Where the SPP matched or was larger than the placement

July 20, 2022

This list tracks companies which launched a stand alone SPP (excluding LICs) or where the SPP ended up matching or raising more funds than the earlier placement.

APA Group: raised $85 million through a stand alone $5000 SPP priced at $3.5938 in November 2007. See outcome announcement.

Cann Group (CAN): after a $14.3 million placement at 40c, launched a $10m SPP at the same price but ended up accepting all $25.6 million in applications bringing the total raising to $40.2 million and being a rare example (see list) of an SPP being larger than the earlier placement. The SPP participation disclosure was good with 2,793 applicants, comprising 14.5% of the nearly 20,000 shareholders.

Charter Hall Long WALE REIT (CLW), 2020: $60 million placement at $4.87 followed by a $10 million SPP at $4.80 (the discount reflects the missed distribution) which attracted $88.4 million in applications and was expanded to $66.1 million creating the rare situation of an SPP bringing in more cash than the earlier placement. The stock was trading at around $5.20 on the issue date so participants made around $2500 if they applied for the full $30,000. The scale back methodology was a 1-for-1 model so you only received the full $30,000 allocation if you went into the offer owning $30,000 worth of shares. There was no minimum allocation like in many scale backs so if you owned 10 shares you only received 10 more shares. Reasonable disclosure on participation with 4,423 applicants who applied for an average $20,000 each.

Keytone Dairy, 2019: the recently floated company launched an $8 million placement at 43c and then accepted all $8.7 million in applications for the subsequent SPP, which was less than the $10 million cap.

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.

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. See outcome announcement.

St George Mining, 2020: $3.6 million placement followed by a $1.6 million SPP which was then expanded to $3.6 million after applications worth $9.37 million. See SPP outcome announcement. An unfair scale back formula which saw anyone who owned less than 1000 shares given a zero allocation.

White Rock Minerals, 2020: initially announced a $1.5m cap on its SPP but then uncapped the offer and accepted all $10 million worth of applications at 3c, meaning the SPP ended up being almost double the earlier $5.85 million placement.