded to $34.56m to avoid any scale back.

Norwest Energy, April 2022: the Perth-based company accepted all $3.324 million in SPP applications rather than scaling it back to the $3m cap.

Propel Funeral Partners (PFP), February 2024: $80m placement at $5.15, a 4.3% discount to the previous close, followed by an unfairly capped $10m SPP at the same price or a 2% discount to the VWAP in the 5 days leading up to the Feb 26 close. With 4,200 retail shareholders, the theoretical maximum for SPP applications was $126 million. More than 900 applicants offered up $20.5 million and the company accepted the lot, more than doubling the SPP and avoiding any scale back.

SCA Property Group, 2018: after a $262 million institutional placement to fund an acquisition, announced a $50 million SPP but ended up accepting all $111 million in applications at the $2.32 offer price. See announcement.

Seafarms, 2017: announced $2m SPP funding target with provision to accept an additional $2 million for a $4m cap but then accepted all $4.67m in applications.

Silex Systems (SLX): $130m placement which was reported by The AFR's Street Talk column at 10.06am on August 6. The pricing was $3.90, a hefty 15.8% discount to the previous close of $4.63. The official announcement dropped at 9.37am on August 7. JP Morgan and Cannacord shared a 4% fee with potential for a 0.25% bonus. The following $15m SPP at the placement price of $3.90 has secondary pricing based on a 2% discount to VWAP. The stock closed at $3.72 on August 22, giving it a post-placement market cap of $975m. The latest annual report says it has 8,068 shareholders so the theoretical maximum in SPP applications is $242 million. Wrote to the company on August 25 (see full text of email) thanking them for the VWAP pricing and requesting that the SPP cap be lifted if demand is strong, which they did after $19.4m in applications came through the door and they accepted the lot.

Silver Mines (SVL), August 2025: went into a trading halt at 9.40am on August 1, then The AFR's Street Talk column was selectively briefed and reported at 3.50pm on Sunday August 3 that it was looking to raise $30m in a placement. The sole broker was Petra Capital which was paid an excessive 6% cash fee. The official announcement on August 5 included the extra detail that there would be a $3m SPP as well with no secondary VWAP pricing. The pricing was 12c, a 7.7% discount to the previous close of 13c. Was capitalised at $251m after the placement settled with the stock at 12c by August 22. The latest annual report says the company has 12,461 shareholders and, unusually, there are no substantial institutional shareholders above 5%. The theoretical maximum in SPP applications is $374 million. Wrote to the company on August 17 (see full text) requesting a lift to the SPP cap and best practice data disclosure with the outcome announcement. They ended up accepting all $4.07m in applications but never said how many shareholders applied.

Super Retail Group (SUL), 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.

White Rock Minerals, 2020: initially announced a $1.5m cap on its SPP but then uncapped the offer and accepted all $10 million worth of applications at 3c, meaning the SPP ended up being almost double the earlier $5.85 million placement.

Transurban (TCL), 2019: $500 million placement at $14.70 (a $3.48% discount to market) followed by $15,000 SPP with a soft cap of $200 million which was priced at $14.64 based on the 2% discount to VWAP. Transurban accepted all $312 million worth of applications.

Westpac (WBC), 2019: announced a $500 million cap on its $30,000 SPP in late 2019 after a $2 billion placement and then accepted all $770 million in applications with no scaleback which were priced at a 2% discount to VWAP so retail investors only paid $24.20, compared with $25.32 for the placement. See announcement.

Wisetech (WTC), 2019: Announced the SPP at $20.90 was capped at $30 million but then expanded it to $35.9 million. See announcement.

Zip Co (ZIP), 2020: announced a $150 million capital raising comprising a $120 million placement priced at $5.34, a 4.1% discount to the previous close of $5.57, and a $30 million SPP which included a secondary pricing mechanism based on a 2% discount to VWAP. Under-written by Merrill Lynch with Shaw assisting. The placement outcome announcement talked about over-subscriptions but there was no reference to whether existing shareholders were given priority. The SPP received $56.7 million in applications which were accepted in full.

Copyright © 2025 The Mayne Report. All rights reserved

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