Macquarie advised capital raisings that mistreated retail shareholders

July 7, 2026: Southern Cross Electrical Engineering (SXE): The AFR's Street Talk reported at 6.47pm on Sunday, June 14 that "SCEE over the weekend had Macquarie and Barrenjoey wall crossing investors for a $150 million institutional placement, which would be followed by a $15 million share purchase plan". The official announcement dropped at 9.38am the next day confirming the leaked metrics but the placement was commendably under-written at $3.85 with a bookbuild to determine if competition will drive the price up to $4, which it did as was explained in the outcome announcement. The previous close was $4.02, giving it a post-placement market cap of $1.44 billion after the stock soared to $4.75 by June 26. The SPP (see offer document) is at the $4 placement price with no VWAP-pricing. Gave the bookbuild pricing a plug on Twitter.

May 26, 2026: Navigator Global Investments (NGI): announced a 1-for-8.13 (why do they do these crazy ratios?) $145m pro-rata entitlement offer to fund an acquisition. The $134m institutional component was 99% taken up excluding the Blue Owl component. Chanticleer called the pro-rata structure "a trip down memory lane". The stock settled at $2.53 by May 30 giving it a post-raise market cap of $1.42 billion. Macquarie is solely getting the 1.8% under-writing fee with provision for an extra 25 basis points at Navigator's discretion and is joining with Aitkin Mount and Morgans to share the 0.45% management fee. The $11m retail component only received $4.1m in applications with the 62% shortfall going to the sub-underwriters. There should have been unlimited overs on this offer.

May 8, 2026: Weebit Nano (WBT): after a leak to The AFR Street Talk column they ran this story about a $100m raise at 10.37am on March 26. Later the same day at 3.15pm, it announced an $80m placement at $4.05, a 10.8% discount to the last close of $4.54, which was followed by this $15m SPP with no secondary VWAP pricing, although curiously the closing date was not disclosed with the original announcement. Macquarie, Unified Capital and MST shared the excessive 5% fee. The SPP offer document dropped on April 7 and was originally scheduled to close on April 29, but on April 28 they extended this to May 8. The last annual report reported it had 13,616 shareholders, so the theoretical maximum for SPP applications was $408.5m or an unreasonable 27.2 times the $15m SPP cap. The outcome announcement commendably revealed that only 881 shareholders applied for $21.5m worth of stock and the company stuck rigidly to the $15m cap, imposing a scale back whereby everyone with less than 100 shares were zeroed and the other applicants received 14.2% of their money back. They've been added to this shame file of companies which refused to lift unfairly capped SPPs. The stock soared to $7.25 by May 30, giving it a post raise market cap of $1.74 billion. The lucky placement recipients are 79% in the money and enjoying a collective paper profit of $63m on their $80m investment.

April 17, 2026: Syrah Resources (SYR): announced a $104m 1-for-1.32 non-renounceable offer at 10.5c which was corner-stoned by major shareholder Australian Super. The $44m accelerated institutional component was supported by a healthy 88% of eligible shares. Macquarie clipped the ticket for a 2.5% fee although Aussie Super sub-underwrote the offer to the tune of $69m. The $60m retail offer fell badly short, receiving $24.15m in applications with no breakdown provided between entitlements and overs from the circa 14,194 shareholders. Australian Super picked up $37.4m worth of stock as the retail under-writer. The shares finished at 11c on April 24 giving it a market cap of $215m and the ever loyal Australian Super is now up to 49.6%. They shouldn't have banned overs.

March 19, 2026: Bapcor (BAP): went into a trading halt at 9.30am on February 19 ahead of a "material trading update". On February 23 it then delayed its results presentation from February 25 until not later than Friday, February 27, the last possible day, before dropping the results and equity raising presentation at 9.30am on February 26. It was a bloodbath including a $200m emergency capital raise at 60c, a 65% discount to the February 18 close of $1.715. The raise comprised a $50m placement, plus a 1-for-1.36 non-renounceable at 60c with overs for retail capped at 35% of entitlement. The accelerated component raised $157m with a 94% take-up by eligible holders and they commendably used a pro-rata allocation policy for the placement. Macquarie pocketed a 2.75% fee. The stock resumed trading on February 27 and had settled at 62.5c by March 17. The $43.5m retail offer was 48% taken up with the rest going to under-writers. No participation data was provided and it was unclear how much of the $21m raised was overs, which was unfairly capped at 35% of entitlement. If it was uncapped, there may have been no shortfall at all. The stock closed at 61c on March 30. The overs cap of 35% was too tough.

