Capital raisings, scale backs, Asciano, OZ, pay, Nufarm, Exxon, Rich List and more
June 16, 2009
Dear Mayne Reporters,
The unprecedented deluge of capital raisings continues apace and we've been simultaneously quite shocked at some of the practices and delighted at the trading profits it has produced.
In terms of the shock factor, you can read all about it in this comprehensive piece for the Fairfax websites this morning which is rating well - just like these two previous pieces on capital raisings for www.businessday.com.au. Do check out the 2000-word piece because the greed shown by Leightons in the MacMahon offer was quite amazing and Mark Rowsthorn's special deals at Asciano are a complete disgrace.
Scale back policy all over the place
As soon you start giving discretion to boards and under-writers when it comes to allocating stock, the transparency and credibility of the system is open to question.
We've started what will finish up as a comprehensive list on scale back practice and we've seen five very different scale back decisions announced since 6pm last night. Click on the company name to read the ASX announcement:
MacMahon Holdings: retail investors allocated 59% of their entitlement in "overs" with no minimum after largest shareholder Leighton muscled in on the shortfall. A disgrace.
Billabong: revealed this morning as the first entitlement offer where the "overs" of $42 million exceeded the entitlement applications of $36 million. It seems the word is spreading. The retail maximum was $61 million but the scale back policy was generous to smaller investors because it accepted for a minimum of 7,500 shares worth $56,250 or 3 times the entitlement. Our $25,000 application was accepted in full.
Bunnings Warehouse Property Trust: accepted all "overs" given this left a $26 million shortfall on the $150 million offer but actually conducted a book build that yielded a 20c premium for ineligible shareholders. First time this has been attempted since Orica last June. Well done Bunnings. Our $20,000 application accepted in full.
Seek: stuck to its promise of allocating shareholders at least 13.35% of their existing shareholding in the $5000 share purchase plan, but also promised all shareholders a minimum of 1000 shares which disproportionately benefitted tiny shareholders such as me but at least all those with un-marketable parcels get to scale up, unlike with MacMahon.
Santos: only the second secondary retail offer ever after Wesfarmers to receive more than $1 billion in applications but they've come up with a bizarre scale back where everyone gets the minimum of 5000 shares unless you applied for more than 5000 shares in which case you get scaled back to 3 times your entitlement. This is very odd. I applied for $31,000 worth of shares and got the lot, but if I'd applied for $63,000 shares I'd have been scaled back to just 6 additional shares given I've only got 10. This is real! Why a company would come up with a punitive and arbitrary scale back which penalises small shareholders who applied for heaps of extra stock is beyond me? And they did this scale back despite handing over a whopping $312 million worth of stock or 25% of the retail issue to their underwriters. Clearly some very small shareholders made some massive applications for "overs" because a policy that satisifies 98% of applicants still created refunds of more than $160 million. Amazing stuff!
Need for transparency around scale-backs policy
This issue really should be getting a big run in the mainstream press and it's time ASX and ASIC actually came up with some policies to create more consistency and transparency in share allocations.
Whilst we're doing nicely applying aggressively for every in-the-money capital raising, the overall experience of retail shareholders remains one of severe dilution. Retail apathy and the dominance of institutional placements has seen the big boys literally scoop up billions in value and there will be no bigger example than Asciano.
There are two ways to fix this problem: scream about it from the rafters to try and educate the investing public and campaign for renounceable pro-rata rights issues which treat everyone fairly.
We've certainly been doing that through this three part series for Fairfax and we've also decided to be as transparent as possible about our own dealings to avoid any claims of conflict of interest and maximise the penetration of the message to apathetic investors. Therefore, click here to see the fine details of all 35 capital raising plays we've made this year plus the 38 other offers which are currently in the pipeline.
More active than ever
As you can see from this list of all our recent trades, we've never been more active than ever in June. The individual plays are fully listed online and in monthly terms the gross profits have been as follows:
January: $400 loss
February: $120 loss
March: $10,170 profit
April: $36,996 profit
May: $23,639 profit
June: $67,000 profit so far
The gross figure is a bit misleading because there has been almost $20,000 in underwriting and financing costs associated with all these plays and we're now only back to break even overall courtesy of all the earlier losses from the market crunch.
