Examples of non-renounceable deals with unlimited overs

August 31, 2022

This list tracks companies which offered retail shareholders unlimited overs in a non-renounceable deal.

Bluescope Steel, June 2009: 1-for-1 at $1.55 with unlimited overs and no scale back, except for 0.1% of applicants who must have gamed the system. See outcome announcement.

Bunnings Warehouse Property Trust (BWP), June 2009: 1-for-3 entitlement offer to raised $150m at $1.50. Retail offer finished 34% short after all $53m in applications accepted but outcome announcement did not disclose the breakdown between overs and entitlements. Outrageous that ineligible shareholders received 20c in compensation via a bookbuild but there was no bookbuild for the $26m retail shortfall which went to unknown institutions.

Fairfax Media, April 2009:
1-for-1 at 75c with unlimited overs. See retail outcome announcement detailing scale back policy of 50,000 shares or 3 times entitlement.

K&S Corp: 1-for-6 at $2.15 in December 2020. Scale back policy saw everyone allocated 5000 shares and this satisfied 96.5% of applicants. See announcement.

Macquarie Office (MOF), January 2009: $508m 1-for-1 entitlement offer at 20c with unlimited overs. Outcome announcement failed to disclose breakdown but Macquarie Group took up an additional $71m as under-writer of the retail offer.

Suncorp (SUN), March 2009: non-renounceable entitlement offer at $4.50 with unlimited overs. The retail component was $502 million and they accepted all $56m in overs applications in addition to the $136 million in entitlements. See outcome announcement.

Syrah Resources (SYR), 2019: 1-for-5 at 81 to raise $55.8m with retail component being a majority of $30.6m. Accepted applications for 67% without disclosing formula for scale back of overs. See outcome announcement where major shareholder Australian Super gets a mention for increasing its stake.

Wesfarmers (WES), March 2009: entitlement offer at $13.50 with unlimited overs but then later imposed a scale back cap of 1000 shares or 3 times entitlement.