Shares

373 capital raising offers participated in since 1999


February 21, 2024

The following list tracks the various public company secondary capital raisings that Stephen Mayne has participated in since the markets bottomed after the GFC in January 2009.

1. January 20, 2009
QBE Insurance:
sold 67 at $23.80 after getting scaled back to only 50 shares in $5000 Share Purchase Plan (SPP) at $21.50 each. The $100 million offer received $226 million in applications and QBE came up with a unique scale back formula. Profit $150.

2. January 28, 2009
Macquarie Office:
bought 100,000 at 20c in entitlement offer with unlimited overs. Sold 75,000 at 19c and 22,000 at 21c for loss of about $500 which was covered by a third party under-writer.

3. February 4, 2009
Bank of Queensland:
bought 654 at $7.64 in SPP and sold 663 at $7.27 for marginal loss. Was fixed price of $7.64 or a 7.5% discount to VWAP which didn't come into play and it raised $44 million with no cap.

4. February 16, 2009
Bluescope Steel:
bought 1613 at $3.10 in SPP and sold 1635 at $3.19 for marginal profit. Was priced at $3.10 or a 5% discount to VWAP after a $300 million placement and had a $250 million cap which would never have been reached given applicants were limited to $5000 each. Final price was $3.10 and full $113 million was accepted as almost 30,000 holders participated.

5. March 6, 2009
Wesfarmers: bought 1000 at $13.50 through entitlement offer after applying for $200,000 worth funded by a third part and then sold 506 at $16.80 and 500 at $16.72 for a profit of $3,160.

6. March 13, 2009
Commonwealth Property Office Fund:
bought 6,250 at 80c in unit purchase plan and sold 6,565 at 94c for profit of $875. The fixed price 80c offer followed a $192 million institutional placement. It was limited to $5000 with no cap and raised $13.3 million but there was no outcome announcement, just this.

7. March 16, 2009
Tabcorp:
bought 1724 at $5.80 through two $5,000 SPP offers and sold 1724 at $6.24 for profit of $750. Followed a $300 million placement and board imposed option of $150 million cap. Applicants limited to $5000 and offered a VWAP alternative to the $5.80 institutional price but only discount was rounding down to the nearest cent. All $87 million in applications were accepted.

8. March 23, 2009
Newcrest Mining:
bought 198 at $27 through $5000 SPP and sold 198 at $34.20 for profit of $1425. This followed a $750 million institutional placement which was initially pitched as $500 million. Applicants limited to $5000 and also offered safety of a $2.75% discount to VWAP which didn't come into play. All $59 million in applications were accepted, suggesting about 11,000 shareholders participated.

9. March 24, 2009
Suncorp: bought 2200 at $4.50 in entitlement offer with unlimited overs and sold 2200 at $6.30 for profit of $3960. Should have held on for longer.

10. April 7, 2009
Fairfax Media: bought 83,333 at 75c in entitlement offer with unlimited overs through two accounts and sold for average $1.08 to make $27,500 but about $8000 went to various financiers and under-writers.

11. April 16, 2009
IBA Health:
bought 36,200 at 55c in entitlement offer with unlimited overs and sold 36,200 at 63c for profit of $2896.

12. April 22, 2009
Ceramic Fuel Cells:
bought 500,000 at 5c in entitlement offer with unlimited overs, sold 200,000 at 6.3c, 47,704 at 6.1c and 240,000 at 6.2c for profit of $6150.

13. April 23, 2009
* Dart Mining:
bought 60,000 units at 5c in SPP and sold 45,000 at 5.1c for marginal profit.

14. April 27, 2009
* Northern Iron:
bought 5000 at $1 in SPP and sold 4,600 at $1.15 for profit of $450.

15. May 1, 2009
Diversified United Investments: bought 5000 at $2 in SPP and sold 5000 at $2.30 for $1500 profit. No cap on $10,000 offer at 11% discount to market and full $19 million in applications accepted, which expanded shares on issue by 7%.

16. May 6, 2009
Avexa: bought 261,000 at 7c through entitlement offer with unlimited overs and sold 261,000 at 9.4c for profit of $6264.

17. May 7, 2009
Crane Group:
bought 2000 at $7.50 through two marginally scaled back SPPs and sold for average $9.35 to make $3700. This followed a $40 million placement at $7.50 and the company announced individuals were limited to $9000 each and $10 million collectively. However, after it received $27 million in applications, the scale back only reduced this to $22.8 million so that everyone received a minimum 200 shares worth $1500 and were then scaled back by 20% of everything above that amount. See scale back announcement.

18. May 8, 2009
Peet:
bought 22,000 at $1.10 through entitlement offer with unlimited overs, sold 7,000 at $1.42 and 15,000 at $1.43 for profit of $7190.

19. May 8, 2009
* Every Day Mining Services:
bought 125,000 at 4c in SPP and sold 100,000 at 4c to break even.

20. May 14, 2009
Onesteel:
bought 20,000 shares at $1.80 in entitlement offer with unlimited overs and sold for average $2.20 generating a profit of about $8000.

21. May 19, 2009
AXA Asia Pacific Holdings:
bought 3,508 at $2.85 in SPP and sold 3,508 at $3.84 for profit of $3472. The deal involved a $500 million placement at $2.85 and then a $10,000 SPP limited to $185 million and under-written to $75 million. Commendably the offer document indicated any scale back would be driven by the size of an applicant's holding, but in the end they only received $166 million which was remarkably low given it was almost 40% in the money.

22. May 19, 2009
* Mineral Deposits: bought 16,129 at 62c in SPP and sold 16,219 at 63.5c for profit of $243.

23. May 20, 2009
Ramelius Resources: bought 9433 shares at 53c in SPP and sold 8900 at 58c for profit of $471. The $5000 offer followed a $13.4 million placement and was capped at $7 million. There was no VWAP alternative to the fixed 53c placement price and the offer raised $4.5 million.

24. May 22, 2009
Devine:
bought 21,231 at 47.1c in SPP and sold 21,200 at 47c for negligible loss.

25. May 22, 2009
Fletcher Building:
bought 1226 at $4.15 in scaled back SPP and sold 1266 at $5.09 for profit of $1152. 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. See scale back announcement.

26. May 27, 2009
GUD Holdings:
bought 2439 at $6.15 in first $15,000 SPP since the rule change and sold 2,442 at $6.15 to break even. Was offered without a cap and did not accompany institutional placement. The fixed price of $6.50 was redundant as the 5% discount to VWAP kicked in as $14 million was raised.

27. May 28, 2009
Dexus Property Group:
bought 6,154 in entitlement offer with unlimited overs at 65c and sold 6,400 at 72c for profit of $430.

28. May 28, 2009
STW Communications:
bought 10,869 in entitlement offer at 46c with unlimited overs and sold 11,000 at 52.6c for profit of $717.

29. June 1, 2009
* Sky City Casino:
bought 1700 in scaled back SPP at $2.03 and sold 1,500 at $2.17 for profit of $238.

30. June 5, 2009
* Horizon Oil:
bought 100,000 at 10c in SPP and sold 100,352 at 17c for $7000 profit.

31. June 5, 2009
Macquarie Group:
bought 564 at $26.60 in SPP and sold 554 at $37.20 for profit of $5978. Was an uncapped offer which followed a $540 million placement and also offered a 5% discount to VWAP. The SPP raised $669 million from 55,000 applicants which meant institutional holders were collectively diluted, in a very rare event. See outcome announcement.

32. June 5, 2009
Aristocrat Leisure:
bought 3077 at $3.25 in SPP and sold 3,087 at $3.69 for profit of $1046. Started with a $200 million institutional placement at $3.25 with the Ainsworths offered $20 million on same terms and retail an SPP of $10,000 capped at $55 million. Retail received full $24.4 million in applications but Ainsworths only took up $16.9 million. See outcome announcement.

33. June 9, 2009
Bluescope Steel:
bought 48,387 at $1.55 in entitlement offer with unlimited overs, sold 3,000 at $2.52, 3000 at $2.51, 2000 at $2.66, 4000 at $2.48, 2000 at $2.58, 5000 at $2.29, 16,129 at $2.50, 4000 at $2.67, 5000 at $2.50 and 4480 at $2.89 for crystallised profits of $47,800. About $13,000 went to financiers or other shareholders we financed.

34. June 12, 2009
Adelaide Brighton: bought 5600 at $1.78 in SPPs and sold 2,881 at $2.25 and 2800 at $2.33 for profit of $2894. Capped SPP at $15 million but expanded this to $28.5 million after being overwhelmed with $57 million worth of applications. See announcement. Investors received a minimum $1000 and then a 50% scale back. This followed an $85 million placement to institutions at $1.78.

35. June 15, 2009
McMahon Holdings:
applied for 61,250 shares at 32c in entitlement offer with unlimited overs but scaled back to just 28 shares worth $8.60.

36. June 16, 2009
Bunnings Warehouse Property Trust:
bought 13,333 at $1.50 in entitlement offer with unlimited overs and sold 13,000 at $1.629 for profit of $1677.

37. June 17, 2009
Santos:
bought 2675 shares at $12.50 in entitlement offer with unlimited overs and sold for $14.10 for profit of $4280.

38. June 17, 2009
Seek:
applied for $5000 SPP at $2.60 but scaled back to 1030 shares. Sold for $4.11 so profit of $1555. This followed a $100 million placement which included $35 million to the Bassat founders and the Packer interests. There was no cap in the original announcement but $15 million appeared in the offer document. Received $20.4 million in applications and the scale back was based on the size of your holding.

