156 capital raising offers where have been scaled back

1. January 20, 2009
QBE Insurance (QBE): sold 67 at $23.80 after getting scaled back to only 50 shares in $5000 Share Purchase Plan (SPP) at $21.50 each. Was refunded $3925. The $100 million offer received $226 million in applications and QBE came up with a unique scale back formula. Profit $150.

2. March 6, 2009
Wesfarmers (WES): bought 1000 at $13.50 through entitlement offer after applying for $200,000 worth funded by a third party and then sold 506 at $16.80 and 500 at $16.72 for a profit of $3,160. Total refund $186,500.

3. 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.

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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

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

11. 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.

12. 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.

13. 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.

14. 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.

15. 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.

16. 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.

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.

18. 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.

19. 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.

20. 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.

21. 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.

22. 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.

23. 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.

24. 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.

25. 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.

26. 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.

27. 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.

28. 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.

29. 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.

30. 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.

31. 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.

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

33. 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.

34. 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.

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

36. 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.

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

38. 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.

39. 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.

40. November 9, 2009
Macquarie Airports (MAP): $15,000 into entitlement offer at $2.30 but scaled back to virtually nothing.

41. November 13, 2009
Campbell Bros (now ALS Group): $8000 into 1-for-6 entitlement offer at $22 with extras but scaled back to virtually nothing.

42. 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.

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

44. 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.

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

46. 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.

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

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

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

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

51. 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.

52. 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.

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

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

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

56. 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.

57. 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.

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

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

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

61. 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.

62. 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.

63. 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.

64. 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.

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

66. 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.

67. 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.

68. 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.

69. 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.

70. 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.

71. 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.

72. 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.

73. 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.

74. 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.

75. 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.

76. 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.

77. October 7, 2013
Collection House: $5000 into $15,000 SPP at $1.65. Closed Sept 19. Received 1952 costing $3221 which exited at $1.73 for gain of $156.

78. 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.

79. 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.

80. 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.

81. March 28, 2014
Saracen Minerals: 2-for-11 entitlement offer at 31c. Applied for $7000 worth of overs and scaled back to 1500 shares costing $465. Exited at 33c for gain $150.

82. 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.

83. 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.

84. 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.

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

86. 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.

87. 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.

88. 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.

89. 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.

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

91. 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.

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

93. 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.

94. 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.

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

96. 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.

97: 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.

98: 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.

99. 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.

100. 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.

101. 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.

102. 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.

103. 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 scaled back to zero whilst those with a marketable parcel got 64% of their application.

104. 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.

105. 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.

106. 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.

107. 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.

108. 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.

109. 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.

110. 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.

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

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

113. 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.

114: 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.

115. 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.

116. 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.

117. 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.

118. 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.

119. 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.

120. 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.

121: July 13, 2020: Blackmores: put $26,000 into SPP at $72.50 and scaled back to 14 new shares costing $1015. Banked refund cheque of $24,985 on July 24, 2024. Exited 14 shares at $72.80 to break even.

122. 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.

123. 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.

124. 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.

125. 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.

126. 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.

127. 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.

128. 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.

129. 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.

130. May 7, 2021: 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.

131. May 11, 2021: 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.

132. June 7, 2021: 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.

133. August 27, 2021: 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.

134. 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.

135. 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.

136. 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.

137. 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.

138. November 17, 2022: NIB (NHF): $30,000 SPP which finished VWAP priced at $6.74. Applied for $8,800 and scaled back to $7500, even though the outcome announcement said they'd accepted all $23m in applications despite the earlier cap being $15m. Was VWAP priced at $6.78 and sold all 1119 (including the residual 6) at $6.84 for a net $7634, making a profit of $80.

139. 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.

140. 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.

141. 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 $4,166.65 by BPAY after the 5pm close on December 30. Scaled back to zero.

142. 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. Sent a detailed email lobbying for transparency and fair treatment of retail. Not a bad result as the SPP was expanded from $25m to $60m after $153m came through the door from 9,305 applicants. The scale back was based on size of holding with a minimum allocation of $1000 for all so the smallest shareholders were also looked after. Sold 299 shares at $3.785 for a gain of $125 after brokerage.

