Companies which limited "overs" on pro-rata raisings

April 20, 2017

This list tracks the small number of companies which limited the amount of additional shares or "overs" that retail shareholders could apply for in a non-renounceable issue, before seeing how big the shortfall actually was.

DUET Group, 2014: $395 million non-renounceable offer but overs were limited to just 50% of the entitlement. See this piece in Crikey.

Virgin Australia, 2013: All investors limited to 40% of their entitlement which lead to a $51m shortfall that went to foreign airline under-writers. See this piece in Crikey.

Challenger Diversified Property Group: retail investors were limited to overs equivalent to 50% of their entitlement, UBS was the under-writer and controlling shareholder Challenger Financial Services was able to lift its controlling stake to 46% at a discount courtesy of an $8 million shortfall.

Australand, 2009: overs were limited to a maximum of $40,000 or 1 times a shareholders' entitlement.

GPT, 2009: shareholders limited to overs of just 25% of their entitlement. This only brought in $27 million of overs and left a $300 million retail offer $73 million under-subscribed.

Folkestone, 2014: 1-for-4 at 20c with all shareholders limited to maximum overs of $100,000.

TPG Telecom: 1-for-11 at $5.25 with retail offer limited to 50% of entitlement in overs.

Cooper Energy: 1-for-2 at 31.5c in April 2017 with overs capped at 200%.

Gateway Lifestyle: non-renounceable 2-for-15 entitlement offer at $2.40 to raise $80m. Retail raised $20m and 50% overs saw it more than 100% subscribed.