39. June 17, 2009
Hastie:
applied for 13,695 shares worth $15,750 at $1.15 each in entitlement offer with unlimited overs but scaled back to virtually nothing.

40. June 18, 2009
Stockland:
bought 33,398 at $2.70 in entitlement offer with unlimited overs, sold 3000 at $3.07, 10,407 at $3.01, 5000 at $2.81 and 14,991 at $3.13 so overall gross profit $11,332.

41. June 19, 2009
Aspen Corporation: applied for $10,000 worth of shares at 30c but scaled back to tiny allocation.

42. June 22, 2009
Billabong:
bought 4000 shares at $7.50 in entitlement offer with unlimited overs and sold 4000 at $8.20 for gross profit $2800.

43. June 23, 2009
APN News & Media: applied for $15,000 worth of news shares at $1 in entitlement offer with unlimited overs but scaled back to just $41 worth of new shares.

44. June 23, 2009
Clean Seas Tuna:
applied for $3300 worth of shares at 55c in entitlement offer with unlimited overs but scaled back to just 13 new shares.

45. June 24, 2009
Charter Hall:
applied for $23,200 worth of shares at 33c in entitlement offer with unlimited overs but scaled back to virtually nothing because billionaire John Gandel scooped up the entire retail shortfall. See announcement.

46. June 25, 2009
PanAust:
applied for $24,000 worth of shares at 28c in entitlement offer with unlimited overs but scaled back to extras equivalent to only 50% of tiny entitlement.

July 1, 2009
47. Lincoln Minerals:
bought 125,00 shares worth $10,000 at 8c in entitlement with unlimited overs and sold 50,000 at 8.9c, 50,000 at 8.6c and 25,000 at 8.5c for a profit of $875.

48. July 6, 2009
White Energy Company:
bought 2333 at $1.50 in SPP and sold 2618 at $2.19 for a profit of $1609. Only 543 shareholders participated raising just $2.6 million, well below the $15 million cap mentioned in the offer document. See outcome announcement.

49. July 7, 2009
Automotive Holdings: bought 12,500 at $1.20 in SPP and sold 12,500 at $1.44 for profit of $3000. This followed a $34.4 million placement at $1.20 where the size was not pre-announced. There was no cap in the offer document and the offer raised $7.5 million although this wasn't broken out in the conclusion announcement.

50. July 8, 2009
Ausenco:
$45,000 into three $15,000 SPPs at $3.20 but scaled back to $6000 and made profit of about $1200. Started with a $40.5 million placement at $3.20. SPP offer document had no cap and also offered 5% discount to VWAP. Accepted $50 million after massive over-subscription and and adopted unusual scale back where larger holders got the lot but anyone with less than 501 shares received 651 new shares. See scale back announcement.

51. July 9, 2009
Cudeco: applied for $5000 SPP at $2.50 a share and sold for $2.48 to make tiny loss.

52. July 10, 2009
Graincorp: applied for $15,000 SPP at $6.25, scaled back to $7600 and exited for $6.90 to make a profit of $790. This followed a $60 million placement at $6.25. The company raised $138 million in the SPP but was forced to scale back by the listing rule limit on SPPs expanding the capital base by more than 30%. See scale back announcement which gave smaller holders a fixed $7600 allocation and larger holders the full $15,000. The offer document identified no cap.

53. July 10, 2009
Mirvac:
applied for $10,000 through entitlement offer with unlimited overs at $1 and sold for $1.10 to make a profit of $1000.

54. July 13, 2009
ANZ:
bought 2074 ANZ at $14.40 through two SPPs and sold 1037 at $15.80 and another 1037 at $16.10 so overall profit $3214. The offer document mentioned a cap of $350 million following the $2.5 billion placement at $14.40 but the bank accepted all $2.2 billion worth of applications from 178,000 holders or some 40% of the register. See conclusion announcement.

55. July 15, 2009
Eastern Corporation: spent $2100 in entitlement offer with unlimited overs at 24c and sold for 27c to make profit of $262.

56. July 16, 2009
Asciano: savagely scaled back to less than 100 new shares after applying for $57,000 at $1.10 through two entitlement offers with unlimited overs.

57. July 17, 2009
Australian Infrastructure Fund:
savagely scaled back to just 50-odd new shares after applying for $20,000 in entitlement offer with unlimited overs at $1.10.

58. July 20, 2009
Fantastic Holdings:
bought 2173 through $5000 SPP at $2.30 and sold for average $2.681 to make $828 profit.

59. July 21, 2009
Atlas Iron:
applied for $5000 SPP at $1.39, scaled back to 1600 shares which were sold at $1.81 to make a profit of $672. There was a $105 million placement and the SPP offer document mentioned an $11.7 million cap plus the formula for any scaleback but after applications worth $29.75 million, this was increased to $14.8 million so the scale back was only 50%. See conclusion announcement.

60. July 27, 2009
Macarthur Coal:
bought 7500 shares at $6 each for $45,000 through 3 different $15,000 SPP offers. Sold 1000 at $7.464, 2500 at $7.36, 2575 at $7.355 and 1490 at $7.66 for gross profit of $10,826.

61. July 27, 2009
Karoon Gas:
bought 746 at $6.70 in $5000 SPP and sold 800 at $11.16 for SPP profit of $3327.

62. July 28, 2009
* Austen Engineering:
bought 3448 at $1.45 in $5000 SPP and sold 3458 at $1.65 for profit of $690.

63. August 6, 2009
GME Resources: applied for $3000 at 5c and sold all 60,000 at average 6.8c to make a profit of $1080.

64. August 6, 2009
* Northern Energy:
put $5000 into $10,000 SPP at 35c and sold 14,200 shares at 37.8c to make a profit of $397.

65. August 6, 2009
* Cockatoo Coal:
bought into $15,000 SPP at 33c and sold 45,500 shares at 37.1c to make profit of $1865.

66. August 10, 2009
Macquarie Leisure:
applied for $45,000 in three $15,000 SPP offers at $1.15 a share but scaled back to 1305 shares in total worth $1435 which were sold at an average $1.41 to make a gain of $340.

67. August 14, 2009
* Roc Oil:
bought 21,000 at 71c in SPP and sold for 77c to make profit of $1440.

68. August 14, 2009
Innamincka Petroleum:
bought 71,000 at 20c in SPP and sold for 22c for a profit of $1420.

69. August 21, 2009
Asciano: put $30,000 into three $10,000 SPP entitlements at $1.10. Scaled back by 65% and exited for profit of $3626. The SPP was pitched at $100 million after a $1.58 million institutional placement and circa $800 million entitlement offer, but after applications worth $290 million from 31,000 holders, this SPP cap was slightly increased to $101.5 million so all applications could receive 35% of their application. See conclusion announcement.

70. August 31, 2009
National Australia Bank:
put $38,000 into three NAB SPP offers but scaled back to 394 shares costing $8471 and then exited for $28 to post a profit of $2500.

72. September 1, 2009
CBH Resources:
put $15,000 into SPP at 10c and exited for average 9.4c to lose about $1000.

73. September 2, 2009
Australand:
applied for maximum $40,000 of overs in 40c entitlement offer and got full allocation. Exited at 48c to make profit of $8000.

74. September 8, 2009
* Whitehaven Coal:
$15,000 into SPP at $3.05 and exited for $3.45 to make a profit of $1976.

75. September 9, 2009
* Intermoco:
$10,000 into $15,000 SPP at 1.5c and exited at 1.7c to make gross profit of $1333.

76. September 10, 2009
Virgin Blue:
$23,000 into two 20c entitlement offers with unlimited ability to apply for extras but with just 130 shares held by the wife and I, was scaled back to just $47.80 worth of shares and a paper gain of about $35.

77. September 14, 2009
* Structural Systems: $15,000 into SPP at 78c which was scaled back by 24% or $3600. Exited at 85c for a profit of $1040.

78. September 16, 2009
Bendigo & Adelaide Bank:
applied for $30,000 worth of shares across two entitlements in pro-rata offer and allocated 2000 shares at $6.75. Sold for an average $8.29 for a profit of $3083.

79. September 17, 2009
Goodman Group: $20,000 into two 1-for-1 entitlement offers at 40c with no scale back and exited for 58c to make a profit of $9000.

80. September 18, 2009
* Energy & Minerals Australia:
$15,000 into two entitlements to $15,000 SPP at 21c but scaled back to just $4084 allocation which were sold at average 25.7c for a profit of $914. Also sold 19,450 free options at 7.2c for a profit of $1400 so total profit $2314.

81. September 21, 2009
* Hills Industries:
$5000 into SPP at $1.40 but scaled back by 50% to 1786 shares. Exited at $1.94 for gain of $964. Aimed to raised $10m but after receiving $33.8 million in applications, expanded this to $16.7 million and applied a 50% scale back based on size of application. See announcement.

82. September 21, 2009
Amcor:
$25,000 into two entitlement offers at $4.30 but scaled back to 656 shares costing $2820. Exited at $5.56 for profit of $826.

83. September 22, 2009
Bank of Queensland:
$8000 into entitlement offer at $10 with no scale back. Exited at $10.81 for profit of $648.

84. September 22, 2009
* Sedgman:
$10,000 into $10,000 SPP at $1.30 but scaled back to 2693 shares worth $3500 and exited at $1.695 for profit of $1063. SPP was capped at $5 million and $14.2 million in applications were received. The scale back formula was 35% of your application or a minimum allocation of $2000. See announcement.

