History of Macquarie capital raisings and principle investments
June 30, 2023
This list looks at the history of Macquarie Group capital raisings since it floated in 1996, along with the major transactions it has pursued both through its funds management operations and using its own balance sheet.
May 2006: A $700 million placement at $66 a share in May 2006, which was followed by a $9 million SPP with a fixed price and no VWAP alternative price which only raised $9 million so retail allocated just 1.2% of a $709 million raising.
May 2007: $750 million placement at $87 a share in May 2007, which was followed by $79.4 million SPP at a fixed price of $87 a share with no VWAP alternative pricing. Retail allocated just 9.57% of $829.4 million capital raising.
2007: Boart Longyear: Macquarie injected $US75 million in September 2006 for a minority stake at an enterprise value of more than $US1 billion and then flipped it when the business was floated on the ASX in April 2007 at an enterprise value of more than $3 billion. The float price was $1.85, generating $2.35 billion from public investors who owned 85.5% of the business and lost the lot. See this notorious prospectus which cost shareholders around $100m in fees, the biggest slice of which went to Macquarie
May 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.
April 2015: $500m placement in April 2015 at $73.50 followed by SPP capped at $10,000 with a 1% discount to VWAP. 18,000 holders applied for $170m, so retail allocated 25.4% of $670 million raising.
November 2015: $400 million placement at $80 to fund Esanda purchase followed by an SPP needlessly capped at $10,000 at the same $80 offer price with a VWAP -1 per cent alternative which raised $147 million, so the retail component was 26.8 per cent of the $547 million raising.
2017: Thames Water: Macquarie vehicles were invested for 11 years from 2006 until 2017 and trumpeted their 11 billion pound in upgrade investments over that period. See exit press release. This BBC investigation revealed Macquarie's consortium paid 5.1 billion pounds for the business and generated healthy returns.
August 2019: $1 billion placement at $120 a share in August 2019 followed by an uncapped SPP which raised $679 million, comprising 40.4% of the $1.679 billion raising.
November 2021: $1.5 billion placement at $194 a share after floor price initially set at $190, followed by $1.3 billion SPP at $191.28 being the institutional placement price adjusted for the interim dividend. Total raise $2.8 billion with retail contributing 46.4%.
2021: Premier Technical Services Group: Macquarie paid more than 300m pounds for West Yorkshire based Premier Technical Services Group in 2019 when taking it private off the London Stock Exchange and on-sold a substantial chunk to Warburg Pincus in May 2021 at a valuation of more than 600m pounds based on the Paul Teasdale bio.
2021: Lawson Grains: an Australian wheat farming operation which a Macquarie corporate fund exited in September 2021 for about $600 million after 10 years of ownership. See AFR report.
2023: Ceres Terminals: The AFR reported that Macquarie's asset management arm stood to make 15 times its money on the sale of Ceres Terminals, a North American marine terminal operator, to transportation company Carrix. In 2019, Macquarie took full ownership of the business after buying the 51 per cent it did not already own from Japanese shipping giant Nippon Yusen Kaisha for approximately $105 million.
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