Targeting those on the SPP shame file list
Meanwhile, we've been pressing ahead with pressure on companies that do institutional placements without following through with a share purchase plan for retail investors on the same terms. Indeed, our shame file has been substantially expanded and here is an example of an exchange with a company:
Hi Evan, as a small shareholder in Ampella Mining I'm wondering why you've raised capital from the big end of town at a discounted price without offering the same deal to your retail investors through a share purchase plan? Could you please advise when you'll be announcing the SPP?
For now, your company has been added to this shame file of companies following this practice. The vast majority of companies in the recent spate of capital raisings have done the right thing by retail investors after a placement and I invite Ampella Mining to do likewise.
I look forward to your reply.
Yours Sincerely
Stephen Mayne
Ampella Mining shareholder
Reply from Ampella Mining director Evan Cranston
Hi Stephen, many thanks for your email and your coverage on your website.
Shareholders were invited to participate in a rights issue at 6c (with a free 1:2 attaching option) earlier this year. As such and with over $7m cash in the bank (post raising), your directors believe that it is in the best interests of all shareholders not to do any further capital raisings at this stage. No doubt the Company will invite all shareholders to participate in future capital raisings when the time requires.
All the best for your investment in Ampella and we look forward for your continued support as a shareholder.
Regards,
Evan Cranston
Executive Director - Corporate
OZ Minerals tilt
Our Oz Minerals tilt fell a bit flat last week when the vote failed to make double figures. That said, the debate at the AGM was lively, but Oz Minerals refuses to put up the full archive of the AGM webcast, limiting it to just the CEO and chairman presentations. In this regard, they've done a QBE and so far they are refusing to reply to email, even though I was a candidate.
Meanwhile, check out this collection of Oz Minerals videos
The only mainstream media coverage for the tilt was this little dig in The Australian's Strewth gossip column:
Viva Don Quixote
In another life, Strewth used to train puppies (and yes, the skills do occasionally cross over). Of all the breeds we encountered, when it came to sheer, pig-headed obstinacy, determination and persistence in the face of reality, nothing could touch the beagle. This thought crossed our mind when contemplating shareholder activist, journalist, Crikey founder and Glenn Milne's stage partner Stephen Mayne. Yesterday's Oz Minerals annual general meeting saw Mayne make his 34th doomed tilt at getting on to the board of a public company. Still, although 89.3 per cent voted against him, 7.1 per cent were in favour. Should serve as sufficient encouragement for doomed tilt No.35.
Nufarm tanks day before SPP due to close
Nufarm shareholders who made an early commitment to the company's $15,000 share purchase plan offer at $11.25 will have been spitting chips after this morning's profit warning sent the stock tumbling more than 10% to less than $10.80.
However, as the company noted in this announcement, there is a market pricing alternative of a 2.5% discount. The offer was due to close at 5pm tomorrow but they've wisely extended it to June 23 so early backers won't be priced on the pre-profit warning numbers.
Evidence at Productivity Commission hearings
Cripes, the pressure is on after the three Commissions at the Productivity Commission inquiry have allocated your correspondent a one hour slot to present next week. The 85 public submissions - including my two-pager - are available here and do take the time to read the rave against proxy advisers by Telstra's remuneration committee chair Charles Macek.
Bob Monks on the Exxon-Mobil AGM farce
If you think Australian AGMs can be tough for retail investors, check out this fabulous post by America's leading shareholder activist, Bob Monks, after several years and $US100,000 battling to get up some debate through shareholder resolutions at the Exxon Mobil AGM in Dallas each year.
Obama has a big job ahead of him fixing American corporate governance and he should put a picture of Exxon executive chairman Reg Tillerson on his dart board. Once Exxon is cleaned up and signed up to the climate change agenda and basic principles of good governance, we'll know that America is headed in the right direction.
Press room and latest radio interviews
The best way to listen to our regular radio interviews is to sign up for video and audio podcasts.
The past week has included the following:
774 ABC Melbourne - regular chat with Lindy Burns
RRR Melbourne - was a guest on the Breakfasters on Wednesday June 10
774 ABC Melbourne - discussing Queens birthday gongs
Also, check out these special packages for our other regular media spots. We've spent plenty of time re-arranging the press room so check it out here.