85. September 29, 2009
* Skilled Engineering:
$15,000 into SPP at $1.50 but scaled back to 666 shares worth $1000 and sold at $2.05 for a $366 profit.

86. September 29, 2009
* Spotless:
$15,000 into SPP at $2.16. No scale back and sold at $2.54 for a gross profit of $2642. Started with a $71 million placement and then an SPP which raised $15.2 million. See conclusion announcement. Investors were also offered a 2.5% discount to VWAP and the cap of $29 million wasn't reached so retail investors collectively left plenty on the table.

88. October 5, 2009
Clarius Group: $20,000 into 1-for-3.5 entitlement offer at 64c but scaled back to just 10 new shares as formula was 2.3 times entitlement.

89. October 7, 2009
Cougar Energy:
exited two scaled back $15,000 SPPs at 8.25c for 9.9c to make a profit of $2600.

90. October 7, 2009
Ramsay Healthcare:
exited three heavily scaled back $15,000 SPP offers at $9.835 for average $10.52 to make profit of $200. Received $101 million in SPP applications after a $220 million institutional placement but stuck rigidly to the $40 million cap announced in the offer document. The scale back saw anyone with less than 1000 shares receive 200 shares and above that it was proportionate to each applicant's shareholding. See conclusion announcement.

91. October 8, 2009
Gunns:
$18,000 into entitlement offer at 90c. Scaled back to just 125 new shares so not even worth selling given only started with 114.

92. October 9, 2009
Folkestone:
$7,200 into 2-for-1 entitlement offer at 15c. Got the lot and exited at 15.5c to make profit of $240.

93. October 12, 2009
Healthscope:
$15,000 into SPP at $4.19. Exited at $4.59 for a profit of $1431. Did a $140 million placement and then the SPP offer document set no limit but reserved the right to scale back. Accepted full $90.4 million in applications and also offered a VWAP discount. See conclusion announcement.

94. October 15, 2009
TFS Corp:
put $2000 into $15,000 SPP at 93c and exited for negligible loss.

95. October 16, 2009
* Industrea: $15,000 into SPP at 40.92c and then exited at 44.5c for a profit of $1285.

96. October 16, 2009
* Isoft:
$15,000 into SPP at 77c and then exited at 86c for profit of $1755.

97. October 20, 2009
CMA Corp:
$15,000 into SPP at 10c but exited for average 9.4c to lose $900.

98. October 20, 2009
Redflex Holdings:
$10,000 into 1-for-12 entitlement offer at $2.04 but scaled back to virtually nothing.

99. October 21, 2009
* Real Estate Capital Partners:
$15,000 into SPP at 14.92c. 15% scale back and exited at 16.5c for gain of $1360.

101. October 23, 2009
* Watpac:
$30,000 into three $15,000 SPPs at $1.25 but scaled back to 2110 shares. Exited for $400 profit.

102. October 23, 2009
FEA:
$10,000 into 1-for-1 offer at 7.5c with no scale back of extras. Exited for $300 profit.

103. October 26, 2009
* Amadeus Energy:
$5000 into $5000 SPP at 26c and exited at 30c for gain of $770.

104. November 2, 2009
AWB: $40,000 into two entitlements to 1-for-1 offer at $1 with extras. Scaled back to $30,000 and exited at $1.20 for $6000 gain.

105. November 2, 2009
Bass Strait Oil:
$10,000 into 2-for-3 entitlement offer at 3c with extras. Exited at 3c so lost about $400 getting on register.

106. November 3, 2009
* Boart Longyear: $30,000 into two $15,000 SPPs at 27c. Scaled back to $19,500 and exited at 27.5c to make $300. Company received $US118m in applications from 10,000 shareholders but scaled this back to $US75 million with everyone getting around 65% of their application. See announcement.

107. November 3, 2009
* Brickworks: $15,000 into at $12.40 which closed October 23 with no scale back. Exited at $12.50 to break even. The company left the door open so thousands of shareholders bought in before the record date which explained the massive $175 million in applications which the company accepted. See conclusion announcement. The offer document made no reference to any cap and there was no preceding institutional placement.

108. November 3, 2009
Elders:
$40,000 into two $20,000 SPP entitlements at 15c and received the lot. Exited at 17.5c for gain of $6700. There was $163 million in application, but the scale back to $150 million somehow only involved investors who applied for more than $20,000 worth of shares. See conclusion announcement.

109. November 6, 2009
Myer:
exited 1701 acquired in float at $3.78 for loss of about $500.

110. November 9, 2009
MAP:
$15,000 into entitlement offer at $2.30 but scaled back to virtually nothing.

111. November 12, 2009
Capral:
applied for $20,000 in entitlement offer at 2.5c and exited 141,000 shares at 4.3c to make a profit of $2500.

112. November 13, 2009
Campbell Bros:
$8000 into 1-for-6 entitlement offer at $22 with extras but scaled back to virtually nothing.

113. November 19, 2009
Kathmandu:
$30,000 into two applications for flying blind float priced at $1.70 and scaled back to 12,940 shares costing $22,000. Exited at $1.73 for gain of $300.

114. November 19, 2009
* Po Valley Energy:
$15,000 into SPP at $1.55 and exited at average $1.53 to lose about $200.

115. November 19, 2009
Praemium:
$20,000 into two 1-for-10 entitlement offers at 15c with overs. Exited at average 16.25c for gain of $1600.

116. November 25, 2009
Toro Energy:
$15,000 into three $5000 SPP entitlements at 15c. Exited at average 15.33c to break even considering more expensive purchase prices.

117. December 3, 2009
BBI:
$15,000 into SPP at $5.08 and exited at $4 to lose $3200.

118. December 7, 2009
Amalgamated Holdings:
$15,000 into 1-for-5 entitlement offer at $4.10 with overs. Scaled back to virtually nothing.

119. December 8, 2009
* Moly Mines:
applied for $45,000 worth of shares through three $15,000 SPP entitlements at 80c. Scaled back by 48% to $23,400 and then exited for negligible profit.

120. December 9, 2009
Penrice Soda:
$14,000 into 1-for-2 entitlement offer at 70c with overs but scaled back to virtually nothing.

121. December 14, 2009
* AMCIL:
$10,000 into $15,000 SPP at 64c and exited at 67c for a gain of $450.

122. December 15, 2009
St Barbara Mines:
$15,000 into 3-for-14 entitlement offer at 27c and got the lot. Exited at 29c for gain of $1100.

123. December 16, 2009
* Tissue Therapies:
$15,000 into SPP at 11.84c. Scaled back and sold all 12,622 at 13.5c for gain of $210 but after losses on original purchase result is barely break even.

124. December 21, 2009
QRX Pharma:
$11,000 into 1-for-5 entitlement offer at 80c with overs. Exited at 76c to lose $550.

125. December 22, 2009
Ord River Resources:
$10,000 into 1-for-3 entitlement offer at 4.5c with overs. Exited at 4.5c to break ever.

126. December 24, 2009
KFM Diversified:
$20,000 into 1-for-6 entitlement offer at 70c with overs. Scaled back to tiny amount.

127. December 29, 2009
* Clean Seas Tuna: $3000 into three $15,000 SPPs at 25c and exited at 26.5c for break even given higher entry price.

128. January 5, 2010
* Avexa:
$15,000 into SPP at 14c which was scaled back to $12,000. Exited at 16c for gain of $1700.

129. January 7, 2010
* Commonwealth Office:
$10,000 into SPP at 91c and exited at 97c for gain of $650.

130. January 22, 2010
* Mirabella Nickel:
$10,000 into SPP at $2.30 and exited at $2.30 to break even.

131. January 27, 2010
* Over Fifty Group:
$15,000 into SPP at 72c or 10% discount to VWAP. Final price 64c and exited at 63.4c to lose $150.

132. February 1, 2010
* CBD Energy:
$15,000 into SPP at 13c and exited at 12c to lose $1150.

133. February 2, 2010
Breakaway Resources:
$10,000 into 1-for-3 entitlement offer at 6c with overs. Exited at 5.9c for tiny loss.

134. February 3, 2010
* Contango Microcap:
$15,000 into SPP at 87c and exited at 92.5c for a gain of $900.

135. February 4, 2010
* Platinum Capital: $15,000 into SPP at $1.53 (5% discount to VWAP) and exited at $1.555 for profit of $200.

136. February 24, 2010
Powerlan:
$5000 into 4-for-1 entitlement offer at 6c with overs and exited at 7c for gain of $830.

137. March 9, 2010
Norfolk Group:
$10,000 into 2-for-9 entitlement offer at 72c with overs but scaled back to just $13 allotment.

138. March 18, 2010
Charter Hall: $5000 into 2-for-5 entitlement offer at 65c with overs. Exited at 70c for gain of $380.

139. April 15, 2010
* Argo:
$10,000 into 15,000 SPP at $6.31. Exited at $6.56 for gain of $400.

140. April 29, 2010
Catalpa Resources:
$10,000 into entitlement offer at $1.25 with overs. Scaled back to virtually nothing.

141. May 6, 2010
MMC Contrarian:
$10,000 into 1-for-1 entitlement offer at 50c with overs. Got the lot. Exited at 55c for gain of $1000.

142. May 10, 2010
Kings Minerals: $10,000 into 1-for-5 entitlement offer at 6c with overs. Sold 41,375 shares at 8.7c to make profit of $1117.

143. May 14, 2010
Mirvac:
$2000 into two $15,000 SPPs at $1.40 a share after placement. Exited at average $1.32 to lose $150.