Strickland Metals (STK), February 2026: announced a $55m placement at 16c, a hefty discount to the previous close of 21.5c. Macquarie and Jett Capital shared an excessive 5% fee. There will be an EGM on March 18 to approve director participation. Ran for their board on this platform last year as they are a serial offender.

February 13, 2026: 29Metals (29M): announced a $150m raising structured as a 1-for-3.66 non-renounceable entitlement offer at just 40c, a massive 35.5% discount to the last close of 62c. Macquarie and Morgans are fully under-writing and Owen Hegarty's EMR Group is not participating, suffering further dilution. Indonesian company BUMA is looking to increase its stake by under-writing up to $41m of the shortfall. Scandalously, given the size of the discount, retail shareholders are not being offered an opportunity to apply for additional shares. Was capitalised at $851m before the raise but the stock crashed from 62c to 41c by March 2 giving it a market cap of $725m. The accelerated $119m institutional component was supported by 92% of eligible participants and the $31m retail offered had a 71% participation rate, with the rest going to under-writers. The overs should have been much more than 35% of entitlement. Australian Super finished with 15.16% after the raise, Owen Hegarty's EMR Capital was diluted down further to just 18% and Indonesian outfit BUMA is now the largest holder with 21%. The overs cap of 35% was too tough.

October 9, 2025: Amplitude Energy (AEL): the Victorian-focused gas producer announced a $150m capital raise comprising a $50m placement and a 1-for-6.35 non-renounceable entitlement offer to raise a further $100m. Overs were capped at 50% of entitlement. The pricing was 24c, an 11.1% discount to the previous close of 27c. The accelerated institutional component raised $131m with the company claiming a healthy 93% take-up of the entitlement offer component. The $19m retail component capped overs at 50% of entitlement and only attracted $21.4m in applications with the balance of $16.8m taken up by the sub-under-writers. Euroz and Macquarie were joint under-writers for a 2.25% fee with potential for a further 1% bonus fee. The stock closed at 23.5c on October 24 giving it a post-raising market cap of $770m and leaving capital raising participants marginally under-water. The overs cap of 50% was too tough.

Marimaca Copper (MC2), September 2025: the emerging Chilean copper miner went into a trading halt at 10.09am on September 5 and then The AFR's Street talk column reported at 10.21am that "lead managers and book runners Macquarie Capital, Euroz Hartleys and Beacon Securities were rounding up investors at $9.70 per share – a 13.6 per cent discount to the currency-adjusted last traded price of its Toronto Stock Exchange shares – to raise $80 million via an institutional placement". The official announcement dropped 4 minutes earlier at 10.18am.

September 5, 2025: Marimaca Copper (MC2): the emerging Chilean copper miner went into a trading halt at 10.09am on September 5 and then The AFR's Street talk column reported at 10.21am that "lead managers and book runners Macquarie Capital, Euroz Hartleys and Beacon Securities were rounding up investors at $9.70 per share – a 13.6% discount to the currency-adjusted last traded price of its Toronto Stock Exchange shares – to raise $80 million via an institutional placement". The official announcement dropped 4 minutes earlier at 10.18am. No SPP so they've been added to this “placement only shame file”. The stock had soared to $11.30 by September 29 giving it a market cap of $1.3 billion and meaning retail investors were diluted without compensation.

September 4, 2025: Sky City Entertainment (SKC): Went into a trading halt at 1.51pm on August 19 and then 51 minutes later The AFR's Street Talk column reported at 2.42pm that "investment banks Macquarie Capital, Jarden and UBS have hit the pavement for casino group SkyCity Entertainment, rounding up investors for a capital raising ahead of its 2025 financial results". The detail on the $NZ240m raise landed two days later with the full year results at 9.05am on August 21. It comprises a $NZ81 million institutional placement and a 1-for-3.35 pro rata entitlement offer, which was priced at NZ70c, a hefty 30% discount to the last close of $NZ1. The $NZ195m accelerated component was 95% taken up by eligible institutions in terms of the entitlement offer and holders were promised a best endeavours pro-rata allocation on the placement. The stock crashed to A62.5c by September 5. The 1-for-3.35 pro rata entitlement offer component also has overs for retail investors which are capped at 60% of entitlement. The $A pricing was announced to be 63c on August 25. The ticket clippers shared a 2.5% fee. The $NZ45 retail offer fell $NZ30m short after $NZ15m in applications were received, including $NZ3m in overs. The overs cap of 50% was too tough.

