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Companies which scaled back SPPs based on size of application


May 21, 2020

Here is a list of some of the companies which have scaled back SPPs based on the size of a shareholder's application.

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.

Boart Longyear, 2009: $15,000 SPPs at 27c. Company received $US118m in applications from 10,000 shareholders but scaled this back to $US75 million with everyone getting around 65% of their application. See announcement.

Capitol Health, 2020: $30,000 SPP at 16c after $30m placement and stuck rigidly to its $10 million cap, scaling everyone back to a maximum of around $16,300, although it wasn't clear in this outcome announcement.

Cedar Woods, 2014: $15,000 SPP at $6.80. Scaled back by two thirds after received $15m in applications. Stuck with $5m cap and scaled back based on size of applications. See announcement.

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.

Fletcher Building, 2009: The $NZ100 million SPP at $4.15 followed a $NZ405 million placement and was scaled back with applicants receiving 56.56% if they applied for the maximum of $A9000. See scale back announcement.

Gindalbie Metals, 2010: $10,000 SPP at 93c, with most applicants scaled back to $8700. Initially announced capital raising of up to $206 million with the SPP capped at $20 million. Received $26 million in applications and scaled everyone by about 25%. See conclusion announcement.

Pinnacle Investment Management, 2018: announced a $10 million cap and stuck with it despite receiving $22 million in applications. All applicants received 56% of their application. See announcement.

Retail Food Group, 2014: $15,000 SPP at $4.80. Everyone scaled back to 47% of application. See announcement.

Treasury Group, 2015: $5 million SPP at $10.25 after placement. $27m in applications so expanded to $10m with everyone getting 37% of application. See announcement.

Webjet, 2013: $15,000 SPP at $3.60 after $25m placement to fund acquisition. Capped at $5m and received $26m in applications. Investors were scaled back to 19% of application. See scale back announcement.