144. May 18, 2010
Sundance Energy:
$15,000 into SPP at 13.5c after placement. Exited at 13.5c to break even.

145. May 19, 2010
K&S Holdings:
$15,000 into SPP at $2.56. Exited at $2.54 for tiny loss.

146. May 27, 2010
Supercheap Auto:
$10,000 into $10,000 SPP at $4.80 after placement. Exited at $5.15 for gain of $700. Raised $76 million in placement to fund purchase of Ray's Outdoor and then announced $10 million cap on SPP. Ended up accepting all $12.4 million in applications. See conclusion announcement.

147. June 8, 2010
Mineral Deposits: $1000 into $15,000 SPP at 95c. Exited at 90c to lose $80.

148. June 10, 2010
CSG:
$10,000 into SPP at $1.90. Exited at $1.92 to make net profit of $80.

149. June 24, 2010
Bradken:
$5,000 into SPP at $7.05 and exited at $7.40 for a gain of $230.

150. July 6, 2010
Gindalbie Metals:
$10,000 into SPP at 93c, scaled back to $8700, exited at 97c for gain of $300. Initially announced capital raising of up to $206 million with the SPP capped at $20 million. Received $26 million in applications and scaled everyone by about 25%. See conclusion announcement.

151. August 2, 2010
GUD Holdings:
$15,000 into SPP at $8.30 or 2.5% discount to market. Closed July 21 and scaled back by 55%. Sold 768 at $9.42 for a gain of $860. This followed a $40 million institutional placement and the offer document flagged a $15 million cap which was maintained. See scale back formula.

152. August 12, 2010
Cardno: $15,000 into 1-for 6 entitlement offer at $3.25 with overs. Scaled back to just 4 new shares.

153. August 16, 2010
Slater & Gordon:
$5000 into $15,000 SPP at $1.40 after placement. Exited at $1.395 for tiny loss.

154. August 17, 2010
* Mirrabooka:
$15,000 into SPP at $1.60. Exited at $1.635 for gain of $300.

155. August 19, 2010
Tanami Gold:
$7000 into 6-for-5 entitlement offer at 1.5c with overs. Scaled back to 24c.

156. August 24, 2010
SAI Global:
$5000 into 1-for-7.2 entitlement offer at $3.60. Exited at $4 for gain of $555.

157. September 7, 2010
Gloucester Coal:
$10,000 into 3-for-5 entitlement offer at $9.25 with overs. Exited at $9.17 for loss of $110.

158. October 4, 2010
Transfield Services: $30,000 into two entitlements to $15,000 SPP at $3.13. Exited at $3.53 for gain of $3800. This offer followed strong agitation at the 2009 AGM after an institutional placement with no follow-up SPP. The eventual SPP offer document reserved the right to scale with no cap imposed and all $85 million in applications were accepted. See conclusion announcement.

159. October 11, 2010
MacArthur Coal: $30,000 into two cracks at $15,000 SPP at $11.33. Exited at $13.20 for gain of $4900. Preceded by a $428 million institutional placement, the SPP offer document set no cap and all $55.1 million in applications were accepted. See conclusion announcement.

160. October 11, 2010
Ampella Mining: $5000 into SPP at $1.95. Scaled back to $3086 and exited at $2.43 for gain of $750.

161. October 18, 2010
MEC Resources: $8,000 into 1-for-10 entitlement offer at 50c with overs. Got the lot and exited at 52c for gain of $300.

162. October 18, 2010
Premium Investors: $7500 into SPP at 5% discount to VWAP. Priced at 72c and exited at 74.6c for gain of $250.

163. October 26, 2010
Mirabella Nickel: $5000 into SPP at $1.60. Exited at $1.695 for gain of $260.

164. October 27, 2010
Spark Infrastructure:
$17,000 into two cracks at 2-for-7 entitlement offer at $1 with overs. Completely shafted in scale back.

165. October 28, 2010
Karoon Gas: $15,000 into SPP at $7 and exited at $9.10 for gain of $4470. Raised $81.8 million with no scale back and this followed a $186 million institutional placement.

166. October 29, 2010
Wide Bay Australia:
$5000 into 15,000 SPP at $9.67 after placement. Exited at $10.07 for gain of $180.

167. November 1, 2010
Gryphon Minerals:
$15,000 into SPP at $1.25 after placement. Scaled back by 80% and exited at $1.34 for gain of $160.

168. November 3, 2010
Spark Infrastructure:
put $17,000 into two entitlements to 1-for-5 offer at $1 but was scaled back to tiny investment despite a shortfall.

169. November 5, 2010
Thinksmart:
$12,000 into 1-for-5 entitlement offer at 50c with overs. Scaled back to virtually nothing.

170. November 12, 2010
Bathurst Resources:
$10,000 into 1-for-2 entitlement offer at 30c with overs. Scaled back to nothing.

171. November 22, 2010
QRxPharma:
$15,000 SPP at 85c after placement. Exited at 95c for gain of $1750.

172. December 8, 2010
Kimberley Metals: $10,000 into SPP at 24c. Exited at 24.5c for gain of $180.

173. December 15, 2010
Warrnambool Cheese & Butter: $10,000 into 1-for-6 entitlement offer with overs. Scaled back to nothing.

174. December 21, 2010
Westfield Retail Trust: $13,750 into 1-for-4.23 demerger from parent with overs at $2.75. Exited at $2.65 for loss of $500.

175. December 21, 2010
Nomad Building Solutions:
$6000 into 3-for-4 entitlement offer at 10c with overs. Exited at 11c for gain of $570.

176. December 22, 2010
Breakaway Resources:
$12,500 into $15,000 SPP at 7.4c. Exited at 7.6c for gain of $310.

177. December 24, 2010
Brambles:
$15,000 into SPP at 2.5% discount to VWAP which turned out to be $6.77. Exited at $7.16 for gain of $840. UBS had under-written a $110 million raising so when it only raised $42 million from 4822 holders, UBS was allocated the shortfall as is explained in this ASX announcement. This is a rare example of a cap being set, not met and then the shortfall going to an underwriter.

178. December 24, 2010
Bow Energy:
$15,000 into SPP at $1.15. Scaled back to $12,500 and exited at $1.17 for gain of $200. Refund of $2812.30 arrived by cheque on December 30.

179. December 31, 2010
K&S Corp:
$5000 into 1-for-6 entitlement offer at $2.15 with overs. Got the lot. Exited at $2.24 for gain of $200.

180. January 4, 2011
Carnegie Wave:
$5000 into $15,000 SPP at 10c which closed December 21. Exited at 10.5c for gain of $200.

181. January 6, 2011
Amcil:
$15,000 into SPP at maximum of 64c or 2.5% discount to VWAP. Closed December 23 and exited at 66c for gain of $450.

182. January 18, 2011
Transfield Services:
$10,000 into 2-for-9 entitlement offer at $3 with overs. Closed January 12 and scaled back to nothing given overs were restricted to anyone with more than 50 shares. Refund cheque arrived on Tuesday, November 25.

183. January 28, 2011
Maryborough Sugar:
$15,000 into SPP at $3.15. Exited at $3.41 for gain of $1240.

184. February 1, 2011
Silex Systems: $15,000 into SPP at $5.40 or 10% discount to VWAP. Came in at $5.08 and exited at $5.50 for gain of $1220. Accepted the full $20.2 million in applications from about 20% of shareholders and this followed an $80 million placement. See conclusion announcement.

185. February 25, 2011
Golden West Resources: $1000 into $15,000 SPP at 80c. Exited at 77c for loss of $38.

186. March 3, 2011
Innamincka Petroleum:
$10,000 into 1-for-3 entitlement offer at 11.5c with overs. Scaled back to allocation worth about $30.

187. March 10, 2011
Neptune Marine: $5000 into 3.6-for-1 entitlement offer at 5c with overs. Exited at 5.1c for gain of $70 after brokerage.

188. March 18, 2011
Lincoln Minerals: $5000 into 1-for-7 entitlement offer at 15c with overs. Exited at 14.4c for loss of $200.

189. March 22, 2011
Engenco: $10,000 into 8-for-9 entitlement offer at 12c with overs. Got full allocation and exited at 12c for $30 loss on brokerage.

190. March 24, 2011
Bunnings Warehouse Property Trust:
$5000 into 1-for-4.84 entitlement offer at $1.70 with overs. Exited at $1.725 for gain of $43 after brokerage.

191. March 25, 2011
Altona Mining:
$1000 into 2-for-5 entitlement offer at 31c with overs. Exited at 29c to lose $94 including brokerage.

192. April 29, 2011
Australian Education Trust:
$2000 into 3-for-10 entitlement offer at 75c with overs. Received full allocation and exited at 81c for gain of $130.

193. May 5, 2011
Lynas Corp: $5000 into SPP at $2.05 after placement at $2.07. Scaled back to 828 shares worth $1697 and exited at $2.02 for marginal loss.

194. May 18, 2011
Symex Holdings:
$3500 into 5-for-14 entitlement offer at 42.5c with overs. Scaled back to virtually nothing despite shortfall.

195. June 1, 2011
Southern Cross Electrical Engineering:
$10,000 into $15,000 SPP at 90c after placement. Exited at 99c for gain for $1000.

196. June 7, 2011
NRW Holdings:
$6000 into $15,000 SPP at $2.74. Exited at $2.82 for gain of $150.

197. July 1, 2011
Peet Ltd:
$8000 into $15,000 SPP at $1.42. Exited at $1.47 for gain of $320.

198. December 23, 2011:
Origin Energy:
put $45,000 into $100 Origin Energy note offer and exited at $102.32 for gain of $860.

