Adelaide Brighton, 2009: Capped SPP at $15 million but expanded this by 90% to $28.5 million after being overwhelmed with $57 million worth of applications. Investors received a minimum $1000 and then a 50% scale back. This followed an $85 million placement to institutions at $1.78.
Afterpay, 2020: $30m SPP at $23 after $317m placement and founder sell-down. Expanded to $33m after $240m worth of applications. Scaled back based on size of holding with minimum allocation of 22 shares costing $506. See outcome announcement.
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.
Asciano, 2009: The SPP was pitched at $100 million after a $1.58 billion institutional placement and circa $800 million entitlement offer, but after applications worth $290 million from 31,000 holders, this SPP cap was slightly increased by 1.5% to $101.5 million so all applicants could receive 35% of their application. See announcement.
Atlas Iron, 2009: there was a $105 million placement and the SPP offer document mentioned a $11.7 million cap plus the formula for any scaleback but after applications worth $29.75 million were received, this was increased to $14.8 million so the scale back was only 50%. Offer expanded by 26.5%.
Bapcor (BAP), 2020: $180m placement at $4.40 followed by $30m SPP was expanded to $56 million after $122 million in total applications. Scale back formula giving all applicants a minimum of $1000 worth of shares and 50% of their current holding after that. See announcement.
Challenger (CGF), 2020: A $270 million placement at $4.89, an 8.1% discount to the previous close of $5.32, followed by $30 million SPP with a 2% discount to VWAP pricing alternative. SPP received $40m in applications and board expanded it to $35 million, scaling back $5 million based on size of holdings. VWAP pricing was $4.32, a significant discount to the $4.89 paid by instos in the earlier $270m placement.
Cochlear, 2020: announced a $50 million SPP cap but then lifted this to $220 million after receiving $417 million worth of applications.
Credit Corp, 2019: announced a $10 million cap on its SPP after doing a $125 million placement at $20.45 and then lifted the SPP to $15 million but still only accepted an 39% of each shareholder's $15,000 application. See scale back announcement.
Credit Corp (CCP), 2020: $120 million placement at $12.50 followed by $30 million SPP which received $102 million in applications and was expanded to $35 million. See SPP outcome announcement.
Collection House, 2013: did a $13 million placement and originally announced $6m cap on SPP but lifted this to $7m although it remained heavily scaled back, without disclosure of the total applications.
Crane Group, 2009: $40 million placement at $7.50 and the company announced individuals were limited to $9000 each and $10 million collectively in the follow-up SPP. However, after it received $27 million in applications, the scale back only reduced this to $22.8 million so that everyone received a minimum 200 shares worth $1500 and were then scaled back by 20% of everything above that amount. The offer was expanded by 128%.
Dicker Data (DDR), 2020: $50m placement at $6.70 followed by a $5m SPP which was lifted to $15 million after $53.7 in applications. Scale back was pro rata based on size of holding with a minimum allocation of $1000 worth of shares. See outcome announcement.
Dyesol, 2013: $15,000 SPP at 16.6c seeking up to $2m. Expanded to $4m, heavily oversubscribed but everyone received 18% of application. The most in the money SPP we've ever encountered.
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.
Hills Industries, 2009: aimed to raised $10m but after receiving $33.8 million in applications, expanded this to $16.7 million and applied a 50% scale back based on size of application. See announcement.
Invocare, 2019: announced a $65 million placement at $14 with a capped $20 million SPP to follow and ended up accepting $22.8 million of the $29.7 million in applications so that all applicants could receive $10,000 worth of shares. See announcement.
IRESS, 2020: $150m placement at $10.42 followed by a $20m SPP which attracted $42 million, so the board lifted the cap to $25 million and still refunded $17 million or 40.4% of application monies. See SPP outcome announcement.
Kathmandu, 2018: SPP priced at $2.10 when shares were around $2.40. Capped at $8m, accepted $10m and received $NZ14.4m in applications after $NZ 40m institutional placement. Scale back based on share size not application.
Lend Lease (LLC), 2020: $950 million placement at $9.80 followed by a $200m SPP. Received applications worth $429.4 million and the board lifted the $200 million cap to $300 million and refunded $129.4 million.
Megaport, 2020: Unveiled a $50m placement on April 8 2020 at $9.50, an 8.9% discount to the previous close of $10.43. A $30,000 SPP at $9.50 followed which was capped at $15 million. Attracted $99m in applications and board expanded cap by 50% to $22.5 million. See announcement.
NAB, 2020: $3 billion placement at $14.15 followed by $500m SPP which was expanded to $1.25 after applications worth $2.9 billion. Pro-rata scale back method based on size of holding but with a minimum allocation of $2500. See outcome announcement.
Newcrest Mining (NCM), 2020: $1 billion placement at $26.50 followed by a $100m SPP which was expanded to $200 million after $300 million came through the door. Scale back formula based on size of holding with no minimum allocation. See outcome announcement.
QBE Insurance, 2014: $15,000 SPP at $10.10 after $650 million placement. Capped at $160m, lifted to $200m but still imposed a heavy scale back based on size of shareholding. Applicants received new shares equivalent to 17% of their holding and 98% of applicants weren't diluted. More than 50,000 shareholders applied so this means around 100,000 didn't and they were all diluted.
Ramsay Healthcare (RHC), 2020: $1.2 billion institutional placement followed by a $200 million SPP which received $695 million in applications and was expanded to $300 million with scale back based on size of holding with a minimum allocation of $560. See outcome announcement.
The Reject Shop, 2013: $15,000 SPP at fixed price of $16.20 after $30 million placement to fund store rollout. Offer document mentioned $10 million cap but after $25.5 million in applications this was expanded by 40% to $14 million.
RCR Tomlinson, 2017: completed a $75m placement then announced $15m cap on SPP but lifted this marginally to $15.6m after receiving $17.6m in applications.
Treasury Group, 2014: completed a $30 million placement at $10.25 and then announced a $5 million SPP. After receiving $27 million in applications, doubled the SPP to $10 million and all applicants received 37% of their application. See announcement.
United Malt (UMG), 2020: $140 million placement at $3.80 followed by a $25 million SPP. Ended up receiving $62.9 million in applications and lifted the cap to $30.6 million imposing a scale back model based on size of holding but with a minimum allocation of 264 shares costing $1003. See SPP outcome announcement.
Western Areas, 2014: announced a $15 million cap on a 2014 SPP but then ended up lifting it by 18% by accepting $17.7m of $18.8m in application after representations from ASA and an administrative error.
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