Companies which refused to lift capped SPPs


September 6, 2019

This list tracks companies which refused to lift capped SPPs.

Boart Longyear, 2009: $15,000 SPPs at 27c. Company received $US118m in applications from 10,000 shareholders but scaled this back to $US75 million with everyone getting around 65% of their application. See announcement.

Cedar Woods, 2014: $15,000 SPP at $6.80. Scaled back by two thirds after received $15m in applications. Stuck with $5m cap and scaled back based on size of applications. See announcement.

CFS Retail, 2014: $15,000 SPP at $1.782 after placement. Scaled back everyone to about $2100. The $15 million SPP received $73 million in applications and there was no expansion in the cap. See announcement.

Fletcher Building, 2009: The $NZ100 million SPP at $4.15 followed a $NZ405 million placement and was scaled back with applicants receiving 56.56% if they applied for the maximum of $A9000. See scale back announcement.

Gindalbie Metals: $10,000 SPP at 93c, with most applicants scaled back to $8700. Initially announced capital raising of up to $206 million with the SPP capped at $20 million. Received $26 million in applications and scaled everyone by about 25%. See conclusion announcement.

GUD Holdings: $15,000 SPP at $8.30 or a 2.5% discount to market. Scaled everyone back by 55%. This followed a $40 million institutional placement and the offer document flagged a $15 million cap which was maintained. See scale back formula.

Megaport, 2019: completed a $50m placement at $4 and then received $47.6 million worth of applications for the subsequent SPP but stuck with the $10 million cap. See announcement.

Pinnacle Investment Management, 2018: announced a $10 million cap and stuck with it despite receiving $22 million in applications. See announcement.

QBE Insurance, 2009: The $100 million offer at $5000 a pop received $226 million in applications and QBE came up with a unique scale back formula.

Seek, 2009: $5000 SPP at $2.60 following a $100 million placement which included $35 million to the Bassat founders and the Packer interests. There was no cap in the original announcement but $15 million appeared in the offer document. Received $20.4 million in applications and the scale back was based on the size of your holding.

Villa World, 2013: $15,000 SPP at $1.60. Received $9.8 million in applications but decided to stick with $5m cap with everyone receiving 49% of what they applied for. See announcement.

Webjet: $15,000 into SPP at $3.60 after recent placement to fund acquisition. Capped at $5m. Closed January 18 and trades January 30. Scaled back to 19% of investment. Sold 792 at $4.67 for gain of $790. See scale back announcement explaining how everyone got 19% of application.

Western Areas, 2013: $15,000 SPP at $3.80. Scale back based on size of holding. See scale back announcement as held the line with $15 million cap in offer document after receiving $26 million in applications.