199. January 30, 2012
Geodynamics: $15,000 SPP at 7.5% discount to VWAP or minimum of 13.5c. Only allocated $1000 worth of stock but exited at 16c for gain of $100.

200. February 1, 2012:
Growthpoint:
3-for-10 renounceable rights offer at $1.90 with overs. Applied for $25,000 and exited at $1.90 for no gain.

201. March 26, 2012:
Bendigo and Adelaide Bank:
After $150m placement at $8.45. $6,000 into SPP at 2.5% discount to VWAP ($7.33). Exited at $7.47 for gain of $100. Ended up raising $46 million at $7.43 so big discount for retail.

202. April 5, 2012:
QBE Insurance:
$5000 into $15,000 SPP at $10.70 but scaled back to nothing as only held 5 shares and 86,000 applicants were allocated 8.34% of holding.

203. April 10, 2012:
Austin Exploration:
$10,000 into $15,000 SPP at 2.9c. Exited at 3c for a gain of $320.

204. April 18, 2012:
Blue Energy Ltd $15,000 into $15,000 SPP at 6.25c. Scaled back to $2000 and exited 32,000 shares at 7.5c for gain of $190.

205. May 2, 2012
Bank of Queensland: $10,000 into 8-for-37 entitlement offer at $6.05. Scaled back to 1000 shares and exited at $7.05 for gain of $970.

206. May 21, 2012
Cedar Woods: $15000 into SPP at $3.45 after placement. Exited at $3.40 for loss of $400.

207. January 23, 2013
Western Areas: $30,000 into two $15,000 SPP entitlements at $3.80. Closed January 11, scale back to $70 investment, refunded on January 25. See scale back announcement as held the line with $15 million cap in offer document after receiving $26 million in applications.

208. January 24, 2013
MacMahon Holdings: $7500 into 2-for-3 entitlement offer at 16c with overs. Scaled back to $500 worth of overs. Exited at 28.5c for gain of $350.

209. January 25, 2013
BC Iron: $30,000 into two $15,000 SPP entitlements at $3.04 capped at $10m after $47m placement to fund iron ore expansion. Everyone scaled back to 77% of application as $10m cap retained. See scale back announcement. Exited January 25 at $3.59 for gain of $4100.

210. January 29, 2013
Webjet: $15,000 into SPP at $3.60 after recent placement to fund acquisition. Capped at $5m. Closed January 18 and trades January 30. Scaled back to 19% of investment. Sold 792 at $4.67 for gain of $790. See scale back announcement explaining how everyone got 19% of application.

211. February 2013
Engenco: $5500 into 3-for-2 entitlement offer at 15c with overs. Closed January 18 and trades January 30. Applied for overs but knocked back.

212. June 1, 2013
The Reject Shop: $15,000 SPP at fixed price of $16.20 after $30 million placement to fund store rollout. Applied for $10,000 but scaled back to meaningless figure. Offer document mentioned $10 million cap but after $25.5 million in applications this was expanded to $14 million. Conclusion announcement did not explain scale back formula but it was based on the size of an applicant's holding.

213. June 12, 2013
Dyesol: $15,000 SPP at 16.6c seeking up to $2m. Expanded to $4m, heavily oversubcribed but everyone received 18% of application. Sold 16,100 shares at 44.5c for gross gain of $4,490.

214. October 7, 2013
Collection House: $5000 into $15,000 SPP at $1.65. Closed Sept 19. Received 1952 which exited at $1.73 for gain of $156.

215. October 7, 2013
Milton: $956 into $15,000 SPP at $19.12. Closed Sept 20. Sold 55 at $19.67 for gain of $30.

216. October 29, 2013
Villa World: applied for full $15,000 SPP at $1.60 and scaled back by 51%. Exited at $1.75 for gain of $690. Received $9.8 million in applications but decided to stick with $5m cap with everyone receiving 49% of what they applied for. See announcement.

217. December 11, 2013
FKP Property Group (now Aveo): 5-for-9 entitlement offer at $1.30 with overs of up to $100,000. $14,000 into two applications, scaled back by $4000 and finished with gain of about $3800.

218. December 12, 2013
Virgin Australia: 4-for-15 entitlement offer at 38c with overs limited to 40% of entitlement. Applied for $50 in total and scaled back to about $5 worth of new shares for zero gain in an offer which was 75% under-subscribed.

219. January 6, 2014
Ansell: $15,000 into SPP at $18.50 after institutional placement to fund acquisition. Exited at $20.61 for gain of $1670.

220. January 31, 2014
CFS Retail: committed full $15,000 into SPP at $1.782 after recent $1.85 placement. Scaled back to about $2100 and excited at $1.93 for gain of about $150. The $15 million SPP received $73 million in applications and there was no expansion in the cap.

221. February 17, 2014
Austin Engineering: $15,000 SPP at $3.20 after recent placement. In the money after Bradken offer lifted stock. Expanded $5m cap to $5.5 million. Exited $5000 worth at $3.37 for gain of $220. See announcement.

222. March 28, 2014
Clearview: 1-for-12 entitlement offer at 65c with overs capped at $10,000 per application. Closed March 21. Received full $10,000 in overs, exited at 72c for gain of $1000.

223. March 28, 2014
Saracen Minerals: 2-for-11 entitlement offer at 31c. Applied for $7000 worth and scaled back to 1500 shares. Exited at 33c for gain $150.

224. April 1, 2014
Western Areas: two cracks at $15,000 SPP at $3. Based on announcement, should have been scaled back to 850 shares on each. Directly engaged with company. Received 3542 shares on one account which exited at $3.35 for gain of $1240. Received full 5000 shares on other account and exited at $3.34 for gain of $1668, so total gain $2900.

225. April 8, 2014
Templeton Global Growth Fund: 1-for-5 at $1.25 with unlimited overs. Applied for $8000, received about $5600 worth. Exited at $1.28 for gain of about $120.

226. April 15, 2014
Abacus Property Fund: $15,000 SPP at $2.26 after placement. Exited at $2.39 for gain of $850.

227. May 9, 2014
Automotive Holdings: $15,000 SPP at $3.49 after placement to fund acquisition. Exited at $3.87 for gain of $1600.

228. May 19, 2014
Qube Logistics: $15,000 SPP at $2.12 after $200 million placement to fund grain acquisition. Exited at $2.20 for gain of $540.

229. May 23, 2014
Oilsearch: $15,000 SPP at $8.20 after institutional placement. Exited at $9.21 for gain of $1650.

230. May 30, 2014
Lynas: $15,000 SPP at a 17.5% discount to VWAP. Closed May 23. Went in for $5000, was priced at 11.3c, exited at 14c for gain of $1150.

231. June 16, 2014
Bendigo & Adelaide Bank: two bites at $7500 SPP at $10.85 or 2.5% discount to VWAP. Spoke to CEO to get SPP expanded. Exited at $11.96 for gain of $1560.

232. June 19, 2014
Cedar Woods: $10,000 into $15,000 SPP at $6.80. Scaled back by two thirds and exited at $7.08 for net gain of about $120. See announcement.

233. August 25, 2014
Phosphagenics: $15,000 SPP at 8c after placement. Received $500 allotment on $10,000 application. Negligible profit after brokerage.

234. August 27, 2014
Aristocrat Leisure: $15,000 SPP after placement to fund acquisition. Capped at $30 million and priced at $5.26 or 2.5% discount to VWAP. No scale-back as fell short of cap. Invested $15,000 and exited at $5.60 for gain of $940.

235. September 5, 2014
Runge Pincock Minarco: $15,000 SPP at 60c after placement. Applied for $8000 worth and exited at 62c for gain of $250.

236. September 17, 2014
Ardent Leisure:
applied for $20,000 in 2 entitlements to $15,000 SPP at $2.41. Directly engaged with company. Scaled back to $500 in each and exited at $3.11 for gain of $250.

237. October 1, 2014
QBE Insurance: $15,000 into SPP at $10.10 after placement. Capped at $160m, lifted to $200m but only allotted 1 new share. Interest paid on overs. Promised board tilt if not lifted to $200m.

238. October 2, 2014
Select Harvests: $15,000 SPP at $5.35 after insto placement. No engagement. Exited at $6.14 for gain of $2200.

239. October 6, 2014
AFIC: $15,000 SPP at 2.5% discount to VWAP or the DRP price of $5.93 whichever is lower. Priced at $5.88. Exited at $5.90 to break even.

240. October 8, 2014
Challenger Financial Group: $15,000 SPP at $7.53 or 2.5% discount to VWAP. Price at $7.10. Exited at $7.08 for tiny loss.

241. December 30, 2014
Retail Food Group: $15,000 SPP at $4.80. Everyone scaled back to 47% of application. Exited 1478 at $5.81 on December 30 for gain of $1480.

242. January 27, 2015
Treasury Group: $5 million SPP at $10.25 after recent placement. $27m in applications so expanded to $10m with everyone getting 37% of application. Exited at $12.10 for gain of $1000.

243. March 4, 2015
Villa World: $15,000 SPP at $1.90 after placement. Applied for $15,000 but $5m cap not listed despite $16m in applications. Sold 2435 at $2.15 for gain of $365.

244. March 16, 2015
Wilson Asset Management: $15,000 SPP at $1.90. No scale back and sold 7900 shares at $1.935 for gain of about $300.

245. March 31, 2015
Macquarie Group: two bites at $10,000 SPP at $73.50. No scale back and exited at $77.50 for gross gain of $1035.

