Companies which lifted capped SPPs but still rejected applications

August 24, 2019

This list tracks SPP where the issuer mentioned a cap in the offer document but then expanded it after strong demand but still imposed a scale back.

Ardent Leisure, 2014: $15,000 SPP at $2.41. Directly engaged with company. Stock was trading around $3.11 at the time. They received about $60 million in applications and expanded the $15 million cap to $20 million but still refunded around $40 million. Everyone received a minimum allocation worth $500 and then 12% of their existing holding after that. See announcement.

GUD, 2015: $15,000 SPP at $7.45 after $79m placement. Was initially capped at $15m but after $55m in applications they expanded this to $26 million. Scale back formula was unique but punished the smallest holders. See announcement.

QBE Insurance, 2014: $15,000 SPP at $10.10 after placement. Capped at $160m, lifted to $200m but still imposed a heavy scale back.

2017-18: $2.71m
2016-17: $2.74m
2015-16: $2.83m
2014-15: $3.04m
2013-14: $3.53m
2012-13: $3.69m

Total: $18.54m