Shares

Chronological list of 380+ >$20m post Covid-19 capital raisings

Here is a reverse chronological list (based on retail offer closing date) of more than 380 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. We've italicised those which, with the benefit of hindsight, should have been avoided. The biggest year was 2020 with 120, followed by 86 in 2022, 60 in 2021, 56 in 2023 and 59 so far in 2024, which is proving to a be a very big year indeed.

Jun. 14, 2024

Summary of ASX monthly data releases

The ASX releases monthly statistics of market activity and we have now had 16 consecutive monthly reductions in the number of listed entities, over which time listed entities have dropped by 135 or 5.9% from 2,294 on January 31 last year to 2159 on May 31 this year.

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Companies which did a triple raising with a placement, entitlement offer and SPP

This list tracks companies which did a triple raising with a placement, entitlement offer and SPP, the latter often coming up after retail shareholder anger about being diluted.

Jan. 29, 2024

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.

Jan. 14, 2024

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 dozens 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.

Feb. 4, 2024

Useful lists tracking all elements of Australian capital raisings

Useful lists tracking all elements of Australian capital raisings.

Apr. 9, 2023

Shame file: stand alone placements with no SPP

The following list tracks 58 examples of companies which shamefully did stand alone institutional placements over the past 20 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.

Jun. 14, 2024

Floats where investors lost more than $200 million

This list tracks floats since 1988 where investors collectively lost more than $200 million overall. We've got 37 so far but there will be many more. Send any suggestions through to stephen@maynereport.com.

Jun. 12, 2024

Entitlement offers with overs where everyone given a minimum allocation

This list provides examples of entitlement offers with overs where all applicants were given a minimum allocation before pro-rata kicked in.

Jan. 13, 2024

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.

Jan. 11, 2024

AREO capital raisings which compensated non-participants but had no retail rights trading

This list tracks AREO capital raisings which compensated or attempted to compensate non-participants but offered no rights trading, a structure which was the precursor to the PAITREO.

Jan. 12, 2024

Excessively large placements twinned with entitlement offers

The following list provides examples of companies which twinned a selective placement with a pro-rata entitlement offer where the placement was more than 20% of the total. We prefer pro-rata and hate selective placements so this should be seen as a shame file of bad practice, although not as bad as this list of standalone placements where there wasn't even an SPP offered.

Jan. 14, 2024

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.

Dec. 2, 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.

Jan. 30, 2024

375 capital raising offers participated in since 1999

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.

Jun. 1, 2024

Companies which uncapped SPPs after strong demand

This list tracks almost 50 examples of capital raisings which started an announced a cap on the overall size of an SPP and then saw it completely 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.

May. 19, 2024

Companies which lifted capped SPPs but still rejected applications

This list tracks almost 50 SPPs where the issuer mentioned a cap in the offer document but then expanded it after strong demand but still imposed a scale back. Also, check out this list of companies which stuck rigidly to their SPP cap, plus this list of those which completely uncapped an SPP to ensure there was no scale back.

May. 19, 2024

SPP scale-backs where everyone given minimum allocation

This list tracks companies which scaled back retail applications in SPPs using a formula which included a minimum allocation to all applicants and pro rata after that.

Jun. 1, 2024

35 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.

Feb. 6, 2024

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. 20, 2024

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.

Jul. 4, 2023

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.

Jan. 11, 2024

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. 14, 2024

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.

Jan. 11, 2024

Bellevue Gold capital raising letter

This email was sent on Saturday, 14 Jan 2023 just after Bellevue Gold's $10m SPP closed.

Jan. 10, 2024

Biggest institutional placements above $500m in Australian market

This list tracks the biggest institutional placements above $500m by ASX listed companies.

Jan. 14, 2024

History of Macquarie capital raisings and principle investments

This list looks at the history of Macquarie Group capital raisings since it floated in 1996, along with the major transactions it has pursued both through its funds management operations and using its own balance sheet.

Jun. 30, 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

Tracking retail take-up rates in pro-rata offers

The following lists tracks retail take up rates in pro-rata capital raising offers.

Jan. 11, 2024

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 21 and there have been 5 draws. Here is the detail.

Dec. 27, 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.

Dec. 14, 2023

Macquarie capital raisings that mistreated retail shareholders

Here is a partial list of capital raisings which Macquarie Group has been involved with that diluted or mistreated retail shareholders.

Jan. 10, 2024

Companies which scaled back retail applications based exclusively on size of holding

This list tracks companies which scaled back retail shareholders in entitlement and SPP offers based solely on size of holding, therefore giving small investors a minimal allocation.

Jan. 11, 2024

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.

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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

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

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.

Jul. 7, 2023

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

Letter sent to Metcash IR chief Steve Ashe re SPP

Below is the text of an email sent to Metcash Investor Relations chief Steve Ashe late on February 28, 2024 lobbying for an expansion of its $25 million share purchase plan, which closed on March 1. The announcement delivered an increase to $60 million after $153 million in applications were received and a minimum allocation of $1000. All up, not a bad outcome.

Mar. 18, 2024

Letter sent to Orica re 2024 SPP

Below is the text of an email sent to Orica's PR and investor relations managers late on Sunday, March 17, 2024, lobbying for an expansion of its $65 million share purchase plan, which closed on March 18. Sadly, the outcome announcement stuck rigidly to the $65m cap, even after $100 million in applications were received. There was a minimum allocation of $1000 worth of shares for all 5,700 applicants and a pro rata allocation based on size of holding after that.

Mar. 26, 2024

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