Chronological history of ASX200 placements


May 30, 2019

This list looks at the chronological history of institutional placements of more than $100 million by ASX200 companies which remain listed in 2019.

2019

Dexus: $900 million placement followed by $50m SPP.

Mirvac: $750 million placement followed by $75m SPP.

Credit Corp: $125 million followed by a $15 million SPP.

Wisetech: $300 million placement followed by an SPP.

Freedom Foods: $65m placement and $65m 1-for-18 entitlement offer at $4.80. See announcement.

2018

Bega Cheese: $200m placement folllowed by SPP.

Afterpay: did a $117m insto placement at $17.05 followed by an SPP

2017

Viva Energy: $80m placement followed by $10 SPP to fund some service stations.

Seven Group Holdings: $15,000 SPP at $11.20 following $350 million placement. Capped at $25m. 9300 holders so maximum applications $140m.

Bega Cheese: $122m placement for Vegemite purchase. See announcement.

Macquarie Atlas Roads: $185m placement for tollroad acquisition.

2016


Toxfree: $10,000 SPP at $2.55 closing on Friday, April 22. Sold 860 at $2.89 for gain of $260.

Western Areas: $15,000 SPP at $2 after $70m insto placement. Had two cracks but heavily scaled back so no gain.

2015

ANZ: launched a snap $2.5 billion raising via an institutional placement on Thursday August 6, 2015. The 80.8 million shares were underwritten by brokers Citi, Deutsche Bank and JPMorgan at $30.95 a share.

Macquarie: $400m placement for Esanda purchase.

Treasury Group: $5 million SPP at $10.25 after recent placement. $27m in applications so expanded to $10m with everyone getting 37% of application. Exited at $12.10 for gain of $1000.

Villa World: $15,000 SPP at $1.90 after placement. Applied for $15,000 but $5m cap not listed despite $16m in applications. Sold 2435 at $2.15 for gain of $365.

Wilson Asset Management: $15,000 SPP at $1.90. No scale back and sold 7900 shares at $1.935 for gain of about $300.

Mantra Group: $15,000 SPP at $3.24. Exited at $3.35 for gain of about $500.

GUD: $15,000 into SPP at $7.45 after $79m placement. Scaled back to virtually nothing

Dexus Property Group: $7,500 into SPP at $7.32 after placement. Exited at $7.44 for gain of $69.

Hansen Technology: $5000 SPP at $2.17 capped at $10m after $15m placement. Exited at $2.51 for gain of $927

CSG: $15,000 SPP at $1.42 after $30 insto placement. Closed Sept 16 and no VWAP alternative. Exited at $1.61 for gross gain of $2000.

2014

CFS Retail: committed full $15,000 into SPP at $1.782 after recent $1.85 placement. Scaled back to about $2100 and excited at $1.93 for gain of about $150. The $15 million SPP received $73 million in applications and there was no expansion in the cap.

Western Areas: two cracks at $15,000 SPP at $3. Based on announcement, should have been scaled back to 850 shares on each. Directly engaged with company.

Abacus Property Fund: $15,000 SPP at $2.26 after placement. Exited at $2.39 for gain of $850.

Automotive Holdings: $15,000 SPP at $3.49 after placement to fund acquisition. Exited at $3.87 for gain of $1600.

Qube Logistics: $15,000 SPP at $2.12 after $200 million placement to fund grain acquisition. Exited at $2.20 for gain of $540.

Oilsearch: $15,000 SPP at $8.20 after institutional placement. Exited at $9.21 for gain of $1650.

Lynas: $15,000 SPP at a 17.5% discount to VWAP. Closed May 23. Went in for $5000, was priced at 11.3c, exited at 14c for gain of $1150.

Bendigo & Adelaide Bank: two bites at $7500 SPP at $10.85 or 2.5% discount to VWAP. Spoke to CEO to get SPP expanded. Exited at $11.96 for gain of $1560.

Aristocrat Leisure: $15,000 SPP after placement to fund acquisition. Capped at $30 million and priced at $5.26 or 2.5% discount to VWAP. No scale-back as fell short of cap. Invested $15,000 and exited at $5.60 for gain of $940.

Ardent Leisure: applied for $20,000 in 2 entitlements to $15,000 SPP at $2.41. Directly engaged with company. Scaled back to $500 in each and exited at $3.11 for gain of $250.

QBE Insurance: $15,000 into SPP at $10.10 after placement. Capped at $160m, lifted to $200m but only allotted 1 new share. Interest paid on overs. Promised board tilt if not lifted to $200m.

