Overs and SPP scale-backs where everyone given minimum allocation

July 8, 2020

This list tracks companies which scaled back retail applications in SPPs and non-renounceable entitlement offers with an ability to apply for extra shares using a formula which included a minimum allocation to all applicants and pro rata after that. It starts with SPPs and then lists entitlement offer examples.


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. 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.

Atlas Arteria, 2020: $420 million placement at $6.20 followed by a $30,000 SPP capped at $75 million. Was only marginally in the money at the close but still attracted $180 million in applications and the board failed to lift the cap. The scale back was based on size of holding with a minimum allocation to all of $1000. See announcement.

Bapcor, 2020:
$180m institutional placement at $4.40 followed by SPP capped at $30 million. Expanded this to $56 million after receiving applications totalling $122 million and used a scale back formula giving all applicants a minimum of $1000 worth of shares and 50% of their current holding after that. See announcement.

Blackmores, 2020: $92 million placement at $72.50 followed by a capped $25m SPP. Expanded this to $49m after receiving $77m in SPP applications and responded by lifting the cap from $25m to $49m with a pro rata scale back and a $1000 minimum allocation.

Cochlear, 2020: $30,000 SPP at $140 after $880 million placement. Initially capped at $50m, received $417 million and accepted $220 million giving a minimum allocation of 10 shares costing $1400 followed by a pro rata formula based on size of holding. See announcement.

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.

IDP Education, 2020: $30,000 SPP capped at $15 million after $225m placement. Received $34.5 million and scaled back to $29 million with everyone receiving a minimum of 235 shares costing $2503. See announcement.

NAB, 2009: stuck with a $750 million cap on its SPP in 2009 despite receiving $2.6 billion in applications. See this announcement promising all applicants at least $500 worth of shares and then this subsequent letter from chairman Michael Chaney.

NAB, 2020: lifted $500m cap to $1.25 billion after receiving $2.9 billion in applications and then allocated a minimum $2500 to all applicants using a pro rata formula after that.

Phosphagenics, 2014: $15,000 SPP at 8c after placement. All applicants received a minimum $500 allotment but heavy scale back after that.

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.

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.


Australand, 2009: overs were limited to a maximum of $40,000 or 1 times a shareholders' entitlement. See announcement.

Bendigo & Adelaide Bank, 2009: $121 million retail offer at $6.75 attracted $161 million in total applications but no breakdown between entitlement and overs. Scale back policy was a minimum of 1000 shares or 3 times. See announcement on September 14, 2009.

Billabong, 2009: the higher of 15,000 shares (costing $112,500 at $7.50 a pop) or 3 times entitlement – see announcement.

Fairfax Media, 2009:
the higher of 50,000 shares or 3 times entitlement – see announcement.

Reece Australia, 2020: applicants for over in $20 million 3-for-55 retail entitlement offer were all allocated a minimum of $15,000 shares and pro rata after that. There was $10 million in overs applications for a shortfall of about 7 million. See announcement.

Wesfarmers, 2009: despite the retail offer falling short ever after considering overs applications, applicants were allocated the higher of 1000 shares or 3 times the entitlement – see announcement.