Child of Tibet - a lost innocence
The Mayne Report's multimedia guy Shane Marden has self-published this delightful photography book about the beauty of Tibet and its people. The Dalai Lama has written a foreword for the book and from sales Shane has decided to donate funds to the Australian Tibet Council. It has taken a few years for Shane to publish the book, but the result is a beautiful, heartfelt publication. There are 1800 copies for sale as a first edition and I encourage all of you to visit his site to purchase a copy online, or to see a list of bookstores where the book is available.
Traffic on the rise
The Mayne Report is becoming more popular every month. The two most popular pages have been our 2009 share activity, and our video blog page with 11,000 views each. If you haven't visited yet, here you can view the best videos we have made over the past two years, and also collections of special edition videos. If you are always on the move, sign up for our podcasts so you can hear our radio grabs, AGM appearances and watch the videos on your ipod, whilst sitting on the train.
Tweet us on Twitter
We only joined Twitter around a month ago, but we have collected more than 250 followers thus far. We encourage you to join our tweet stream to see up to the minute what we are up to.
Cornwall cartoons for The Mayne Report
Former Fairfax and Crikey cartoonist Mark Cornwall has been contributing his satirical commentary to the Mayne Report since March 2009. Here is a collection of his best cartoons and below are some new offerings:
Mayne Report video blog
Over the past few weeks we have been putting together playlists of videos covering similar topics and additionally, collections of videos from television appearances. Check out these special edition videos. Considering the Chinese have landed their biggest Australian fish in Oz Minerals we've decided to the videos we made about Australia selling the farm.
The Mayne Report Rich List
Since we began compiling the Mayne Report Rich List documenting every Australian currently or previously worth more then $10 million, it has grown in numbers and popularity such that no other feature on our website can match it for traffic.
We're now up to 1350 entries, although some are italicised, denoting that they are no longer worth more than our $10 million cut off. Here are our latest entries, some of which have come courtesy of the latest edition of BRW's execellent Rich List:
Charlie & Grace Lund: these pastoralists are Queensland-based and their operations centre around cattle. They appeared on 2008 Queensland Rich List which claimed they were worth well over $100 million.
Willemsen family: a Canberra property family which in June 2009 bought one of the gateway sites to Canberra's Parliamentary triangle for $11.33 million.
All the recent share trades
We've continued with all this tax-loss selling of late after this run of wins from capital raisings. Check out all the trades so far this year. Below is the state of play over the past few months, with spreadsheets available if you click on the dates. The losses have come down recently because we've been doing plenty of tax-loss selling after some windfall gains playing the angles on capital raisings, as was explained in this piece for the Fairfax websites.
June 12, 2009: portfolio of 691 stocks worth $165,678 with paper profit of $8,972. Average holding $239.
June 16
Select Harvests: sold 46 at $2.60
Ross Human Direction: sold 1,240 at 20c
Real Estate Capital: sold 824 at 16.5c
Programmed: sold 90 at $2.72
Plan B Group: sold 290 at 50c
Becton Property group: sold 429 at 50c
Bunnings: sold 13,300 at $1.62
Bluescope Steel: sold 2000 at $2.58
June 15
Adamus Resources: bought 1191 at 42.3c
Adelaide Brighton: sold 2800 at $2.33
Automotive Holdings: sold 372 at $1.355
Bathurst Resources: bought 5000 at 10c
Bluescope Steel: sold 2000 at $2.66
Centro Properties Group: sold 46 at 11.5c
City Pacific: sold 124 at 5.6c
Clive Peeters: sold 2800 at 19c
Cougar Energy: bought 4350 at 11.5c
CSR: bought 325 at $1.55
Cue Energy: bought 3130 at 15.5c
Hostech: sold 10,000 at 2.7c
Macquarie Office: bought 2000 at 25c
Max Trust: sold 1004 at 2.5c
Mintails: sold 824 at 5.6c
National Leisure & Gaming: sold 1330 at 0.7c