246. April 21, 2015
Mantra Group: $15,000 SPP at $3.24. Exited at $3.35 for gain of about $500.

247. June 15, 2015
GUD: $15,000 into SPP at $7.45 after $79m placement. Scaled back to virtually nothing. Was initially capped at $15m but after $55m in applications they expanded this to $26 million. Scale back formula was unique but punished the smallest holders. See announcement.

248. June 19, 2015
Dexus Property Group: $7,500 into SPP at $7.32 after placement. Exited at $7.44 for gain of $69.

249. June 18, 2015
Hansen Technology: $5000 SPP at $2.17 capped at $10m after $15m placement. Exited at $2.51 for gain of $927

250. September 24, 2015
CSG: $15,000 SPP at $1.42 after $30 insto placement. Closed Sept 16 and no VWAP alternative. Exited at $1.61 for gross gain of $2000.

251. November 20, 2015
Mirrabooka: $15,000 SPP at a 10% discount to VWAP closing. Priced at $2.20 and exited at $2.35 for gain of $950.

252. May 4, 2016
Toxfree: $10,000 SPP at $2.55 closing on Friday, April 22. Sold 860 at $2.89 for gain of $260.

253. May 10, 2016
Western Areas: $15,000 SPP at $2 after $70m insto placement. Had two cracks but heavily scaled back so no gain.

254. April 3, 2017
Macquarie Atlas Roads: 2 x $15,000 SPP at $4.85 or 2.5% discount to VWAP closing on March 23, 2017. In for $10,000 which was priced at $4.76 and exited at $5.08 on April 3 for gain of $700. Gain would have been $2100 if had gone for full $30,000, so left $1400 on the table.

255. April 10, 2017
Arafura Resources: $15,000 SPP at lower of 7.7c or 20% discount to VWAP based on 5 days before April 7 allotment. Priced at 6c. Went in for $5000 and exited at 6.8c for gain of $560. Gain would have been $1680 if had gone for full $15,000 so left $1120 on the table.

256. April 12, 2017
Capitol Health: $15,000 SPP at 14c closing March 17. Stock at 16c on March 9 and expected to trade April 11. In for $9000 and allocated $6000 after everyone got scaled back to 6k. Exited at $16.5c for gain of $1070.

257. April 21, 2017
Platinum Capital: $15,000 SPP at lower of $1.51 or 2.5% discount to VWAP. Priced at $1.5041. Closed on April 11 and put in $9000. Exited at $1.555 for gain of $270. Would have been extra $108 if in for full $15,000.

258. April 26, 2017:
Carnegie Clean Energy: $15,000 SPP at 6.7c. Closed April 13. In for $5000. Exited at 7c for gain of $200 after brokerage.

259. May 25, 2017:
Charter Hall: $15,000 SPP at $5.48. Exited at $5.78 for gain of $820.

260. August 9, 2017:
Hansen Technology: $5000 SPP at $3.70 which closed on August 2, 2017. Exited at $3.79 on August 9 for gain of $100.

261. August 9, 2017:
Bega: Cheese:
$15,000 SPP at $5.25 closing July 31. Allocated full amount and sold 2340 at $6.42 on August 9, leaving balance of 523 and a profit of about $3300.

262. August 16, 2017:
Whitefield: $15,000 SPP at $4.41 or 2.5% discount to market. Sold at $4.52 for gain of $383.

263. September 5, 2017:
Ardea Resources: $15,000 SPP at 15% discount to VWAP. Closes August 30. In for $15,000 and exited at 81c, leaving surplus shares worth $1700.

264. September 21, 2017:
Mesoblast: 1-for-12 non-renounceable at $1.40 with unlimited overs. Closed Sept 12. Stock at $1.50 on Sept 11. In for $10,000 but stock tanked so exited at $1.32 for loss of $550.

265. September 21, 2017:
RCR Thomlinson: $15,000 SPP at $3.55. Allocated full 4225 shares amount so exited 3400 at $4.44 leaving a surplus of 825 shares worth $3660 on the day but less now.

266. September 22, 2017:
Sundance Resources: $15,000 SPP at 20% discount to VWAP. Closed Friday Sept 15. Stock at 0.006 on Aug 30. In for $1000 or 250,000 shares at 0.04c and exited at cost for zero profit.

267. September 22, 2017.
NRW Holdings: $10,000 SPP after $25m placement at 68c. With 7000 holders, should have got swamped by $70m given stock had doubled. Capped at $5m. Allocated none given discrimination against everyone with unmarketable parcel. See scaleback announcement after pressure from ASX.

268. September 25, 2017:
Boart Longyear: $5000 SPP at 2c closing September 18. Paula in for full $5000. Trades Sept 25. Stock at 3.2c on Sept 15 but then tumbled so exited at 2c for zero gain.

269: September 29, 2017: ANZ notes: $1b offer at 3.8% premium to BBSW. In for $40,000 with $5000 SM and $35,000 PP. Closed Sept 13 and trades Sept 29. Exited at $101 for gain of $400.

270. October 24, 2017: Seven Group Holdings: $15,000 SPP at $11.20 following $350 million placement. Capped at $25m. 9300 holders so maximum applications $140m. Closes Oct 17. In for $2500 before deadline and $12500 balance two hours late. Only $17 million came through the door. Accepted for the lot and exited at $12.35 for gain of $1500.

271. October 25, 2017: AHA Life Holdings: 2-for-1 at 1.3c with overs. Applied for $5000. Accepted for 2c, so refunded $4998.98.

272. October 26, 2017: NIB Holdings: $5000 SPP at $5.65 with no paper application form. Capped at $15m, but expanded to $29m. Sold $790 at $6.29 so retained profit shares worth $560 at exit price.

273. October 27, 2017: Polynovo: $15,000 SPP at 27c. Sold 48,500 at 32c so retained profit shares worth $2750.

274. November 1, 2017: Lion Selection Group: $15,000 SPP at 35c. Exited 42,000 at 36c for gain of $420.

275. November 15, 2017: Select Harvest: $15,000 SPP at $4.20 after placement with alternative pricing of 2% discount to VWAP. Closed Nov 2. About 9000 shareholders so maximum $135m and they have capped it at $20m but accepted $45m. In for $15,000, exited at $4.68 for a profit of $1680.

276. December 21, 2017: AWE: $15,000 SPP at 50c closing on December 14. 7,669 holders so maximum application $265m chasing $10m. Received $76m in applications and scale back formula involved everyone getting at least $500 worth. See announcement. Allocated 3704 shares worth $1852. Sold 2100 at 85.5c on Dec 21 for $1776, so profit about $1315.

277: April 18, 2018: Kathmandu: put $13,950 into $NZ15,000 SPP at $2.10 when share price was $2.40. Scale back based on share size not application since so only added 8 shares to existing 10.

278: May 1, 2018: SRG Group: $15,000 SPP at $1.60 after acquisition. $9.8m applied for $4m with no increase in the cap. See announcement on scale back based on size of holding. Company subsequently taken over. Sold 262 at $1.69 for $434 on June 18 and 3720 at $1.87 for $6936 on May 4, 2018 for total proceeds of $7370 after selling 3982 shares for $6371 . A gain of $930.

279. August 20, 2018: Fleetwood Australia: 1-for-2.9 at $1.80 with unlimited overs. Closed Aug 13. Applied for $10,000 given stock at $2.30. Scaled back to sod all based on allocation driven by size of holding.

280. October 20, 2018: Harvey Norman: 1-for-17 at $2.50 with overs closing on October 15. Applied for $15,000 and scale back to nothing. Stock at $3.41 when closed but then weakened later.

281. March 27, 2019: Viva Energy: $15,000 SPP at $2.32. Closed March 19. Applied for full $15,000 and allocated 1694 shares for $3930 or 26%. Sold 1500 at $2.51 so overall gain of $321.

282. April 23, 2019: Wisetech: $15,000 SPP at $20.90 or a 2% discount to VWAP. Closed April 11 with stock at $23 on April 1. Exited at $21.30 for modest gain of $280.

283. April 24, 2019: Charter Hall Education (CQE): $15,000 SPP at $3.35 closing April 16. Capped at $5m, can go to $10m after $120m placement. Sold 4480 units at $3.64 on April 24 for pre-brokerage gain of $1300.

284. May 10, 2019: Credit Corp: $15,000 SPP at $20.45 placement price or a 2.5% discount to VWAP. Closed May 3 with offer well in the money as shares were at $23.67. Committed full $15,000 and wrote twice to the company. Scaled back to 39% or 288 new shares which exited at $23.02, for a gain of $740 before brokerage.

285. June 5, 2019: Dexus: $15,000 SPP at $12.10 after $900 million institutional placement. Capped at $50 million, but expanded to full $63.9m. Exited at $13.22 for gain of $1360.

286. June 28, 2019: Mirvac: $15,000 SPP at $2.90 capped at $75 million after $750 million placement. Closed June 25. In for $27,500 via two entitlements and exited at $3.26 for gain of $3400.

287. July 27, 2019: Growthpoint: $15,000 SPP at $3.97 capped at $15m after $150m placement. Closing July 24. Stock at $4.29 on July 15. Exited at $4.38 for gain of $1540.

288. August 26, 2019:
Landmark White: 4-for-5 non-renounceable at 0.8c with unlimited overs. Applied for $750 and exited 9385 shares at 9.3c for gain of $110.

289. September 10, 2019:
Transurban: $15,000 SPP at $14.80 with 2% VWAP alternative pricing. Closed August 30. Priced at $14.64. In for 30k. Exited 15k at $14.95 to gain $300 and the other 15k at $14.54 to lose $100 for net gain of $200.