134. December 19, 2024, 29 Metals (29M): went into a trading halt at 9.55am on December 3 The AFR's Street Talk column broke the news at 11.48am that it was seeking $180m to restructure its debt, fund development of its new Gossan Valley mine and spend another $40m trying to remove water from its shuttered Capricorn copper mine in Queensland. The 62 slide investment pack landed on the ASX at 4.58pm and it remained suspended until the morning of Thursday, December 5. The structure comprised a $47.4m placement and a $132.6m 1-for-1.43 non-renounceable at 27c, a hefty 27% discount to the last close of 37c. Australian Super and BUMA committed to take up their entitlements and under-write a further $102.1m of any shortfall which would lift their holdings to 18% and 20% respectively. Owen Hegarty's EMR Capital did not participate and was diluted down to 23%, losing control. The accelerated component raised $154m and the long-suffering 5,000 retail shareholders were tapped for $26.5 million via this 112 page offer document but they have been banned from applying for any additional shortfall shares, increasing the likelihood of Australian Super and BUMA picking up loads of cheap retail stock. The retail offer only attracted around 675k in applications. Jardine and Macquarie are the under-writers of this appallingly structured deal. The stock was at 24c on January 6 giving it a market cap of just $335m after the $180m raise. Aussie Super disclosed a 17.1% holding on December 12, the same day Indonesia's BUMA group emerged with 19.5% which later rose to the maximum 19.9% after the retail shortfall was allocated.

127. December 9, 2024: Elders (ELD): 1-for-5.05 non-renounceable at $7.85 to raise $246m and help fund an acquisition which Chanticleer reckons may struggle for ACCC approval. The $143m accelerated component was well supported by 90% of existing holders mainly because there was no shortfall bookbuild to compensate non-participants. That's what you call a 48 hour gun to the head! Retail overs were banned so this was another shafting of the small investor by a Macquarie-advised company, which was paid a tasty 2.25% fee to run the raising, with a potential extra 0.25% as a bonus. The latest annual report says it has 22,029 shareholders. Stock was well underwater so the $103m retail offer fell badly short, only attracting $9 million in applications. The investor day presentation on November 21, two days after institutions signed up for the raising, clearly didn't go down well, given the stock closed at $7.12 on December 19. Ten months later the stock closed at $7.46 on October 3, 2025 giving it a market cap of $1.42 billion. The ACCC still hasn't approved the proposed acquisition and all this will come to a head at the upcoming AGM on December 19, 2025.

Adriatic Metals (ADT), May 2024: The AFR's Street Talk column was given the scoop over the weekend by the $1.38b UK dual listed company. The details landed on the Monday and it comprised a $75.8m placement at $4.15, a 5.7% discount to the Friday close of $4.40. The funds are needed to pay a nearly $20m termination fee to the previous mining contractor and to ramp up production at its Vares "lead, zinc, silver, gold, copper, barite" and kitchen sinks project in Bosnia. No sign of an SPP for retail holders and the guilty party advisers are Macquarie, Canaccord and Morgans. Retail missed out on the upside as the stock was above $5 in June 2025.

December 6, 2023: Karoon Energy (KAR): announced a brave $1.152 billion oil field acquisition off Louisiana which was partly funded by a $170m placement and a $310 million 1-for-3.75 non-renounceable at $2.05, a 12.4% discount to the previous close of $2.34. The company claimed 95% take-up of the $214 million institutional component of the entitlement offer ahead of the $94 million retail offer. See 115 page retail offer document. Overs were needlessly capped at just 55% of entitlement and Macquarie was sole under-writer, pocketing an excessive 2.75% fee or some $13.2 million. The retail offer finished $74 million short with only $20 million or 22% of entitlements taken up. The TERP is $2.30 so there's a big recovery needed. Stock was back to $2.03 by December 31 so a poor deal so far.