Paperlinx hybrids (PXUPA): sold 17 at $26.90
Photon: bought 310 at $1.65
Rio Tinto: sold 8 at $77.06
Sundance: sold 1001 at 17c
Tutt Bryant: sold 275 at 66c
Valad Property Group: sold 264 at 8.8c
Virgin Blue: sold 1400 at 34c
West Australian Metals: bought 2130 at 23.5c
Western Areas: bought 83 at $6.06
June 12
Adelaide Brighton: bought 5600 at $1.78 in share purchase plans
Adelaide Brighton: sold 2,881 at $2.25
Centro Retail: sold 296 at 11.5c
Northern Energy: bought 1,100 at 46c
Qantas: bought 220 at $2.30
Virgin Blue: bought 1,520 at 33c
WA News: bought 108 at $4.71
June 11
Clive Peeters: bought 2,900 at 18c
Clive Peeters: bought 2,900 at 18c
Marathon Resources: bought 556 at 90c
Neptune Marine: bought 850 at 58.5c
June 10
Circadian Technology: sold 325 at 75c
Clime Investment: sold 737 at 33c
Collection House: sold 560 at 45.5c
Heron Resources: sold 1,240 at 20.5c
Jackgreen Limited: sold 1,660 at 9.1c
McMillan Shakespeare: sold 90 at $2.97
Mackay Permanent: sold 7,790 at 3.3c
Platinum Asset Management: sold 50 at $4.19
Praemium Ltd: sold 1,181 at 10.5c
QRX Pharmaceuticals: sold 441 at 40c
Reef Casino Trust: sold 120 at $1.90
June 9
Bluescope Steel: bought 48,387 at $1.55 in entitlement offer
Bluescope Steel: sold 3,000 at $2.52
Bluescope Steel: sold 14,000 at $2.50
Fortescue Metals: bought 158 at $3.18
Imagine Resources: sold 303 at 76.5c
ING Private Equity: bought 1,786 at 28c
Neptune Marine: bought 850 at 58.5c
NKWE Platinum: sold 600 at 33.5c
ORD River Resources: sold 3,837 at 3.1c
ROC Oil: bought 690 at 73c
Woodside Petroleum: bought 12 at $42.48
Finally, if you've missed the last edition check it out here.
That's all for now, thanks for getting to the bottom and do send through some feedback to stephen@maynereport.com.
We'll be back in touch next week.
Do ya best, Stephen Mayne
* If you're reading this without being on our email list, why not sign up for free and tell your friends as well. Alternatively, if you've had enough, click here to unsubscribe.
The unprecedented deluge of capital raisings continues apace and we've been simultaneously quite shocked at some of the practices and delighted at the trading profits it has produced.
In terms of the shock factor, you can read all about it in this comprehensive piece for the Fairfax websites this morning which is rating well - just like these two previous pieces on capital raisings for www.businessday.com.au. Do check out the 2000-word piece because the greed shown by Leightons in the MacMahon offer was quite amazing and Mark Rowsthorn's special deals at Asciano are a complete disgrace.
Scale back policy all over the place
As soon you start giving discretion to boards and under-writers when it comes to allocating stock, the transparency and credibility of the system is open to question.
We've started what will finish up as a comprehensive list on scale back practice and we've seen five very different scale back decisions announced since 6pm last night. Click on the company name to read the ASX announcement:
MacMahon Holdings: retail investors allocated 59% of their entitlement in "overs" with no minimum after largest shareholder Leighton muscled in on the shortfall. A disgrace.
Billabong: revealed this morning as the first entitlement offer where the "overs" of $42 million exceeded the entitlement applications of $36 million. It seems the word is spreading. The retail maximum was $61 million but the scale back policy was generous to smaller investors because it accepted for a minimum of 7,500 shares worth $56,250 or 3 times the entitlement. Our $25,000 application was accepted in full.
Bunnings Warehouse Property Trust: accepted all "overs" given this left a $26 million shortfall on the $150 million offer but actually conducted a book build that yielded a 20c premium for ineligible shareholders. First time this has been attempted since Orica last June. Well done Bunnings. Our $20,000 application accepted in full.
Seek: stuck to its promise of allocating shareholders at least 13.35% of their existing shareholding in the $5000 share purchase plan, but also promised all shareholders a minimum of 1000 shares which disproportionately benefitted tiny shareholders such as me but at least all those with un-marketable parcels get to scale up, unlike with MacMahon.
