Overs and SPP scale-backs where everyone given minimum allocation

January 2, 2021

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.

IRESS (IRE), 2020: $150m placement at $10.42, a 7% discount to the last close of $11.21, followed by a $20m SPP at the placement price or a 2% discount to the closing price on the last day of the offer or the VWAP over the last 5 days, whichever is lower. The placement comprises 8.2% of issued capital and the board has signaled that any SPP scale back will be based on the size of an applicant's holding. The board has not disclosed what proportion of IRESS was owned by retail shareholders going into the capital raising but if all 7,366 shareholder applied for the maximum $30,000, it would be dealing with $221 million in applications. The SPP comprises 11.76% of the capital raising. The placement outcome announcement committed to pro rata for applicants with the board using discretion based on alignment for the balance. The SPP outcome announcement disclosed a 30.4% participation and indirectly revealed applications totalled $42 million. The cap was lifted by $5m to $25 million and the scale back was based on size of holding but with a minimum allocation of $2500.

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.