September 25, 2023: Orora (ORA): announced a $2.15 billion glass acquisition in France which was funded by a $1.345 billion equity raising, comprising a $450 million placement at the fixed price of $2.70 and a 1-for-2.55 non-renounceable entitlement offer to raise $895 million, also at $2.70 a pop, a hefty 23.3% discount to the previous close of $3.52. With a 59% expansion in the shares on issue, this is heavily dilutive, particularly for the 45,000 shareholders who didn't get access to the placement. Retail overs were unfairly capped at just 50% of entitlement, so the retail component will probably fall short too, adding to the placement dilution. All up, a very poor offer when this should have been a PAITREO. Citi and Macquarie are being paid a 1.45% fee with board discretion to increase this by a further 0.35%. That is $19.5 million guaranteed with a potential additional $4.7 million and all for taking very little risk given the huge discount. This sucks. The accelerated $1.18 billion institutional component only saw 83% participation from eligible holders through the pro-rata component. The $227 million retail component was only 39% subscribed leaving a $138 million shortfall with the sub-underwriters. Outcome announcement delivered bare minimum participation data, despite a written request to be like companies on this best practice list. Stock was still underwater by 10c at $2.60 by December 31. The placement component was too big and 50% of entitlement was too restrictive for the overs.

September 25, 2023: 29 Metals (29m): a 1-for-2.2 non-renounceable at 69c to raise $151 million and help the miner recover from the massive flood which over-ran its Capricorn copper mine in the Northern Territory un March last year. Retail overs are banned, which is all you need to know from this 91 page retail offer document. Macquarie and Jarden are the overpaid under-writers, sharing a 1% management fee and a 3.5% under-writing fee, excluding the $67.8m or 44.9% taken up by Owen Hegarty's private equity fund EMR. All up, the fees totalled $4.42 million with Macquarie pocketing 62.5% and Jarden 37.5%. At least the deal was only priced at an 8% discount to the previous close of 75c. The institutional component raised $122m and enjoyed a healthy 97% participation rate by eligible holders, largely thanks to EMR. The $29m retail offer only attracted $3.1m in applications but you wouldn't know it from this thin outcome announcement. This wouldn't have happened with unlimited retail overs but at least the entire retail shortfall went to existing insto holders. Stock was back level pegging at 69.4c on December 31, 2023.

April 24, 2023: Carnaby Resources (CNB): raised $20m through a selective placement at $1.22 when it last traded at $1.47. No SPP for retail so a real shafting from under-writers Macquarie and Euroz. Stock finished 2023 at 79c so has been a dog for participants.

March 13, 2023: Star Entertainment: (SGR) $800 million emergency capital raising priced at $1.20, a 21% discount to the previous close of $1.52, comprising a $115 million placement and a 3-for-5 non-renounceable to raise $687 million. Two major shareholders (Chow Tai Fook and Far East) pre-committed $80 million to avoid dilution but came in through the retail offer timetable for probity reasons. There was a 94% take up of the $480 million institutional component of the entitlement offer with the shortfall offered to institutions with no compensation for non-participants. The $203 million retail offer did not allow applications for additional shares and predictably fell $96 million short as $107 million came through the door from 10,100 applicants. The 105 page retail offer document included 27 pages of hard to read power point slides outlining the key risks. Going into the raising, the circa 70,000 retail shareholders owned 30% of the company but collectively only took up 13.3% of the new shares so were diluted down to less than 25%. Barrenjoey and Macquarie shared the 1.9% fee on $720 million, which came to $13.7 million. Stock finished 2023 at 52c so a total dog for investors.

December 8, 2022: Sandfire Resources (SFR) 1-for-8.8 non-renounceable at $4.30 to raise $200m with Macquarie the sole overpaid under-writer taking a 2.65% fee. Priced at 10.2% discount to previous close of $4.79 with the raising designed to partially repay an ANZ debt facility which falls due on December 31. Institutional component raised $150m with 91% take up but non-participants received no compensation. The retail booklet ran to 100 pages for the $55m offer which was always well in the money. No ability for 15,000 retail holders to apply for additional shares and no disclosure of participation rate in outcome announcement after achieving impressive 66% take-up rate in dollar terms. Stock well in the money at $5.36 on December 16.

May 27, 2022: AUB (AUB): the insurance company announced the $880m acquisition of UK insurance broker Tyser with funding partially coming from a $350m equity raising, comprising a $71 million institutional placement and a $279m 1-for-5.2 non-renounceable entitlement offer. Both were priced at $19.50, a 12.8% discount to the previous close of $22.36. Macquarie and Goldman Sachs were the under-writers. This should have been a PAITREO and they didn't even offer retail overs. The insto offer raised $232 million but was only 81% subscribed and the retail offer only raised $5.9 million, leaving a shortfall of $41 million with the under-writers.

