Companies which refused to lift capped SPPs


May 25, 2019

This list tracks companies which refused to lift capped SPPs.

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.

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.