290. September 13, 2019: AMP: $15,000 SPP at $1.60 or 2.5% discount to VWAP after $650m placement. Priced at $1.60. In for full $15,000 and exited at $1.84 on September 13 for gain of $2150.

291. September 20, 2019: Steadfast: $15,000 SPP at placement price of $3.38 or a 1% discount to VWAP. Priced at $3.38. In for $15,000. Exited at $3.63 for gain of $1100.

292. September 26, 2019: Tassal: $15,000 SPP at $4.31 or 2% discount to VWAP after $108m placement at $4.40. Priced at $4.16 based on VWAP. Exited at $4.24 for gain of $278.

293. October 1, 2019: Macquarie Group: $15,000 SPP at $120 placement price or 1% discount to VWAP. Priced at $120 with $679m in acceptances. Exited at $131 for paper gain of $1375.

294. November 14, 2019: Toro Energy: $30,000 SPP at a 20% discount to VWAP. Patersons have under-written to the tune of $3.5m. Closes October 18, now extending to trading on Nov 11. Stock at 1.7c on October 7. In for $10,000. Issue price ended up being 1.1c and exited at 1c to lose $1000.

295. December 2, 2019: Retail Food Group: $30,000 SPP at 10c after placement and with an overall cap of $20 million. Closed November 22. Stock at 14.5c on October 28 but then fell away. Went in for $5000 and exited at 9.6c to lose $200.

296. December 11, 2019: Westpac: $20,000 into SPP at $24.20 (2% discount to VWAP). Exited at $24.38 for gain of $82 before costs.

297. December 20, 2019: MSL Solutions: $30,000 SPP at 7.5c closing on December 16. In for 5k with stock at 8.5c. Traded December 20. Exited at 8.4c for gain of $600.

298. December 20, 2019: Alkane Resources: 1-for-8 at 55c with unlimited overs. Closed December 13. In for $5000, stock at 56.5c on December 12. Allotted Dec 24, trades Dec 27. Exited at 55c to break even before brokerage.

299. January 9, 2020: NRW Holdings: $15,000 SPP at $2.85 closing on January 2. Stock at $3.26 on December 20. Capped at $10m, stuck with cap and scale back to zero whilst those with a marketable parcel got 64% of their application.

299. January 25, 2020: Afterpay: $30m SPP at $23 after $317m placement and founder sell-down. Also has a VWAP alternative. Closed Jan 17, trades Jan 29. Expanded to $33m and allocated 85 for $1955 and sold all 90 at $37.94 to raise $3395 and a profit of $1270.

300. April 30, 2020: Cochlear: $30,000 SPP after $880m placement. Lifted $50m cap to $220m but still heavy scale back after $417m in applications. Allotted 10 shares at $140 costing $1400 and refunded $28,600. Exited at $184.62 for gain of $440.

301. May 7, 2020: Reece: Fully allocated $30,000 SPP and $5000 entitlement overs investment at $7.60. Exited 4605 shares at average $8.26 for net gain of $3023.

302. May 8, 2020: Next DC: $30,000 into uncapped SPP at $7.80. Exited at average $9.58 for gain of $6785.

303. May 11, 2020: Dacian Gold: $9000 into 1-for-1 non-renounceable offer at 30c with unlimited overs. Fully allocated and exited at 39c for gain of $2670.

304: May 12, 2020: IDP Education:
$30,000 into SPP at $10.65 capped to $15m. Expanded to $29m after $34.5m in applications. Allotted just 235 shares in scale back costing $2502 and exited at $15.40 for a net profit of $1100.

305. May 20, 2020:
QBE Insurance: $30,000 SPP at $8.25 after placement, but also has VWAP -2% pricing . Priced at $7.51. In for $1000, it was priced at $7.51 and exited at $7.62 to break even after brokerage.

306. May 20, 2020: Invocare: $30,000 SPP at $10.40 after placement, plus a 2% discount to VWAP. Priced at $10.40. Went in for $9500 and exited all 913 shares at $10.92 for a net gain of $450.

307. May 20, 2020: Capitol Health: $30,000 SPP at 16c capped at $10m after $30m placement. In for $25,000, scaled back to $16,355 (65%) and exited 102,093 shares at 19c for gain of $3012.

308. May 22, 2020: Metcash: $30,000 SPP at $2.80 or a 2.5% discount to VWAP. Applied for $1000 which was VWAP priced at $2.28. Exited at $2.49 for a gain of $73 after brokerage.

309. May 25, 2020: Bapcor: $30,000 SPP at $4.40 after placement, or a 2% discount to VWAP. Applied for $30,000 and allotted the minimum $1000. Sold 228 shares at $5.67 for a profit of $273.

310. May 27, 2020: Ramsay Health Care: $30,000 SPP at $56 or a 2% discount to VWAP. $200m cap expanded to $300m after $695m in applications. Allocated 10 shares costing $560 and exited at $69.78 for gain of $120.

310. May 28, 2020: Infomedia: $70m placement followed by $15m SPP at $1.50 with no VWAP alternative. Applied for and allotted $1000 and exited at $1.70 for a profit of $112.

311: May 28, 2020: Charter Hall Retail: $275 million placement at $2.90 followed by $25m SPP at same price with no VWAP alternative. Applied for $15,000, no scale back and sold 3140 shares at $3.40 for a profit of $2554.

313. June 2, 2020 NAB: applied for $30,000 SPP at $14.15 and scaled back to $2500. Exited 176 shares at $18.01 for a gain of $649 after brokerage.

314: June 2, 2020 Charter Hall Social Infrastructure: applied for $10,000 at $2.20 and exited at $2.41 for gain of $935 after brokerage.

315: June 4, 2020 Lend Lease: applied for $30,000 via 2 SPP entitlements at $9.50 but scaled back to virtually nothing.

316: June 5, 2020 Newcrest: applied for $7,500 worth of SPP shares at $26.50 but scaled back to virtually nothing.

317. June 9, 2020 Dicker Data: $50m placement at $6.70 followed by $5m SPP including 2% discount to VWAP. Applied for $10,000 and scaled back to $1000. Exited at $7.99 for gain of $194.

318. June 10, 2020 Ingenia $150 million placement at $3.45 followed by $25 million SPP at same price or a 2% discount to VWAP. In for $25,000, no scale back and exited at $4.23 for gain of $5600.

319: June 11: 2020 Credit Corp: $120 million placement at $12.50 followed by $30m SPP at the placement price or a 2.5% discount to VWAP. In for $30,000, scaled to virtually nothing.

320. June 16: 2020 Incitec Pivot: $600 million placement at $2 followed by $75m SPP at the placement price or a 2% discount to the 5 day VWAP. In for $41,000 across two entitlements. Scaled back to $40,000 and exited at $1.955 to lose $800.

321. June 19: 2020 Byron Energy: $30,000 SPP at 13c. Applied for $10,000 and scaled back to $8000. Exited at 15c for a gain of $1200.

322. June 22: 2020 Breville: $94 million placement at $17 followed by $10 million SPP. Applied for $30,000 and scaled back to 30 shares costing $510. Exited at $23.52 for a gain of $170 after brokerage.

323. June 24: 2020 Decmil: $50 million raising structured as a non-renounceable 4.2-for-1 at 5c with unlimited overs. In for $6000 and exited at 5.5c for a gain of $600.

324. June 30: 2020 United Malt: $30,000 SPP at $3.80. In for full $30,000, scaled back to $1000. Exited at $4.04 for gain of $50.

325. July 3: 2020 Atlas Arteria: $30,000 SPP at $6.20 after $420m placement. In for $35,000 via two accounts and scaled back to $2000. Exited at $6.65 to make $110.

326. July 4 2020 : Arena REIT: $60 million placement, upsized from $50m, at $2.28 followed by $10 million SPP at the same price. In for $8900 at $2.2115 and with all $24.9 million accepted, exited at $2.21 to lose $80.

327. July 6, 2020 : Iress:
$150m placement at $10.42 followed by $20m SPP at the placement price or a 2% discount to the closing price on the last day of the offer. In for $9000 and scaled to $2500. Exited at $11.03 for gain of $116.

328. July 9, 2020: Sky City Entertainment: $A47,000 SPP at $2.30 after placement. In for $20,000 at $2.24 and exited at $2.32 to make a profit of $685.

329. July 10, 2020: Kogan: $30,000 SPP at $11.65. In for $29,000 but scaled back to just 1 new share so broke even.

330. July 10, 2020: Whitefield: stand alone $30,000 SPP at $4.51 or a 2% discount to VWAP. In for $13,000, issue price was $4.31 and exited at $4.44 to make a profit of $241.

331: July 13, 2020: Blackmores: put $29,000 into SPP at $72 and scaled back to 13 new shares costing $936. Exited at $72.80 to break even.

332: July 14, 2020: Vicinity Centres: $1.2 billion placement at $1.50 and then put $5000 into SPP which VWAP priced at $1.44 and exited at $1.38 to lose $300.

333. July 31, 2020: Challenger: applied for $9000 in $30,000 SPP at $4.89 or a 2.5% discount to VWAP. Allocated $1000 worth at $4.32 and sold 132 at $4.35 to break even.

334. August 12, 2020: QANTAS: $1.36 billion placement at $3.65, a steep 12.9% discount to previous close of $4.19. Followed by $500 million SPP on same terms or 2.5% discount to 5-day VWAP. Applied for $8000 and received full whack as only $71m in applications from 5% of the register. Was VWAP priced at $3.18 and exited at $3.54 to make a profit of $860 after brokerage.

