Companies which launched an SPP without a cap
June 20, 2025
This list tracks companies which launched an uncapped SPP without identifying how much it wished to raise.
AMP, 2019: $650 million placement in August 2019 under-written at $1.50 and priced at $1.60, followed by an uncapped $15,000 SPP which brought in only $134 million despite being well in the money. Retail finished with 17% of $784 million but it was their fault as only 15,000 of 713,273 eligible shareholders applied.
Global Value Fund (GVF), July 2025: went into a trading halt at 9am on June 17 and then The AFR's Street Talk column revealed the details of the placement at 2.02pm on June 17. Is also offering retail an uncapped SPP at $1.34 per share. See SPP offer document.
Macquarie Group, 2021: $1.5 billion placement at $190 a share followed by an uncapped SPP.
Macquarie Group, 2019: $1 billion placement at $120 a share in August 2019 followed by an uncapped SPP which raised $679 million, comprising 40.4% of the raising.
Macquarie Group, 2007: $750 million placement at $87 a share in May 2007, which was followed by $79.4 million SPP at a fixed price of $87 a share with no VWAP alternative pricing. Retail allocated just 9.57% of $829.4 million capital raising.
Macquarie Group, 2006: A $700 million placement at $66 a share in May 2006, which was followed by a $9 million SPP with a fixed price and no VWAP alternative price which only raised $9 million so retail allocated just 1.2% of a $709 million raising.
Macquarie Group, 2009: $540 million placement at $27 in May 2009 followed by an uncapped $15,000 SPP at $26.60 which brought in $669m from more than 55,000 investors. The only entry on this list where retail shareholders contributed a majority (55.33%) of the funds raised in a $1209 million capital raising.
Macquarie Group, April 2015: $500m placement in April 2015 at $73.50 followed by SPP capped at $10,000 with a 1% discount to VWAP. 18,000 holders applied for $170m, so retail allocated 25.4% of $670 million raising.
Macquarie Group, November 2015: $400 million placement at $80 to fund Esanda purchase followed by an SPP needlessly capped at $10,000 at the same $80 offer price with a VWAP -1 per cent alternative which raised $147 million, so the retail component was 26.8 per cent of the $547 million raising.
Next DC, 2020: $672 million placement at $7.80 in April 2020 followed by an uncapped $30,000 SPP at the same price which raised $190 million.
Pendal Group: (PDL), 2021 uncapped $30,000 SPP at $6.80 or the VWAP after $190 million placement at $6.80 to fund a US acquisition. Ended up raising $190 million after receiving $213 million in applications, matching the earlier insto placement.
Polynovo (PNV), 2017: raised $7 million in a placement and then accepted all $16m in applications for the subsequent $15,000 SPP which did not specify a target amount to be raised. See outcome announcement.
Reece, 2020: raised $47 million through an uncapped SPP which was twinned with an entitlement offer and followed an earlier placement.
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