Companies which launched an SPP without a cap
July 4, 2023
This list tracks companies which launched an uncapped SPP without identifying how much it wished to raise.
AMP, 2019: $650 million placement in August 2019 under-written at $1.50 and priced at $1.60, followed by an uncapped $15,000 SPP which brought in only $134 million despite being well in the money. Retail finished with 17% of $784 million but it was their fault as only 15,000 of 713,273 eligible shareholders applied.
Macquarie Group, 2021: $1.5 billion placement at $190 a share followed by an uncapped SPP.
Macquarie Group, 2019: $1 billion placement at $120 a share in August 2019 followed by an uncapped SPP which raised $679 million, comprising 40.4% of the raising.
Macquarie Group, 2007: $750 million placement at $87 a share in May 2007, which was followed by $79.4 million SPP at a fixed price of $87 a share with no VWAP alternative pricing. Retail allocated just 9.57% of $829.4 million capital raising.
Macquarie Group, 2006: A $700 million placement at $66 a share in May 2006, which was followed by a $9 million SPP with a fixed price and no VWAP alternative price which only raised $9 million so retail allocated just 1.2% of a $709 million raising.
Macquarie Group, 2009: $540 million placement at $27 in May 2009 followed by an uncapped $15,000 SPP at $26.60 which brought in $669m from more than 55,000 investors. The only entry on this list where retail shareholders contributed a majority (55.33%) of the funds raised in a $1209 million capital raising.
Macquarie Group, April 2015: $500m placement in April 2015 at $73.50 followed by SPP capped at $10,000 with a 1% discount to VWAP. 18,000 holders applied for $170m, so retail allocated 25.4% of $670 million raising.
Macquarie Group, November 2015: $400 million placement at $80 to fund Esanda purchase followed by an SPP needlessly capped at $10,000 at the same $80 offer price with a VWAP -1 per cent alternative which raised $147 million, so the retail component was 26.8 per cent of the $547 million raising.
Next DC, 2020: $672 million placement at $7.80 in April 2020 followed by an uncapped $30,000 SPP at the same price which raised $190 million.
Pendal Group: (PDL), 2021 uncapped $30,000 SPP at $6.80 or the VWAP after $190 million placement at $6.80 to fund a US acquisition. Ended up raising $190 million after receiving $213 million in applications, matching the earlier insto placement.
Polynovo (PNV), 2017: raised $7 million in a placement and then accepted all $16m in applications for the subsequent $15,000 SPP which did not specify a target amount to be raised. See outcome announcement.
Reece, 2020: raised $47 million through an uncapped SPP which was twinned with an entitlement offer and followed an earlier placement.
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