Select Harvests: $15,000 SPP at $5.35 after insto placement. No engagement. Exited at $6.14 for gain of $2200.

Challenger Financial Group: $15,000 SPP at $7.53 or 2.5% discount to VWAP. Price at $7.10. Exited at $7.08 for tiny loss.

Retail Food Group: $15,000 SPP at $4.80. Everyone scaled back to 47% of application. Exited 1478 at $5.81 on December 30 for gain of $1480.

2013

Western Areas: $30,000 into two $15,000 SPP entitlements at $3.80. Closed January 11, scale back to $70 investment, refunded on January 25. See scale back announcement as held the line with $15 million cap in offer document after receiving $26 million in applications.

The Reject Shop: $15,000 SPP at fixed price of $16.20 after $30 million placement to fund store rollout. Applied for $10,000 but scaled back to meaningless figure. Offer document mentioned $10 million cap but after $25.5 million in applications this was expanded to $14 million.


BC Iron: $30,000 into two $15,000 SPP entitlements at $3.04 capped at $10m after $47m placement to fund iron ore expansion. Everyone scaled back to 77% of application as $10m cap retained
2012


Bendigo and Adelaide Bank: After $150m placement at $8.45. $6,000 into SPP at 2.5% discount to VWAP ($7.33). Exited at $7.47 for gain of $100. Ended up raising $46 million at $7.43 so big discount for retail.

QBE Insurance: $5000 into $15,000 SPP at $10.70 but scaled back to nothing as only held 5 shares and 86,000 applicants were allocated 8.34% of holding.


2011


Silex Systems: $15,000 into SPP at $5.40 or 10% discount to VWAP. Came in at $5.08 and exited at $5.50 for gain of $1220. Accepted the full $20.2 million in applications from about 20% of shareholders and this followed an $80 million placement. See conclusion announcement.

Lynas:
did a $55m placement followed by a $20m SPP.

2010

Santos: $500 million placement at $12.55 in December 2010 and no sign yet of a follow-up SPP.

Mirvac: $350m placement followed by SPP. See announcement.

MacArthur Coal: $30,000 into two cracks at $15,000 SPP at $11.33. Exited at $13.20 for gain of $4900. Preceded by a $428 million institutional placement, the SPP offer document set no cap and all $55.1 million in applications were accepted. See conclusion announcement.

Karoon Gas: $15,000 into SPP at $7 and exited at $9.10 for gain of $4470. Raised $81.8 million with no scale back and this followed a $186 million institutional placement in 2010.

2009

Newcrest: $750 million institutional placement at $27 a share on February 2, 2009 with a follow-up $5000 share purchase plan which only brought in an extra $59 million. Given the law now allows for $15,000 SPPs, Newcrest could and should come back with another $10,000 SPP to raise at least $100 million from retail investors.

Westfield: $2.9 billion placement in early 2009 to pay down debt after the GFC hit.

Wesfarmers: $900 million placement to two institutions at $14.25 as part of $4.5 billion capital raising in early 2009. The rest was a 3-for-7 entitlement offer at $13.50, although retail investors only took up $1.6 billion of their $3 billion entitlement so the dilution has been enormous, especially with Wesfarmers shares now well north of $30.

Axa Asia Pacific Holdings: $500 million placement at $2.85 in March 2009 followed by a $10,000 SPP which raised $166 million. The 92% of shareholders who ignored the SPP were clearly diluted so another offer in March 2010 would not go astray.

Bank of Queensland: $108 million raised in early 2009 through a placement and $45 million through a share purchase plan at $7.64 a share. Came back with another $340 million raising in August 2009 comprising a $143 million institutional placement at $10 a share plus a $197 million 1-for-9 entitlement offer at the same price, with retail contributing $121 million or 61%. This suggests that a further $200 million SPP for retail is warranted to offset the dilution from the two institutional placements.

Aristocrat Leisure: $200 million placement at $3.25 in April 2009 followed by a $24.4 million SPP and a $1 million placement to the founding Ainsworth family. Retail own more than 15% so an additional SPP would be warranted.

Goodman Group: 1-for-1 entitlement offer at 40c in August 2009 raised $1.11 billion, plus a $167 million institutional placement, which suggests a compensatory SPP should follow the entitlement offer closing.


Iluka Resources: $353 million raised in a four-for-seven rights issue at $2.55 in March 2008 and then followed up with a $114 million placement at $3 a share in May 2009 but failed to deliver retail investors an SPP, so clearly owe an offer of up to $100 million.