Santos: only the second secondary retail offer ever after Wesfarmers to receive more than $1 billion in applications but they've come up with a bizarre scale back where everyone gets the minimum of 5000 shares unless you applied for more than 5000 shares in which case you get scaled back to 3 times your entitlement. This is very odd. I applied for $31,000 worth of shares and got the lot, but if I'd applied for $63,000 shares I'd have been scaled back to just 6 additional shares given I've only got 10. This is real! Why a company would come up with a punitive and arbitrary scale back which penalises small shareholders who applied for heaps of extra stock is beyond me? And they did this scale back despite handing over a whopping $312 million worth of stock or 25% of the retail issue to their underwriters. Clearly some very small shareholders made some massive applications for "overs" because a policy that satisifies 98% of applicants still created refunds of more than $160 million. Amazing stuff!
Need for transparency around scale-backs policy
This issue really should be getting a big run in the mainstream press and it's time ASX and ASIC actually came up with some policies to create more consistency and transparency in share allocations.
Whilst we're doing nicely applying aggressively for every in-the-money capital raising, the overall experience of retail shareholders remains one of severe dilution. Retail apathy and the dominance of institutional placements has seen the big boys literally scoop up billions in value and there will be no bigger example than Asciano.
There are two ways to fix this problem: scream about it from the rafters to try and educate the investing public and campaign for renounceable pro-rata rights issues which treat everyone fairly.
We've certainly been doing that through this three part series for Fairfax and we've also decided to be as transparent as possible about our own dealings to avoid any claims of conflict of interest and maximise the penetration of the message to apathetic investors. Therefore, click here to see the fine details of all 35 capital raising plays we've made this year plus the 38 other offers which are currently in the pipeline.
More active than ever
As you can see from this list of all our recent trades, we've never been more active than ever in June. The individual plays are fully listed online and in monthly terms the gross profits have been as follows:
January: $400 loss
February: $120 loss
March: $10,170 profit
April: $36,996 profit
May: $23,639 profit
June: $67,000 profit so far
The gross figure is a bit misleading because there has been almost $20,000 in underwriting and financing costs associated with all these plays and we're now only back to break even overall courtesy of all the earlier losses from the market crunch.
Targeting those on the SPP shame file list
Meanwhile, we've been pressing ahead with pressure on companies that do institutional placements without following through with a share purchase plan for retail investors on the same terms. Indeed, our shame file has been substantially expanded and here is an example of an exchange with a company:
Hi Evan, as a small shareholder in Ampella Mining I'm wondering why you've raised capital from the big end of town at a discounted price without offering the same deal to your retail investors through a share purchase plan? Could you please advise when you'll be announcing the SPP?
For now, your company has been added to this shame file of companies following this practice. The vast majority of companies in the recent spate of capital raisings have done the right thing by retail investors after a placement and I invite Ampella Mining to do likewise.
I look forward to your reply.
Yours Sincerely
Stephen Mayne
Ampella Mining shareholder
Reply from Ampella Mining director Evan Cranston
Hi Stephen, many thanks for your email and your coverage on your website.
Shareholders were invited to participate in a rights issue at 6c (with a free 1:2 attaching option) earlier this year. As such and with over $7m cash in the bank (post raising), your directors believe that it is in the best interests of all shareholders not to do any further capital raisings at this stage. No doubt the Company will invite all shareholders to participate in future capital raisings when the time requires.
All the best for your investment in Ampella and we look forward for your continued support as a shareholder.
Regards,
Evan Cranston
Executive Director - Corporate
OZ Minerals tilt
Our Oz Minerals tilt fell a bit flat last week when the vote failed to make double figures. That said, the debate at the AGM was lively, but Oz Minerals refuses to put up the full archive of the AGM webcast, limiting it to just the CEO and chairman presentations. In this regard, they've done a QBE and so far they are refusing to reply to email, even though I was a candidate.
Meanwhile, check out this collection of Oz Minerals videos
The only mainstream media coverage for the tilt was this little dig in The Australian's Strewth gossip column:
Viva Don Quixote
In another life, Strewth used to train puppies (and yes, the skills do occasionally cross over). Of all the breeds we encountered, when it came to sheer, pig-headed obstinacy, determination and persistence in the face of reality, nothing could touch the beagle. This thought crossed our mind when contemplating shareholder activist, journalist, Crikey founder and Glenn Milne's stage partner Stephen Mayne. Yesterday's Oz Minerals annual general meeting saw Mayne make his 34th doomed tilt at getting on to the board of a public company. Still, although 89.3 per cent voted against him, 7.1 per cent were in favour. Should serve as sufficient encouragement for doomed tilt No.35.
