Stand alone placements with no SPP

May 17, 2020

The following list tracks companies which did stand alone institutional placements above $30 million over the past few years that weren't accompanied by a share purchase plan for retail investors.

Alumina, 2013: placed a 15% stake to Chinese company CITIC at a 3% premium of $1.235 with no follow on SPP or access to any institutional investor either.

Aquila Resources: Chinese steel giant Baosteel to invest up to $286 million for a 15% stake in the company through a placement at $6.50 a share.

Chalice Gold, 2020: announced a $30 million placement with no follow on SPP.

Commonwealth Bank: $2 billion raised through institutional placement at $38 a share in October 2008 to fund BankWest acquisition with no accompanying SPP.

Fortescue Metals: placed 17.4% of the company with the Chinese Government at $2.48 a share raising $645 million in March 2009 but still hasn't offered the same deal to its loyal but unloved retail shareholders.

Iluka Resources: did a $114 million placement at $3 a share in May 2009 but failed to deliver retail investors an SPP.

Lend Lease: completed a $300 million institutional placement on February 4, 2009 at $6.05 a share to strengthen the balance sheet but the shares then tanked to a 20-year low of $5.50 so they abandoned the SPP for retail investors because there was no VWAP pricing alternative.

Megaport, 2019: In December 2019 it did a $62m placement at $8.70 (a 4.8% discount) with no follow on SPP at all.

Mesoblast, 2020: completed a $138 million placement at $3.20 a share, a 7% discount, on May 13 2020 but no sign of any follow-on SPP.

Mesoblast 2019: The company's 13,000 retail shareholders were excluded from a $75 million placement in 2019.

Primary Healthcare:
raised $184.5 million through an institutional placement at $11.90 a pop on November 9, 2007 with no SPP for retail.

Santos: $500 million placement at $12.55 in December 2010 with no SPP at all.

Ten Network Holdings, 2009: a $138 million placement at $1.15 with no SPP for retail investors.