Suncorp: emergency $1.046 billion raising in February 2009 at $4.50 a share which included a $390 million placement, $465 million through the institutional entitlement offer but retail only took up $191 million of a possible $502 million. Therefore, the dilution was heavy indeed and retail is owed an SPP worth about $700 million.

Tabcorp: $300 million placement at $5.80 a share in February 2009, with the subsequent $5000 share purchase plan raising $87 million. Should clearly offer another $10,000 SPP to raise at least $100 million more from retail investors.


Karoon Gas: $150 million institutional placement at $6.70 a share in June 2009 followed by a $23.5 million SPP which was unfortunately restricted to $5000 for each shareholder. An additional $10,000 SPP should be offered to retail investors.

Lend Lease: completed a $300 million institutional placement on February 4, 2009 at $6.05 a share to strengthen the balance sheet but the shares then tanked to a 20-year low of $5.50 so they abandoned the SPP for retail investors. Worth coming back with a $15,000 SPP now that the stock has soared and retail investors have finished up heavily diluted.


Nufarm: raised $300 million through an institutional placement at $11.25 a share in May 2009 and then collected an additional $35 million from the follow-on SPP which was priced at $10.18 a share. However, it was the full $15,000 SPP so retail investors missed their chance and have been diluted given the stock has now recovered.

Qantas: $500 institutional placement million at $1.85 in February 2009 caused the shares to tank and the subsequent $10,000 SPP was capped at $150 million but only raised $26 million at the bargain price of $1.51. The tiny minority of retail investors who took up the offer did well, but the rest have been heavily diluted so another SPP is justified and Qantas could do the full $15,000 from next March.


Ramsay Healthcare: $240 million placement at $10.05 completed in August 2009 with a $40 million SPP to come although this seems capped at an unfairly small amount.


Insurance Australia Group: raised an initial $450 million through an institutional placement at $3 a share in February 2009 with a further $84.4 million raised through $5000 share purchase plan at the same price. Given the large retail shareholder base and new $15,000 SPP limit, another $10,000 SPP offer to mums and dads is warranted.

2008

NAB: $3 billion placement in November 2008 at $20 a share and then only a further $250 million raised in a share purchase plan in December 2008 which was priced at $19.97 a share and brought the total raising to $3.25 billion. Backed up with another $2 billion institutional placement at $21.50 a share in July 2009, accompanied by an SPP capped at $750 million, despite receiving applications worth $2.6 billion. Retail investors are owed up to $3 billion worth of SPPs to restore the balance.

Westpac: $2.5 billion placement in December 2008 at $16 a share followed by a share purchase plan in January 2009 which pulled in an additional $442 million so total of $2.94 billion raised. Given retail investors own about 40% of Westpac, the mums and dads are owed an SPP worth at least $1 billion.

CSL: $2 billion placement to fund US acquisition in August 2008 at $36.75 a share and then followed up with $143 million raised through a share purchase plan, bringing the total to $2.143 billion. Retail investors owed another SPP worth at least $500 million, although the US acquisition fell over so the business now has too much capital.

Commonwealth Bank: another $2 billion raised from institutions at $26 a share on December 18, 2008 with a share purchase plan that attracted applications of $865 million with no scale back. However, retail were still shafted twice because there was no SPP with the first raising and in the second they missed out on the $1.13 fully franked dividend that institutions pocketed. Retail investors are owed at least a $1 billion SPP.

CSR: did a $125 million placement in December 2008 at $1.40 a share and a one-for-four entitlement offer at the same price as part of an overall $349 million raising. Retail investors are clearly owed an SPP worth about $100 million.

AMP: started with a $450 million institutional placement at $5.30-a-share in late 2008 followed by a share purchase plan at $5.16 which raised $109 million. Retail were slightly diluted so another offer is in order.

Asciano: started with a $5000 SPP at $4.30-a-share in September 2008 which raised $103 million, although $79.5 million came from under-writer Goldman Sachs-JB Were. Dithered until mid-2009 when it unleashed a 1-for-1 entitlement offer at $1.10 to raise $769 million, plus $1.56 billion in institutional placements. Finished up with a $10,000 SPP to raise another $100 million in August 2009, but this was heavily scaled back and could have been expanded to $180 million without shareholder approval. Retail investors are owed an SPP worth at least $500 million in 2010 when the requisite 12 months have lapsed since the last SPP.