Nufarm tanks day before SPP due to close
Nufarm shareholders who made an early commitment to the company's $15,000 share purchase plan offer at $11.25 will have been spitting chips after this morning's profit warning sent the stock tumbling more than 10% to less than $10.80.
However, as the company noted in this announcement, there is a market pricing alternative of a 2.5% discount. The offer was due to close at 5pm tomorrow but they've wisely extended it to June 23 so early backers won't be priced on the pre-profit warning numbers.
Evidence at Productivity Commission hearings
Cripes, the pressure is on after the three Commissions at the Productivity Commission inquiry have allocated your correspondent a one hour slot to present next week. The 85 public submissions - including my two-pager - are available here and do take the time to read the rave against proxy advisers by Telstra's remuneration committee chair Charles Macek.
Bob Monks on the Exxon-Mobil AGM farce
If you think Australian AGMs can be tough for retail investors, check out this fabulous post by America's leading shareholder activist, Bob Monks, after several years and $US100,000 battling to get up some debate through shareholder resolutions at the Exxon Mobil AGM in Dallas each year.
Obama has a big job ahead of him fixing American corporate governance and he should put a picture of Exxon executive chairman Reg Tillerson on his dart board. Once Exxon is cleaned up and signed up to the climate change agenda and basic principles of good governance, we'll know that America is headed in the right direction.
Press room and latest radio interviews
The best way to listen to our regular radio interviews is to sign up for video and audio podcasts.
The past week has included the following:
774 ABC Melbourne - regular chat with Lindy Burns
RRR Melbourne - was a guest on the Breakfasters on Wednesday June 10
774 ABC Melbourne - discussing Queens birthday gongs
Also, check out these special packages for our other regular media spots. We've spent plenty of time re-arranging the press room so check it out here.
Child of Tibet - a lost innocence
The Mayne Report's multimedia guy Shane Marden has self-published this delightful photography book about the beauty of Tibet and its people. The Dalai Lama has written a foreword for the book and from sales Shane has decided to donate funds to the Australian Tibet Council. It has taken a few years for Shane to publish the book, but the result is a beautiful, heartfelt publication. There are 1800 copies for sale as a first edition and I encourage all of you to visit his site to purchase a copy online, or to see a list of bookstores where the book is available.
Traffic on the rise
The Mayne Report is becoming more popular every month. The two most popular pages have been our 2009 share activity, and our video blog page with 11,000 views each. If you haven't visited yet, here you can view the best videos we have made over the past two years, and also collections of special edition videos. If you are always on the move, sign up for our podcasts so you can hear our radio grabs, AGM appearances and watch the videos on your ipod, whilst sitting on the train.
Tweet us on Twitter
We only joined Twitter around a month ago, but we have collected more than 250 followers thus far. We encourage you to join our tweet stream to see up to the minute what we are up to.
Cornwall cartoons for The Mayne Report
Former Fairfax and Crikey cartoonist Mark Cornwall has been contributing his satirical commentary to the Mayne Report since March 2009. Here is a collection of his best cartoons and below are some new offerings:
Mayne Report video blog
Over the past few weeks we have been putting together playlists of videos covering similar topics and additionally, collections of videos from television appearances. Check out these special edition videos. Considering the Chinese have landed their biggest Australian fish in Oz Minerals we've decided to the videos we made about Australia selling the farm.
The Mayne Report Rich List
Since we began compiling the Mayne Report Rich List documenting every Australian currently or previously worth more then $10 million, it has grown in numbers and popularity such that no other feature on our website can match it for traffic.
We're now up to 1350 entries, although some are italicised, denoting that they are no longer worth more than our $10 million cut off. Here are our latest entries, some of which have come courtesy of the latest edition of BRW's execellent Rich List:
Charlie & Grace Lund: these pastoralists are Queensland-based and their operations centre around cattle. They appeared on 2008 Queensland Rich List which claimed they were worth well over $100 million.
Willemsen family: a Canberra property family which in June 2009 bought one of the gateway sites to Canberra's Parliamentary triangle for $11.33 million.