143. May 13, 2024: Ansell (ANN): announced a $US640m acquisition of Kimberley Clarke's global PPE business which is being partly funded by a $400m placement at $22.45, a 6% discount to the previous close of $23.89, and a needlessly skinny $65m SPP at the same price, but at least the SPP has secondary pricing based on a 2% discount to VWAP if the stock tanks. The announcement committed to pro-rata allocation of the placement, which is good, and the placement represented 14% of issued capital, which was close to the 15% maximum. This should have been a $600 million PAITREO. Placement announcement outcome failed to say what proportion was taken up by existing holders. The SPP was marginally expanded to $75m after "more than" $170m came through the door from 8,480 holders. The scale back policy saw all applications allocated 45 shares costing $1010.25, with pro rata based on size of holding after that. Allocated 45 new shares and exited 30 on first day at $25.27 so overall realised and unrealised gain from the SPP $120.

144. May 22, 2024: Nick Scali (NCK): $46m placement at $13.25, a 5.8% discount to the previous close of $14.07 to help fund a UK acquisition. CEO Anthony Scali will be placed $4m of stock on the same terms if shareholders approved it at the October AGM. A $10m SPP followed. Retail own 31% so the SPP is underdone. Company has 7,000 holders so theoretical maximum for SPP is $210 million. Was over-subscribed so scaled back to $10m with no disclosure of shareholder participation or total applications funds. Everyone got $1000 and it was pro-rata after that with 97% of applicants receiving at least their pro-rata allocation. I applied for 25k and was scaled back to $1000. Exited at $13.96 for a gain of $37.

145. June 28, 2024: AUB Group (AUB): announced a $200m placement at $27.50 on May 22, a 6.7% discount to the last close of $29.46, to fund an insurance acquisition and said it was “considering” doing a $25m SPP but there was no firm commitment. It wasn't until June 13 that the SPP announcement came through and with a record date to participate of June 12, we're treating this as a separate capital raising. Applied for 30k, wrote to the company but when $49 million came through the door, they stuck with the $25m and scaled back pro-rata with a minimum allocation of 36 shares costing $990. Received a refund of $29,010 and then sold 36 shares at $32.50 on August 1 for a gain of $170.

146. July 8, 2024: Infratil (IFT): the Auckland-based externally managed infrastructure investor announced a $NZ1 billion placement and a $NZ150 SPP to fund its push into data centres, when this should have been a PAITREO. The fixed price of $NZ10.15 was a 6.8% discount to the previous close of $NZ10.89 and the outcome announcement talked about strong demand and a commitment to pro-rata allocations on a “best endeavours” basis. Given the shares resumed slightly higher today, this clearly should have been a floating price placement to minimise dilution. The SPP has a secondary pricing based on a 2.5% discount to the VWAP and is curiously structured with New Zealand retail shareholders able to invest up to $NZ150,000 and Australian investors $A45,000. In Australia, we're used to SPPs with a flat $30,000 limit for all. The company has 22,000 retail shareholders and 14,000 holders of its infrastructure bonds. With the NZ currency at A91c, the SPP pricing in local currency was around $A9.23. It received $NZ426m from 37,548 applicants and expanded the SPP by $NZ125m to $NZ275m, meaning it returned $NZ151m. Scale back was pro-rata based on size of holding with no minimum allocation. Allotted just 7 new shares and exited at $A11.29 for a gain of $14 excluding brokerage.

147. December 12, 2024: Pinnacle (PNI): $400m placement at $20.30, a 5.3% discount to the previous close of $21.44, to fund two acquisitions followed by a $25m SPP at $20.30 with no VWAP alternative pricing. With 6,618 holders, the theoretical maximum in applications for the SPP was $198.5m. Wrote to CEO Ian Macoun making the case for uncapping the SPP. Stock was more than 10% in the money throughout the offer period so no surprise when it attracted $75.7 million in applications. The board used its discretion to more than double the cap to $50.5 million, reducing the scale back to $25.2 million or just under one-third of total applications. No disclosure of the scale back formula, participation numbers or any minimum allocation. Applied for 30k and received 985 costing 20k exited at $23.60 for a gain of $3230 after brokerage.

