Shares
Chronological list of post Covid-19 capital raisings
Here is a reverse chronological list (based on retail closing date) of capital raisings above $20m announced after the Covid-19 crisis hit in March 2020. If we've missed any, drop us a line to stephen@maynereport.com.
Jun. 4, 2023
Tracking off-market buybacks in Australia
This list tracks the outcomes of off-market buybacks in the Australian market, which are in the process of being banned by the Albanese Government as part of a crackdown on franking credits.
Mar. 14, 2023
Useful lists tracking all elements of Australian capital raisings
Useful lists tracking all elements of Australian capital raisings.
Apr. 9, 2023
Tracking the outcomes of PAITREOs
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. Here is the detail.
Apr. 6, 2023
Examples of non-renounceable deals with unlimited overs
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%. See this list for examples of that practice.
Mar. 1, 2023
Best practice 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.
May. 5, 2023
Non-renounceable offers where overs were completely banned
This list tracks the bad boy issuers which did non-renounceable entitlement offer raising more than $20m where retail investors were banned from applying for additional shares, leaving the shortfall exclusively for under-writers.
Mar. 1, 2023
Companies which pre-limited "overs" on pro-rata raisings
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.
Mar. 1, 2023
Companies which uncapped SPPs after strong demand
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. Also, check out this list of companies which stuck rigidly to their SPP cap, plus this list of those which partially lifted the cap but still imposed a scale back.
Mar. 5, 2023
SPPs priced on VWAP at a discount to earlier placement
This list looks at Share Purchase Plans (SPPs) which offered a VWAP pricing alternative that delivered a final price lower than what institutions paid in the earlier placement.
Dec. 31, 2022
Bellevue Gold capital raising letter
This email was sent on Saturday, 14 Jan 2023 just after Bellevue Gold's $10m SPP closed.
Jan. 29, 2023
Companies which have notched up accumulated losses exceeding $100m
This early stages list tracks existing listed companies which have notched up accumulated losses exceeding $100 million, plus notable accumulated losses by companies which have a history of releasing their results on the last day possible.
May. 7, 2023
Shame file: stand alone placements with no SPP
The following list tracks companies which shamefully did stand alone institutional placements over the past 15 years years that weren't accompanied by a Share Purchase Plan for retail investors. If we've missed any, please email the details to stephen@maynereport.com.
May. 28, 2023
Companies which lifted capped SPPs but still rejected applications
This list tracks SPP where the issuer mentioned a cap in the offer document but then expanded it after strong demand but still imposed a scale back.
Jan. 31, 2023
History of Macquarie capital raisings and principle investments
This list looks at the history of Macquarie Group capital raisings since it floated in 1996. All up the bank has done 7 placement-SPP offers raising $8.44 billion comprising $5.39 billion from placements and $3.053 billion or 36% from SPPs
not published
Companies which refused to expand capped SPPs
This list tracks companies which refused to lift capped SPPs. Also, check out this list of companies which partially lifted caps but still imposed a scale back, along with this list of those which accepted all applications and imposed no cap.
Jan. 2, 2023
SPPs which were extended or closed early
This list look at Share Purchase Plans which were either extended due to lack of demand or breaking news, or closed early due to strong demand.
Apr. 17, 2023
Retail voter turn out rates on schemes
This list looks at retail shareholder turn out rates on takeovers which are delivered by a scheme of arrangement. These requires 75% of votes in favour and 50% of shareholders who choose to vote.
Jan. 2, 2023
SPPs above $100m in the Australian market
This list tracks the biggest share purchase plans for retail investors conducted by ASX listed companies above $100 million.
Feb. 12, 2022
Largest SPP scale backs by dollar size
This list tracks the biggest SPP scale backs above $5 million ranked by dollars size with a further list of undisclosed dollar scale backs below that.
May. 9, 2022
Biggest institutional placements in Australian market
This list tracks the biggest institutional placements by ASX listed companies.
Nov. 12, 2022
Companies which launched an SPP without a cap
This list tracks companies which launched an uncapped SPP without identifying how much it wished to raise.
not published
Where the SPP matched or was larger than the placement
This list tracks companies which launched a stand alone SPP (excluding LICs) or where the SPP ended up matching or raising more funds than the earlier placement.
Jul. 20, 2022
Companies which scaled back SPPs based on size of application
Here is a list of some of the companies which have scaled back SPPs based on the size of a shareholder's application.
May. 12, 2021
Overs and SPP scale-backs where everyone given minimum allocation
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.
Jan. 2, 2021
Update announcements during retail capital raisings
Companies providing an update on applications before a retail capital raising offer has closed has been a new phenomenon in 2020. Here is list of those who've done it after a request from this website.
not published
Campaigning for better retail treatment in capital raisings
Here are links to various activities over the years advocating for better treatment of retail investors in capital raisings.
Apr. 24, 2020
The SPP shame file since 2007
Companies since the beginning of 2007 which did cosy placements with big institutions but then treated shareholders differently.
Apr. 14, 2022
How two-tiered capital raising hurt retail investors
This list tracks the contrasting experience of investors when a renounceble entitlement offer has two separate bookbuilds to deal with the shortfall.
Feb. 27, 2014
Placements with entitlement offers where no SPP offered
The following list tracks companies which did institutional placements over the past few years that diluted retail investors who are now owed a share purchase plan to make good the injustice.
May. 7, 2020
Cancelled and postponed dividend payments during COVID
A chronology of the listed company announcements which either cancelled or post-poned dividends were declared in February 2020 as the pandemic first hit.
Mar. 29, 2022
Tracking retail take-up rates in pro-rata offers
The following lists tracks retail take up rates in pro-rata capital raising offers.
May. 1, 2020
Companies which left the door open in capital raisings
The following list tracks companies which announce capital raisings but then leave the door open for new shareholders to buy in by having a later record date. The issue was explored in the October 5 email edition.
Dec. 31, 2018
Companies which allowed major holder or director to lift stake in capital raising
This list tracks capital raisings which have allowed major shareholders or directors to increase their percentage stake.
Dec. 15, 2014
Takeovers we've been forced to accept since 2005
Here is an incomplete list of takeover bids we've accepted or been forced to accept since we started building the world's biggest small share portfolio in 2005. Go here for the full portfolio and trading histories sliced and diced in a variety of interesting ways. We'll add the recent takeover details some time soonish. Maybe.
Dec. 29, 2022
Shares retained in collapsed companies
Here is a list of public companies that I've had the unfortunate experience of being on the share register when they've collapsed or gone into administration.
Jan. 6, 2014
Directors who have sold shares to avoid margin loans
Here is a list of publically known and suspected margin calls suffered by directors of public companies and public companies themselves during the great credit crunch of 2007-08. We're also including the growing number of executives doing voluntary sell-downs so pay down margin loans.
Jan. 20, 2017
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