Useful lists tracking all elements of Australian capital raisings

April 9, 2023

Useful lists tracking all elements of Australian capital raisings.

Complete history of PAITREO raisings
This list tracks what has happened when companies raised capital by way of a PAITREO. It's a renounceable structure and the most important point is whether non-participating institutional or retail shareholders receive the bigger compensation payment from separate bookbuilds. At the moment retail have 16 wins, instos 20 and there have been 5 draws. .

All capital raisings above $20 since COVID struck
Here is a reverse chronological list (based on retail closing date) of almost 100 capital raisings above $20m announced since the Covid-19 crisis first hit in March 2020.

Best practice transparency in capital raising outcome announcements
Here is a list of best practice announcements by companies at the end of capital raisings in terms of disclosing information about retail shareholder participation rates and retail rights trading.

Examples of unlimited overs in a non-renounceable capital raising.
This list tracks companies which offered retail shareholders unlimited overs in a non-renounceable capital raising. There have been hundreds of examples over the years but in recent years the trend has been to pre-cap "overs" based on a percentage of entitlement, such as 50%.

Non-renounceables where retail overs were completely banned, guaranteeing a big shortfall
This list tracks the bad boy issuers which did non-renounceable entitlement offers raising more than $20m where retail investors were banned from applying for additional shares, leaving the shortfall exclusively for under-writers.

Non-renounceable offers where the amount of overs were pre-limited
This list tracks the small number of companies which limited the amount of additional shares or "overs" that retail shareholders could apply for in a non-renounceable issue, before seeing how big the shortfall actually was.

Capped SPPs which were expanded whilst still imposing a scale back
This list tracks SPPs where the issuer mentioned a cap in the offer document but then expanded it after strong retail demand but still imposed a scale back.

VWAP priced SPPs at a discount to earlier placement
This list looks at Share Purchase Plans (SPPs) which offered a VWAP pricing alternative that came into play and delivered a final price lower than what institutions paid in the earlier placement.

Companies which refused to lift capped SPPs when over-subscribed
This list tracks companies which refused to lift capped SPPs despite being inundated with applications causing a scale back and refunds.

Companies which announced a capped SPP and then accepted all over-subscriptions
This list tracks companies which announced a cap on the overall size of an SPP and then lifted it to ensure there was no scale back.

Example of minimum allocation to retail applicants in over-subscribed capital raisings
This list tracks companies which scaled back retail applications in SPPs and non-renounceable entitlement offers with an ability to apply for extra shares using a formula which included a minimum allocation to all applicants and pro rata after that. It starts with SPPs and then lists entitlement offer examples.

Small number of companies which didn't announce an SPP cap and accepted all applications
Apart from Macquarie and some listed investment companies, very much companies do this because they like to limit the amount of capital that will be raised in an SPP