How to stop small shareholders getting ripped off
The Conversation, April 22, 2021
BoQ's lawyer weighs into capital raising debate
Eureka Report, April 13, 2021
King Wood Malleson lawyers defend shafting retail
AFR, April 11, 2021
Boards behaving badly, again
Terry McCrann, The Australian, April 2, 2021
Bank of Queensland screwed over by investment banks
Terry McCrann, Herald Sun, March 31, 2021
How Bank of Queensland snared ME Bank
AFR, March 31, 2021
Computershare learns the lessons from BoQ fiasco
Eureka Report, March 30, 2021
Computershare shows up Bank of Queensland
Terry McCrann, Herald Sun, March 29, 2021
ASX and ASIC decline to help small shareholder
Courier Mail, March 29, 2021
Will ripped off BoQ shareholders go with a class action?
Crikey, March 25, 2021
BoQ is not a standard bank
InQueensland, March 19, 2021
BoQ retail entitlements stuck in the mail
AFR, March 17, 2021
How 70,000 BoQ retail shareholders were fleeced of $118m
Crikey, March 17, 2021
How BoQ ripped off retail shareholders
Eureka Report, March 16, 2021
There was also this 2012 article by Terry McCrann which is worth a read.
Comparable capital raisings that are worth a look.
IGO Ltd (IGO): announced a $1.9 billion lithium acquisition in late 2020 which was being partially funded by a $766 million capital raising comprising a $446 million institutional placement at $4.60 (a 9.7% discount to the previous close of $5.09) and a 1-for-8.5 non-renounceable offer to raise $320 million. The $262 million institutional component was 98% subscribed and the $58 million retail component was open from December 15 until January 15 with applicants permitted to apply for additional shares equivalent to 50% of their entitlement. The stock was well in the money leading into the close, so the retail offer was 93% subscribed, although the announcement provided no breakdown on the overs component. The company privately advised that the $57 million comprised $38 million in entitlements and $15 million in overs. IGO made the offer to 9,977 eligible shareholders and a healthy 5,085 or 51% took it up. This shows that give enough time, retail investors will take up an in-the-money offer to a far greater extent than what happened at Bank of Queensland.
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