335. August 24, 2020: City Chic Collective (CCX): $80 million placement at $3.05, a 4.7% discount to the previous close, followed by $10 million SPP. Fully allocated $21,151 shares and exited 6607 for $21,354 at an average of $3.232 to make $1203.

336. September 1, 2020: WAM Microcap (WMI): $30,000 SPP at the NTA of $1.28. Went in for $2000 and sold 1468 at $1.46 for $2123 or a gain of $123.

337. November 27, 2020: Marenica (MEY): $10,000 into SPP at 8.8c which ended up raising $2.8m and was fully allocated. Exited at 8.3c to net $9412 and lose $588.

338. November 27, 2020: McPhersons (MCP): $10m SPP at $2.27 or a 2.5% discount to VWAP after an earlier $36.5 million placement at $2.27. SPP ended up being priced at $2.15 and all $9.4 million in applications were accepted. Sadly for participants, the stock finished at $1.91 on the first day of trading. Existed at $1.99 to net $9293 and lose $744.

339. December 1, 2020: HUB24 (HUB): $30,000 SPP at $20 capped at $10 million. Received $32m in applications and scaled back to $20 million pro-rata based on size of holding with a minimum $1000 allocation. Applied for $10,000 and scaled to $1000. Exited at $20.94 for gain of $47 before brokerage.

340. December 1, 2020: Bendigo Bank hybrid (BENPH): $10,000 into rollover offer at $100, scaled back to $6500 and exited at $100.55 to break even.

341. December 15, 2020: Hotel Property Investments: $30,000 SPP at $3.04 after placement. Applied for $10,100 and scaled back to $2500. Exited at $3.30 for a gain of $200.

342. December 20, 2020: GUD (GUD): $30,000 SPP at $11.25 or a 2.5% discount to VWAP which finished at $11. Invested $10,100 and exited at $10.75 for a gain of $670 after brokerage.

343. December 27, 2020: Ovato (OVT): $6000 into unlimited Ovato overs at 0.5c and exited at 0.7c for a gain of $1200.

344. January 4, 2021: IAG: launched a $650 million placement at $5.05, a 7.5% discount to the previous close, to meet the coming flood of COVID-19 business interruption claims and guaranteed pro-rata for existing holders. Put $10,100 into the $100 million SPP which was uncapped to $125.9 million. Price at $4.97 on VWAP and exited at $4.73 to lose $493 including brokerage.

345. January 28, 2021: Syrah Resources (SYR): $30,000 into SPP at 90c. All applicants allocated 28.26% of what they applied for. Applied for $30,000 so allotted 8478. Sold 8000 at $1.13 so overall profit $1920 after brokerage.

346. February 4, 2021: Salt Lake Potash (SO4): applied for $5000 worth of SPP shares at 40c and all applicants scaled back to 83% of application so allotted roughly 10,372 shares costing $4149. Exited at 49c for a net gain of $913.

347. February 5, 2021: Acrux (ACR): applied for $20,000 worth of SPP shares at 15.7c but scale back formula discriminated against unmarketable parcels so received a zero allocation.

348. February 24, 2021: Mirrabooka (MIR): $30,000 SPP at $3.10. Exited at $3.23 for a net gain of $1137.

349. March 26, 2021: Deep Yellow (DYL): $30,000 SPP at 65c to raise $2m after $40m placement. Committed $15,000. Everyone scaled back to 29% of application and exited 6219 shares at 68c for a gain of $180.

350. March 31, 2021: WAM Active (WAA): fixed price $30,000 SPP at $1.08 closing on March 17. Went in for $25,000 and exited at $109.9 including 3.1c for the 23,148 free options. Total proceeds from twin exits $25,416 to net profit around $400 after brokerage.

351. May 7: HGL Ltd (HNG): 2 x $30,000 SPP offers at 20c. Stock at 21c on April 12. Went in for $16,000 through Stephen account, allocated $1000 and exited at $22c for a gain of $90 after brokerage.

352. May 11: Vimy Resources (VMY): $30,000 SPP for Paula at 11c. Stock at 11.5c on April 27. Applied for $10,000. Allocated $1000 worth and exited at 14c for a gain of $262 after brokerage in Paula's name.

353. May 25: Seven Group Holdings (SVW): $30,000 SPP at $22.50 or a 2.5% discount to VWAP. Applied for $12,500 and full allocated at the VWAP price of $19.73. Sold 634 at $20.31 for $12,847, a gain of $347.

354. June 7: Pendal Group: (PDL) $30,000 SPP at $6.80 or the VWAP after $190 million placement at $6.80. Applied for $22,000. Scaled back to $2500 and excited 394 shares at $8 to make $453 after brokerage.

355. August 6: WAM Leaders (WLE): $10,082 into 7001 entitlement offer overs at $1.44. Exited at $1.51 for a gain of $490.

356. August 20: Whitefield (WHF): the LIC raised $50 million from sophisticated investors in a placement priced at $5.56, which was followed up by a $30,000 SPP for retail capped at $55.6 million, in a rare example where the SPP is planned to be larger than the placement. The SPP also offered a 2.5% discount to VWAP and ended up being priced at $5.52. In for $10,100. Excited at $5.58 for a gain of $100.

357. August 27: Evolution Mining (EVN): completed a $400 million institutional placement at $3.85, a 5.4% discount to the previous close of $4.07 to fund a $400 million gold acquisition near Kalgoorlie. Followed up with a tokenistic $30,000 SPP capped at $50 million, but with a 2.5% discount to VWAP. Applied for $10,100 and scaled back to $5000. Exited at $3.93 for a gain of $81.

358. December 8, 2021: Macquarie Group (MQG): $1.5b Macquarie placement followed by uncapped $30,000 SPP including a 2% discount to VWAP. In for $25,057.68 on my account and full 30k with dad. Profit share with 9k from Laura. Pre-sold 157 of dad's at $202.99 for net return of $31,790 after brokerage and a profit of $1600. Sold my 130 at $200.14 for a gross gain of $1152. Laura funded $9000 or 47 shares for a gain of $785 and was promised 40% which was $314 before brokerage. Therefore, gross gain $2752 and net gain $2438 after third party profit share.

359. January 7, 2022: Venture Minerals (VMS): $30,000 SPP at 3.6c. Applied for $2000. Exited at 4.6c for gain of $532.

360. February 2, 2022: MA Financial (MAF): $30,000 SPP at $7.75 after $100m placement. Applied for $14,000 and scaled to virtually nothing after $45.3m chased $10m and they only expanded it to $20 million. Broke even.

361. February 18, 2022: CSL: $30,00 SPP at $272 or a 2% discount to VWAP. In for $7500 and scaled to 10 shares at $253.57. Exited at $267.75 for profit of $120 after brokerage.

362. March 2, 2022: AMCIL: $30,000 SPP at $1.26 or a 2.5% discount to VWAP. In for $5100, was priced at $1.15 and exited at $1.16 to make $24 profit after brokerage.

363. March 30, 2022: Stanmore Resources: applied for $17,000 in overs at $1.10. Allotted 1,835 for $2030. Sold at $1.73 clearing $3,171 for a profit of $1141.

364. March 31, 2022: Argo Investments (ARG): bought 635 at $9.30 for $5905. Sold at $9.55 for $6,044 to make a profit of $139.

365. April 11, 2022, Mirrabooka (MIR): uncapped $30,000 SPP at $3.18 or the very unusual pricing of a 10% discount to the VWAP over the last 5 days, but you only get 50% of the final dividend so stock will trade with a different code for a few weeks until it goes ex dividend in July. In for $30,000 at $3.09 and exited at $3.23 for net gain of $1138.

366. April 20, 2022, Bannerman Resources (BMN): in for full $30,000 into SPP at 22c but scaled to zero along with all other holders with less than 100 shares so no profit.

367. August 18, 2022: Djerriwarrh: $30,000 SPP at $2.78 or a 2.5% discount to VWAP. In for $22,126 and exited at $2.81 for a profit of $230.

368: August 25, 2022: Troy Resources: put $200 into overs facility but as of year end stock is still suspended as didn't raise enough so potentially a $200 loss. Never experienced this before in 14 years of capital raising plays.

369. November 17, 2022: NIB (NHF): $30,000 SPP which finished VWAP priced at $6.74. Sold 1119 at $6.84 for a net $7634, making a profit of $80.

370. December 15, 2022: Polynovo (PNV): $30,000 SPP at fixed price of $1.90. Put $3066 in but scaled back to just 2 new shares so no profit. Refund provided by cheque.

371. December 21, 2022: Whitefield (WHF): $30,000 SPP VWAP priced at $4.96. Sold 1000 at $5.03 for a net $5010 to make a profit of $50. Whoopee doo.

372. December 29, 2022: Domino's Pizza: (DMP): $30,000 SPP VWAP priced at $64.54. Applied for $1714.30 and was refunded the lot. Minimum application was $2500. Silly me.

373. December 30, 2022: Arafura Rare Earths (ARU): $30,000 SPP at 37c following placement with no VWAP alternative. Applied for $13,466.65 worth of stock with $4166.65 by BPAY after the 5pm close on December 30. Scaled back to zero.

374. March 6, 2024: Metcash (MTS): $30,000 SPP at $3.35 following $300m placement. Secondary pricing based on the last 5 day VWAP. Disappointing that the SPP is less than 10% of the total $325m raising. Metcash has around 30,000 shareholders so the theoretical maximum SPP applications is $900 million.