Bendigo & Adelaide Bank: raised $175 million at $10-a-share in December 2008 comprising $95 million from an institutional placement and $80 million from a $5000 SPP. Followed this up with a $300 million raising at $6.75 in August 2009 which included a $127 million institutional placement, $52 million from the institutional entitlement offer and $121 million from the retail entitlement offer. Given that retail investors started the process owning about 72% of the bank, they are clearly owed an SPP worth about $200 million.

Bluescope Steel:
$300 million institutional placement at $3.10 a share in December 2008 and then a further $113 million raised in a follow-on share purchase plan in early 2009. However, that was dwarfed in May and June of 2009 with a $1.413 billion entitlement offer at $1.55 a share, including $613 million from retail investors. Dilution is minimal, but top-up SPP wouldn't go astray.

Crown: $300 million placement at $4.95-a-share in December 2008 with James Packer stumping up $100 million and subsequent $5000 share purchase plan which only raised $40 million from retail investors. Time for an additional $10,000 SPP for retail investors reflecting the expanded maximum of $15,000 in each 12 month period.

Dexus Property Group: $300 million placement on December 3, 2008 at 77c a unit and then picked up an additional $11.5 million through the share purchase plan which was attractively priced at 70.67c. Followed up with a $749 million raising in April and May of 2009 but only $91 million came from retail investors in the 2-for-7 offer at 65c. Institutions were placed $90 million as part of this deal. Given the total of $390 million in placements, a $200 million-plus SPP is owing to retail investors.

GPT: $1.6 billion raised through a combination of entitlement offer and placement in October 2008, with the Singapore government emerging as the saviour investing more than $400 million. Retail was entitled to $518 million in the one-for-one offer at 60c but only took up $300 million with the shortfall going to the Singapore Government. Backed up with another $1.7 billion raising in May and June of 2009 which included a one-for-one entitlement offer at 35c, plus a $120 million placement. Retail now owed at least a $500 million SPP.

Mirvac: $500 million raising at 90c in late 2008 including a $72 million placement and 0.4-for-1 entitlement offer. This was followed by a $1.1 billion raising in mid-2009 which included a $153 million placement and a 5-for-9 entitlement offer at $1.10. The retail offer was only subscribed for $110 million or 63% although the under-writers bought the 65 million shares left over at $1.10 a share. Given the $225 million in placements and $70 million retail shortfall which is now well in the money, a $200 million SPP looks in order.

NAB:
$3 billion placement in November 2008 at $20 a share and then only a further $250 million raised in a share purchase plan in December 2008 which was priced at $19.97 a share and brought the total raising to $3.25 billion. Backed up with another $2 billion institutional placement at $21.50 a share in July 2009, accompanied by an SPP capped at $750 million, despite receiving applications worth $2.6 billion. Retail investors are owed up to $3 billion worth of SPPs to restore the balance.

Newcrest: $750 million institutional placement at $27 a share on February 2, 2009 with a follow-up $5000 share purchase plan which only brought in an extra $59 million. Given the law now allows for $15,000 SPPs, Newcrest could and should come back with another $10,000 SPP to raise at least $100 million from retail investors.

QBE: $2.1 billion placement on November 28, 2008 at $20.50 a share to fund acquisitions and then raised additional $114 million in a heavily scaled back share purchase plan. Retail investors are owed an SPP worth up to $1 billion.

Sonic Healthcare: $425 million placement in November 2008 at $11.60-a-share and follow-on $5000 share purchase plan that only pulled in $44 million. Clearly owe their retail investors an additional $10,000 SPP to raise up to $200 million more.

Stockland: $300 million placement on October 7, 2008 at $5.30 a share, but then canned the subsequent share purchase plan because there was no alternative VWAP market pricing and the stock tanked. Came back with a far more comprehensive $1.98 billion raising at $2.70-a-share in May and June of 2009, which comprised a $200 million institutional placement and a 2-for-5 entitlement offer. Retail investors were offered $420 million but only took up 70% of the in-the-money offer. Given there has been a total of $500 million in placement, retail investors are owed an SPP worth at least $200 million.

2007


Primary Healthcare: initially raised $184.5 million through an institutional placement at $11.90 a pop on November 9, 2007 with no SPP for retail. Then came a $1.231 billion entitlement offer at $5.40 in early 2008 which only raised $70 million from retail but did return non-participants a 10c premium after an institutional book build. Followed up with a $315 million institutional placement at $5 in mid-2009 and then a $5000 SPP that only raised $27.5 million. Given most SPPs are $15,000 these days, Primary should follow through with an additional $10,000 SPP.