April 28, 2022, Domain Holdings (DHG): announced the $180 million acquisition of Realbase which is being funded by a 1-for-12.33 entitlement offer at $3.80 (a 5.2% discount to the previous close of $4.01) to raise precisely $180 million. 59% shareholder Nine Entertainment is fully under-writing the offer which means that it is pretty pointless that Domain is also paying Macquarie and UBS to under-write the offer. The institutional offer had a 96% take-up but the $18 million retail offer only had a 9% uptake and there was no participation data. Retail overs should not have been banned.

Rex Minerals (RXM), August 2021: announced a $50 million placement at 30c, a 16.6% discount to the previous close, but then failed to follow through with an SPP on the same terms for retail shareholders. Macquarie and Euro Hartley were the overpaid advisers complicit with diluting retail investors.

October 13, 2021: Sandfire Resources (SFR): announced $2.572 billion acquisition of MATSA, a Spanish copper mine, which is to partially funded by a $1.248 billion raising comprising a $285m placement at $5.40 and an accelerated 1-for-1 non-renounceable at $5.40 to raise $963 million. No overs and Australian Super under-wrote $150 million of the $322 million retail offer after taking $120m of the placement. The pricing was a 13.2% discount to the previous close of $6.22 and the TERP was $5.76 although the stock hit a low of $5.08 on October 7. No disclosure of the take-up rate in the $614 million accelerated institutional offer. The company has about 11,000 retail shareholders with Vanguard, FMR and Dimensional all sitting on around 5% before the acquisition was announced. Macquarie and Citi under-wrote the deal. The $285m placement represented 29.6% of existing capital and therefore required an ASX waiver which was granted because the 1-for-1 was fully under-written. The $321m retail offer fell heavily short with only $32.24 million coming through the door although the outcome announcement was threadbare on detail, not even pointing out the Aussie Super under-writing deal.

August 4, 2021: Rex Minerals (RXM): announced a $50 million placement at 30c, a 16.6% discount to the previous close, but then failed to follow through with an SPP on the same terms for retail shareholders. Macquarie and Euro Hartley were the overpaid advisers complicit with diluting retail investors.

Elders (ELD), December 2020: 1-for-5.05 non-renounceable at $8.52 to raise $246m and help fund an acquisition which Chanticleer reckons may struggle for ACCC approval. The $143m accelerated component was well supported by 90% of existing holders mainly because there was no shortfall bookbuild to compensate non-participants. That's what you call a 48 hour gun to the head! Retail overs are banned so this is another shafting of the small investor by a Macquarie-advised company. The latest annual report says it has 22,029 shareholders. Stock was well underwater so the $103m retail offer fell badly short, only attracting $9 million in applications. The investor day presentation on November 21, two days after institutions signed up for the raising, clearly didn't go down well, given the stock closed at $7.12 on December 19.

July 3, 2020: Super Retail Group (SUL): $203 million non-renounceable entitlement offer at $7.19, an 8% discount to the previous close of $7.81. Founder Reg Rowe agreed to take up his full $59.2 million entitlement (29.1%) and therefore won't be diluted. The $158 million institutional component (including Reg Rowe) was 95% subscribed with no disclosure on who got the $8 million shortfall. The failure to allow 10,000 retail shareholders to apply for additional shares in the $44 million retail offer, despite a specific written request to do so, has guaranteed a retail shortfall. Macquarie and UBS were the joint managers and under-writers, taking a fee of $2.05%, excluding the Reg Rowe component. The retail offer was well in the money but only attracted a 69% take up ($30.4m) so the unknown under-writers picked up $13.64m worth of shortfall stock which should have either been auctioned off to the highest bidder or offered to other retail investors. Stock finished the year at $10.53 so the retail shortfall proved costly. 3/10

DUET (DUE): July 2006: Macquarie arranged a $166m placement at $2.60 with no accompanying SPP.

Super Retail Group (SUL), June 2020: $203 million non-renounceable entitlement offer at $7.19, an 8% discount to the previous close of $7.81. Founder Reg Rowe agreed to take up his full $59.2 million entitlement (29.1%) and therefore won't be diluted. The $158 million institutional component (including Reg Rowe) was 95% subscribed with no disclosure on who got the $8 million shortfall. The failure to allow 10,000 retail shareholders to apply for additional shares in the $45 million retail offer, despite a specific written request to do so, has guaranteed a retail shortfall. Macquarie and UBS were the joint managers and under-writers, taking a fee of $2.05%, excluding the Reg Rowe component.