148. June 6, 2025: Empire Energy (EEG): raised $35m to crack on with its Beetaloo Basin gas aspirations. The initial $28m placement was priced at 16c, a 22% discount to the previous close, with an overly constrained $3 million SPP to come, which was expanded to $7m after applications of $7.77m. Both components are offering 1 option for every 2 new shares issued to buy shares at 24c any time over the following 2 years. The raising was managed by Blue Ocean and Morgans. The stock closed at 18c on the last day. Paid 18.7c for original $500 investment. In for $12,100 with 5k at 5.01pm. Wrote to them on June 10 calling for an expansion of the SPP and maximum transparency on the participation rate and pleased with this outcome where they announced that 583 of the 3,294 shareholders participated. The scale back formula saw all applicants get $2000 and then 88.4% of everything else they applied for. The theoretical maximum in SPP applications was $98.82m. Exited at 18c to make $1330 profit.

149. June 10, 2025: Mirrabooka (MIR): 1-for-7 non-renounceable at $3.06 to raise up to $85 million with unlimited overs. The pricing was equivalent to the current NTA and a 5% discount to the previous close of $3.22. The outcome announcement was a bit threadbare, only revealing a 119% application rate ($101.15m) with no break down between entitlements and overs. How many of the 7,869 shareholders participated and what was the breakdown between entitlement applications and overs? They had much better disclosure after the 2022 SPP, which came following a direct email request. The scale back formula for the $16 million refunded was not disclosed but the outcome announcement said the board strived for a "fair and equitable allocation outcome" by "having regard to the existing shareholding" of applicants. This presumably meant big allocations for its largest holders such as their LIC stablemates AFIC (4.51%) and Djerriwarrh (2.18%) and their former chair Terry Campbell (1.7%), assuming they applied for overs. See top 20 on page 49 of latest annual report. I went into the raise owning just 21 and applied for $35,100 worth of shares and received a refund of $30,090.78, so was allotted 1,647 shares at $3.06 costing just over $5000 which I exited at $3.21 on June 10 to make $225 profit after $20 in brokerage.

150. June 12, 2025: EBR Systems (EBR): the dual-listed US-based company is developing a wireless cardiac pacing device and announced a $56m placement at $1, an 18% discount to the previous close of $1.215, followed by a $6m SPP with secondary pricing based on a 2% discount to VWAP. The offer is being run by 4 names - JP Morgan, E&P Financial, Morgans Corporate and Wilson. Stock was at $1.17 on June 10. Applied for $25,007. Wrote to them on June 10 requesting an expansion of the SPP cap and on June 18 they came through with a good outcome announcement, lifting the $6m cap to $20m after receiving $35.3m in applications and an allocation system which came to a flat 66.47% of current shareholding after 1,988 of the 4,649 shareholders participated. The stock was at $1.195 on June 30, giving it a market cap of $554 million at the time after what turned into a $76 million raising. Was only allocated 208 new shares and the stock was at 90c by January 2026 so a poor experience.

151. September 25, 2025: Tuas (TUA): announced a $416m capital raising to help fund the $1.2 billion acquisition of rival telco M1 in Singapore. The $366m placement was under-written at a floor price of $5.24 and the market priced it at $5.51, a zero discount to the previous close. Is following up with a $50m SPP based on the placement price or a 2% discount to VWAP. See 30-slide presentation. Interestingly, major shareholder Soul Pattinson dumped a $140 million stake at $7 a share when trading resumed, taking advantage of a big spike in the share price. The stock closed at $7.03 on September 29, after the placement had settled, giving it an impressive market cap of $3.86 billion. Wrote to the company on August 16 (see full text of letter) requesting that the $50m SPP be uncapped. With almost 14,000 shareholders, the theoretical maximum in applications is around $400 million and they should be swamped with the offer 41.5% in the money. They ended up receiving $75 million in applications from around 3000 shareholders and scaled this back to the $50 million cap using a pro-rata formula based on size of holding with a minimum allocation of $500 worth of shares. Applied for full 30k and received $500 allocation so made a profit of about $140.