All the recent share trades
We've continued with all this tax-loss selling of late after this run of wins from capital raisings. Check out all the trades so far this year. Below is the state of play over the past few months, with spreadsheets available if you click on the dates. The losses have come down recently because we've been doing plenty of tax-loss selling after some windfall gains playing the angles on capital raisings, as was explained in this piece for the Fairfax websites.
June 12, 2009: portfolio of 691 stocks worth $165,678 with paper profit of $8,972. Average holding $239.
June 16
Select Harvests: sold 46 at $2.60
Ross Human Direction: sold 1,240 at 20c
Real Estate Capital: sold 824 at 16.5c
Programmed: sold 90 at $2.72
Plan B Group: sold 290 at 50c
Becton Property group: sold 429 at 50c
Bunnings: sold 13,300 at $1.62
Bluescope Steel: sold 2000 at $2.58
June 15
Adamus Resources: bought 1191 at 42.3c
Adelaide Brighton: sold 2800 at $2.33
Automotive Holdings: sold 372 at $1.355
Bathurst Resources: bought 5000 at 10c
Bluescope Steel: sold 2000 at $2.66
Centro Properties Group: sold 46 at 11.5c
City Pacific: sold 124 at 5.6c
Clive Peeters: sold 2800 at 19c
Cougar Energy: bought 4350 at 11.5c
CSR: bought 325 at $1.55
Cue Energy: bought 3130 at 15.5c
Hostech: sold 10,000 at 2.7c
Macquarie Office: bought 2000 at 25c
Max Trust: sold 1004 at 2.5c
Mintails: sold 824 at 5.6c
National Leisure & Gaming: sold 1330 at 0.7c
Paperlinx hybrids (PXUPA): sold 17 at $26.90
Photon: bought 310 at $1.65
Rio Tinto: sold 8 at $77.06
Sundance: sold 1001 at 17c
Tutt Bryant: sold 275 at 66c
Valad Property Group: sold 264 at 8.8c
Virgin Blue: sold 1400 at 34c
West Australian Metals: bought 2130 at 23.5c
Western Areas: bought 83 at $6.06
June 12
Adelaide Brighton: bought 5600 at $1.78 in share purchase plans
Adelaide Brighton: sold 2,881 at $2.25
Centro Retail: sold 296 at 11.5c
Northern Energy: bought 1,100 at 46c
Qantas: bought 220 at $2.30
Virgin Blue: bought 1,520 at 33c
WA News: bought 108 at $4.71
June 11
Clive Peeters: bought 2,900 at 18c
Clive Peeters: bought 2,900 at 18c
Marathon Resources: bought 556 at 90c
Neptune Marine: bought 850 at 58.5c
June 10
Circadian Technology: sold 325 at 75c
Clime Investment: sold 737 at 33c
Collection House: sold 560 at 45.5c
Heron Resources: sold 1,240 at 20.5c
Jackgreen Limited: sold 1,660 at 9.1c
McMillan Shakespeare: sold 90 at $2.97
Mackay Permanent: sold 7,790 at 3.3c
Platinum Asset Management: sold 50 at $4.19
Praemium Ltd: sold 1,181 at 10.5c
QRX Pharmaceuticals: sold 441 at 40c
Reef Casino Trust: sold 120 at $1.90
June 9
Bluescope Steel: bought 48,387 at $1.55 in entitlement offer
Bluescope Steel: sold 3,000 at $2.52
Bluescope Steel: sold 14,000 at $2.50
Fortescue Metals: bought 158 at $3.18
Imagine Resources: sold 303 at 76.5c
ING Private Equity: bought 1,786 at 28c
Neptune Marine: bought 850 at 58.5c
NKWE Platinum: sold 600 at 33.5c
ORD River Resources: sold 3,837 at 3.1c
ROC Oil: bought 690 at 73c
Woodside Petroleum: bought 12 at $42.48
Finally, if you've missed the last edition check it out here.
That's all for now, thanks for getting to the bottom and do send through some feedback to stephen@maynereport.com.
We'll be back in touch next week.
Do ya best, Stephen Mayne
* If you're reading this without being on our email list, why not sign up for free and tell your friends as well. Alternatively, if you've had enough, click here to unsubscribe.