NAB, May 2020: $3 billion fixed price placement at $14.15 followed by $500m SPP at the same price or a 2% discount to VWAP. The 500,000-plus retail shareholders owned 48% of the bank before the placement and if they all apply, more than $15 billion will come through the door even though retail are only being allocated 14.3% of the raising. Wrote to the board requesting an increase in the SPP cap and good detail in this placement conclusion announcement which commendably disclosed that no shares were allocated to non-shareholders. NAB has a history of SPP scalebacks, particularly in 2009 when it maintained a $750 million cap despite receiving $2.6 billion in applications. In the end, 155,000 shareholders applied for $2.9 billion worth of stock and the board lifted the cap to $1.25 billion using a pro-rata scale back method based on size of holding but with a minimum allocation of $2500. See outcome announcement. The $1.65 billion refund was only beaten by NAB's own $1.85 billion refund in 2009. Good transparency in the outcome announcement besides not releasing a table showing how many shares applicants would be allocated based on the size of their holding. Joint under-writer Macquarie and Goldman Sachs were paid an excessive $39 million fee, which was shared with sub-underwriters.

Oil Search, May 2020: One of the key measures for fairness in capital raisings is the size of the placement compared with the size of the entitlement offer. Ideally, there would be no placement at all, but if there has to be one, it should comprise no more than one third of the offer. Advised by Macquarie, Oil Search was one of the worst offenders on this front when it launched a $760 million placement which was almost double the size of the 1-for-8 entitlement that raised an additional $400 million. A 1-for-8 is nothing. It clearly should have been the other way around with a placement of no more than $400 million and an entitlement offer raising double that amount. In a $1.16 billion offer, retail investors were offered only 6.9% of the raising ($80 million out of $1.16 billion) when we started out owning 20% of the company. The placement of 362 million new shares at a 23% discount of $2.10 also represented 23.74% of the pre-issue capital so it would have been illegal but for the special arrangements put in place for the COVID-19 crisis. All up, this was shocker, with the only minor saving grace being that retail shareholders were offered "overs" which were capped at 200% of their entitlement. The institutional component of the $320 million entitlement offer was 95% subscribed excluding largest shareholder Mubudala (Abu Dhabi sovereign fund) which didn't participate. Despite being heavily in the money, the retail offer fell $0.5 million short with applications for entitlements totalling $39.4 million and "overs" coming in at $40.1 million. This is a clear lesson about the need for unlimited "overs" when an offer is non-renounceable. See announcement.

Southern Cross Media (SXL), April 2020: $169m raising at 9c comprising a $47 million placement and a $121 million entitlement offer. The placement comprised a ridiculous 68% of the pre-raising shares (522 million shares at 9c against 768.7m before the raising was launched). Stock had doubled to 18c during the offer period so massive dilution for retail shareholders. Non participants receive no compensation. Institutions took up 92% of their entitlements to the $102 million entitlement offer leaving an $8.16 million shortfall with the unknown sub-under-writers picked by Macquarie. The $20 million retail offer was only 66% subscribed (see final announcement) and the $6.8 million shortfall went to the under-writers because there was no ability for retail to apply for additional shortfall shares.

Flight Centre, April 2020: The $700 million Flight Centre capital raising included a $282 million placement at $7.20 which diluted retail shareholders and a $418 million 1-for-1.72 non-renounceable entitlement offer at the same price, which was a 27.3% discount to the last traded price of $9.91. The three founders – CEO Graham Turner, Geoff Harris and Bill James – went into this crisis owning a combined 42% of the company and collectively committed $25 million of their $175 million entitlement, diluting themselves. The total number of shares on issue almost doubled. There was an ability for retail investors to apply for overs equivalent to 25% of their entitlement, which is way too restrictive from a small shareholder perspective. The founders went in through the institutional offer which was 96% subscribed by eligible instos. They should have gone in through the retail offer and also tucked into the 25% "overs". The $138 million retail offer finished 23% short, attractive $106 million from 13,116 applicants (there were about 22,000 shareholders listed in last year's annual report), including $14 million through the needlessly constrained overs facility which was capped at just 25% of entitlement. The under-writers Macquarie and UBS were on a winner with the stock trading around $10 during the offer, well clear of the $7.20 offer price, and higher later.

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