152. November 21, 2025: L1 Group (L1G): The AFR's Street Talk column broke the news of a $300m raising priced at 95c at 8.33am on October 29 which was "understood to have received cornerstone commitments from Soul Patts and Chris Mackay's MFF Capital". The official announcement dropped an hour later detailing a $330m raise, comprising a $285m placement at 95c, a 7.8% discount to the previous close, and a $25m SPP. In addition, $19m of L1 shares held by L1 itself prior to the Platinum merger are also being sold. The escrowed L1 founders are not participating as part of a strategy to gain entry to the ASX300 and will have around 65% once the raise is completed. Market cap was $2.71b on November 15 with the stock at $1.05 so SPP is in the money. The company received $31.9 million in SPP applications from 1,436 shareholders and stuck rigidly to the $25 million cap, so it refunded $6.9 million using a formula of giving everyone a minimum $1000 worth of stock and then scaling back pro-rata based on size of holding after that. I applied for 25k and was allocated $1000 worth of stock which am yet to exit. Exited 1062 at $1.011 for $1063 to make as held 10 units going in make $50 profit.

153. December 11, 2025: Maggie Beer (MBH) launched a $2.8m 1-for-10 entitlement offer at 5.6c with unlimited overs and the stock was well in the money at around 10c during the offer period. Only owned 1 share going into the offer but applied for $20,000. Wrote to them on December 13 regarding scale back recommending maximum transparency and a minimum allocation of $500. Was allotted 10,000 shares costing $560 and refunded $19,440. Exited at 9.1c to net $905 and make $345 profit.

154. March 25, 2026: Magellan Financial Group (MFG): announced a $130m placement at the market price of $8.45, followed by a $20m SPP, in order to help fund its $903m purchase of the shares in Barrenjoey it doesn't already own which values the boutique investment bank at $1.616 billion. The Lowy family emerged with 5.1% after being allocated $79m of the $130m placement, a disclosure which put a rocket under the stock. In for $29,000 by March 23 but scaled back to 118 shares costing $998. Sold 167 at $9.86, so profit on the 118 shares was $161 after brokerage.

155. June 8, 2026: SpaceX: applied for $A2000 worth or 10 shares through the Commsec offer at $US135 but was scaled back to just 4. Sold 3 of these on the first day at $US150 to make $US45 before brokerage and exchange rate fees and retained 1 share which was under water with the stock down to $US107.79 by July 31 so have broadly broken even so far.

156. July 14, 2026: Southern Cross Electrical Engineering (SXE): The AFR's Street Talk reported at 6.47pm on Sunday, June 14 that "SCEE over the weekend had Macquarie and Barrenjoey wall crossing investors for a $150 million institutional placement, which would be followed by a $15 million share purchase plan". The official announcement dropped at 9.38am the next day confirming the leaked metrics but the placement was commendably under-written at $3.85 with a bookbuild to determine if competition will drive the price up to $4, which it did as was explained in the outcome announcement. The previous close was $4.02, giving it a post-placement market cap of $1.44 billion after the stock soared to $4.75 by June 26. The SPP (see offer document) was at the $4 placement price with no VWAP-pricing. Gave the bookbuild pricing a plug on Twitter. The SPP attracted $51m in applications from 31% of the register or 2,158 shareholders but they stuck rigidly to the $15m cap and refunded $36m using a formula of $1000 for everyone and then pro-rata based on shareholding. Was distracted by Grace so didn't write to them calling for the cap to be lifted as would normally do. Applied for 25k but was only allotted $1000 worth which exited at $4.50 to make a $120 profit.

Copyright © 2026 The Mayne Report. All rights reserved

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