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Largest SPP scale backs by dollar size


January 11, 2024

This list tracks the biggest SPP scale backs above $5 million ranked by dollars size with a further list of undisclosed dollar scale backs below that.

NAB, 2020: $1.65 billion (57%) refunded after $2.9 billion chased $500 million and board expanded the cap to $1.25 billion.

Ramsay Healthcare, 2020: $395 million (57%) refunded after $695 million chased $200 million and board expanded the cap to $300 million.

Afterpay, 2020: $207 million (86.25%) refunded after $240 million chased $30 million and the board expanded the cap to $33 million.

Cochlear, 2020: $197 million (47.2%) refunded after $417 million chased $50 million and board expanded the cap to $220 million.

CSL, 2022: $192m (20.3%) refunded after $942.6m chased $750m and board refused to lift the cap.


Lend Lease, 2020: $169.4 million (39.4%) refunded after $429.4 million chased $200 million and board expanded the cap to $260 million.

QBE, 2009: $126 million (55.7%) refunded of the $226 million in applications that chased a $5000 SPP back in 2009. See outcome announcement.

Atlas Arteria, 2020: $105 million (58.3%) refunded after receiving $180m in SPP applications, but then failed to lift the $75m SPP cap.

Newcrest, 2020: $100 million (33.3%) refunded after $300 million chased $100 million and board expanded the cap to $200 million.

Kogan, 2020: $95 million (82%) refunded after $115 million chased $15m and the board only expanded the cap to $20 million.

Paladin Energy (PDN): $90 million refunded (85.7%) after $105 million chased just $15 million and the board stuck rigidly to the cap. See outcome announcement.

Megaport, 2020: $76.5 million (77.3%) refunded after $99 million chased $15 million and board expanded the cap to $22.5 million.

Sezzle, 2020: $71 million (92%) refunded after $78.2 million chased $7.2 million and the board refused to expand the cap.

Bapcor, 2020: $66 million (54%) refunded after $122 million chased $30 million and board expanded the cap to $56 million.

Breville, 2020: $44.7 million (81.7%) refunded after $54.7 million chased $10 million and company refused to lift the cap.

Dicker Data, 2020: $38.7 million (72%) refunded after $53.7 million chased $5 million and board expanded the cap to $15 million.

United Malt, 2020: $32.9 million (52.3%) refunded after receiving $62.9 million in applications and lifting the $25m cap to $30.6 million.

Blackmores, 2020: $28 million refunded after $77 million chased $25 million SPP and the board expanded the cap to $49 million.

Iress, 2020: $17 million (40.4%) refunded after receiving $42m in applications chasing $20m SPP and board lifted the cap to $25 million.

IDP Education, 2020: $5.5 million (16%) refunded after $34.5 million chased $15 million and board expanded the cap to $29 million.

Seek, 2009: $5.4m (26.4%) of $20.4m in applications refunded after company refused to lift $15 million cap in what was already a limited $5000 SPP at $2.60 following a $100 million placement. See scale back announcement.

Companies which refused to reveal the total amount of applications in a scaled back SPP

Ausenco, 2009: $15,000 uncapped SPP at $3.20 with everyone scaled back to $6000. Accepted $50m in applications following a $40.5 million placement but no disclosure of size of refund.

Capitol Health, 2020: refused to lift $10m SPP cap and no disclosure on the size of refunds.

Fletcher Building, 2009: The $NZ100 million SPP followed a $NZ405 million placement and was scaled back with applicants receiving 56.56% if they applied for the maximum of $A9000. Suggest around $70 million would have been refunded but no disclosure of total applications. See scale back announcement.