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Capped SPPs which were then expanded

Many companies do selective institutional placements and then offer a share purchase plan (SPP) for retail investors. ASA would prefer a renounceable pro-rata offer which treats all shareholders equally.

This list tracks companies which initially announced a maximum raising when launching the SPP, but then expanded it after being over-subscribed. ASA strongly supports expansions, especially if the proposed cap would reduce the overall percentage of the company held by retail investors before the institutional placement occurred.

Company SPP terms Announced cap Expanded raising Total applications
Crane Group (2009) $9000 at $7.50 $10 million $22.8 million $27 million
Adelaide Brighton (2009) $15,000 at $1.78 $15 million $28.5 million $57 million
Ausenco (2009) $15,000 at $3.20 No cap specified $50 million Not disclosed
ANZ (2009) $15,000 at $14.40 $350 million $2.2 billion $2.2 billion
Atlas Iron (2009) $5000 at $1.39 $11.7 million $14.8 million $29.75 million
Asciano (2009) $10,000 at $1.10 $100 million $101.5 million $290 million
QBE Insurance (2009) $5,000 at $20.50 $100 million $115 million $226 million
Ardent Leisure (2009) $15,000 at $1.15 $18.3 million $25 million Not disclosed
Super Retail Group (2010) $10,000 at $4.80 $10 million $12.4 million $12.4 million
The Reject Shop (2013) $15,000 at $16.20 $10 million $14 million $25.5 million
DUET Group (2014) $15,000 at $2.02 $30 million $43 million $43 million
Western Areas (2014) $15,000 at $3.00 $15 million $17.7 million $18.8 million
IAG (2014) $15,000 at $5.47 $200 million $236 million $236 million
Automotive Holdings (2014) $15,000 at $3.49 $10 million $30 million $30 million
Bendigo and Adelaide Bank (2014) $7,500 at $10.85 $50 million  $148 million $148 million
Ardent Leisure (2014) $15,000 at $2.41 $15 million $20 million Not disclosed
QBE Insurance (2014) $15,000 at $10.10 $160 million $200 million Not disclosed
GUD Holdings (2015) $15,000 at $7.45 $15 million $26 million $55 million
Dexus (2015) $15,000 at $7.32 $50 million $80 million $80 million
Hansen Technologies (2015) $15,000 at $2.17 $10 million $12 million $12 million
TFS Corporation (2016) $15,000 at $1.55 $5 million $8 million $14.2 million
Independence Group (2016) $15,000 at $3.75 $30 million $31.4 million $31.4 million
Automotive Holdings (2016) $15,000 at $4.52 $20 million $23 million $23 million
Macquarie Atlas Roads (2017) $15,000 at $4.76 $15 million $22.2 million $22.2 million
Capitol Health (2017) $15,000 at 14 cents $3.5 million $5.178 million Not disclosed
Charter Hall Group (2017) $15,000 at $5.48 $15 million $15.76 million $15.76 million

Comments

Many companies cite issues of cost and time when undertaking a renounceable rights issue versus an SPP. I understand these relate to the fact that ASIC requires the company to produce a full prospectus for a renounceable rights issue. Perhaps ASA should work with ASIC and other bodies to change this.