Shares

Companies which launched an SPP without a cap


May 17, 2020

This list tracks companies which launched an SPP without identifying how much it wished to raise and which then accepted all applications.

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.

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, 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.

Next DC, 2020: $672 million placement at $7.80 in April 2020 followed by an uncapped $30,000 SPP at the same price.

Reece, 2020: raised $47 million through an uncapped SPP which was twinned with an entitlement offer and followed an earlier placement.