SPP scale-backs where everyone given minimum allocation

Adelaide Brighton, 2009: Capped SPP at $15 million but expanded this by 90% to $28.5 million after being overwhelmed with $57 million worth of applications. Investors received a minimum $1000 and then a 50% scale back. This followed an $85 million placement to institutions at $1.78.

Afterpay, 2020: $30m SPP at $23 after $317m placement and founder sell-down. Expanded to $33m after $240m worth of applications. Scaled back based on size of holding with minimum allocation of 22 shares costing $506. See outcome announcement.

Ansell (ANN), 2024: refunded $95 million (55.9%) after $170 million came through the door but the directors only marginally lifted the cap from $65 million to $75 million. The allocation policy for the 8,480 applications saw everyone receive 45 shares costing $1010.25, after which it was pro rata based on size of holding. See SPP outcome announcement.

Ardent Leisure, 2014: $15,000 SPP at $2.41. They received about $60 million in applications and expanded the $15 million cap to $20 million but still refunded around $40 million. Everyone received a minimum allocation worth $500 and then 12% of their existing holding after that. See announcement.

Atlas Arteria, 2020: $420 million placement at $6.20 followed by a $30,000 SPP capped at $75 million. Was only marginally in the money at the close but still attracted $180 million in applications and the board failed to lift the cap. The scale back was based on size of holding with a minimum allocation to all of $1000. See announcement.

AUB Group (AUB), 2023: raised $150 million in a placement at $24 and then offered a $15m SPP which was not increased after attracting $37 million in applications from 1,908 holders. The scale back formula included $984 worth of shares for all.

AUB Group (AUB), 2024: 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. There is no alternative VWAP pricing but with the stock at $31, it is nicely in the money. AUB has around 5,000 retail shareholders so the theoretical maximum in applications is $150 million but the cap will only accommodate 16.7% of this, which is more generous than many other offers. Despite $49 million coming through the door, they stuck with the $25m and scaled back pro-rata with a minimum allocation of 36 shares costing $990.


Bapcor, 2020: $180m institutional placement at $4.40 followed by SPP capped at $30 million. Expanded this to $56 million after receiving applications totalling $122 million and used a scale back formula giving all applicants a minimum of $1000 worth of shares and 50% of their current holding after that. See announcement.

Blackmores, 2020: $92 million placement at $72.50 followed by a capped $25m SPP. Expanded this to $49m after receiving $77m in SPP applications and responded by lifting the cap from $25m to $49m with a pro rata scale back and a $1000 minimum allocation.

Cochlear, 2020: $30,000 SPP at $140 after $880 million placement. Initially capped at $50m, received $417 million and accepted $220 million giving a minimum allocation of 10 shares costing $1400 followed by a pro rata formula based on size of holding. See announcement.

Dicker Data (DDR), 2020: $50m placement at $6.70 followed by a $5m SPP which was lifted to $15 million after $53.7 in applications. Scale back was pro rata based on size of holding with a minimum allocation of $1000 worth of shares. See outcome announcement.

IDP Education, 2020: $30,000 SPP capped at $15 million after $225m placement. Received $34.5 million and scaled back to $29 million with everyone receiving a minimum of 235 shares costing $2503. See announcement.

IRESS (IRE), 2020: $150m placement at $10.42, a 7% discount to the last close of $11.21, followed by a $20m SPP at the placement price or a 2% discount to the closing price on the last day of the offer or the VWAP over the last 5 days, whichever is lower. The placement comprises 8.2% of issued capital and the board has signaled that any SPP scale back will be based on the size of an applicant's holding. The board has not disclosed what proportion of IRESS was owned by retail shareholders going into the capital raising but if all 7,366 shareholder applied for the maximum $30,000, it would be dealing with $221 million in applications. The SPP comprises 11.76% of the capital raising. The placement outcome announcement committed to pro rata for applicants with the board using discretion based on alignment for the balance. The SPP outcome announcement disclosed a 30.4% participation and indirectly revealed applications totalled $42 million. The cap was lifted by $5m to $25 million and the scale back was based on size of holding but with a minimum allocation of $2500.

Metro Mining (MMI), May 2024: $36m placement followed by a $4m SPP. Was priced at 4.1c, an 11% discount to the previous close. The raising was to pay down debt and help finish and expand its Bauxite Hills Mine which is located 95kms north of Weipa. SPP applications totalled $6.6m, which they scaled back to $4m but at least all applicants got a $1000 allocation. No data on how many shareholders applied.

NAB, 2009: stuck with a $750 million cap on its SPP in 2009 despite receiving $2.6 billion in applications. See this announcement promising all applicants at least $500 worth of shares and then this subsequent letter from chairman Michael Chaney.

NAB, 2020: lifted $500m cap to $1.25 billion after receiving $2.9 billion in applications and then allocated a minimum $2500 to all applicants using a pro rata formula after that.

Nick Scali (NCK), 2024: $46m placement at $13.25, a 5.8% discount to the previous close of $14.07 to help fund a UK acquisition. Outcome announcement said existing holders were allocated pro-rata entitlement but some new investors were added. CEO Anthony Scali will be placed $4m of stock on the same terms if shareholders approved it at the October AGM. A $10m SPP will follow. Retail own 31% so the SPP is underdone. Company has 7,000 holders so theoretical maximum for SPP is $210 million. See SPP offer document. 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.


Phosphagenics, 2014: $15,000 SPP at 8c after placement. All applicants received a minimum $500 allotment but heavy scale back after that.

Ramsay Healthcare (RHC), 2020: $1.2 billion institutional placement followed by a $200 million SPP which received $695 million in applications and was expanded to $300 million with scale back based on size of holding with a minimum allocation of $560. See outcome announcement.

United Malt (UMG), 2020: $140 million placement at $3.80 followed by a $25 million SPP. Ended up receiving $62.9 million in applications and lifted the cap to $30.6 million imposing a scale back model based on size of holding but with a minimum allocation of 264 shares costing $1003. See SPP outcome announcement.

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