Companies which limited "overs" on pro-rata raisings

April 24, 2020

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.

Australand, 2009: overs were limited to a maximum of $40,000 or 1 times a shareholders' entitlement. Finished 3% short. See announcement.

Cooper Energy, 2017: 1-for-2 at 31.5c in April 2017 with overs capped at 200%. Finished 60% short but no disclosure of breakdown between entitlements and overs. See announcement.

Challenger Diversified Property Group, 2009: $130 million 4-for-7 raising 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. Finished 36% short. See announcement.

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

Flight Centre, 2020: $700 million capital raising with the pro-rata component limited to overs of just 25% of the entitlement.

G8 Education, 2020: $300 million capital raising with $76m retail component limited to overs of just 25%.

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. Finished 16% short after only $1.6m in overs applications. See announcement.

Gateway Lifestyle, 2016: 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. Scale back was to 50% of overs which was confusing given claims of over-subscription. See announcement.

Ingenia Communities Group: non-renounceable 2-for-17 at $3.93 to raise $110 million with overs restricted to just 15%. See announcement.

Oil Search, 2020: $1.16 billion capital raising with $80 million retail component limited to overs of 200% of entitlement.

St Barbara, 2019: 1-for-3.1 non-renounceable at $2.89 to raise $490 million with overs limited to 25% of entitlement. The shares tanked so the $131 million retail component only received $4 million in applications. See announcement.

TPG Telecom, 2017: 1-for-11 at $5.25 to raise $400 million with retail offer limited to 50% of entitlement in overs. Finished fractionally short at 99.7%. See announcement.

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.