But they would have benefitted even more without the dilution.If you only have a small shareholding, it is perfectly fair for companies to scale you back so don’t get your hopes up too high.The Andrew Demetriou-chaired Capitol Health drew attention to itself last week by initially proposing to hang on to SPP over-subscriptions for a ridiculously long three weeks after the So precisely how many millions would be earning interest for Capitol Health in the bank before being returned to shareholders on June 5?I sent an email to the company raising these issues and the CEO rang the next day promising to bring forward the refund payments by almost two weeks to May 25, something which was announced by email to applicants who had provide their email addresses but not to the ASX.This was a small example of advocacy working. Product disclosure statements for financial products offered through InvestSMART can be downloaded from this website or obtained by contacting 1300 880 160. does not include fees charged within any ETF held in this portfolio, estimated to be approximately 0.18% (indirect cost ratio). Alternatively, Solly could have taken up the placement shares and then sold down later. {{ t.Cost === 0 ? * InvestSMART's capped Management Fee (capped at $451p.a.) Mobile phone number is invalid. Email must be a valid email. With very small holdings, scale backs are a part of life in this game, as is recycling the capital given there isn’t enough spare capacity to hang on with loans to repay and other capital raisings to attend to:In terms of the pipeline, funds have been committed to NAB, Lend Lease, Newcrest and Charter Hall Retail and beyond that there are SPP offers to contemplate from Dicker Data, Ingenia, Credit Corp, United Malt, Charter Hall Social Infrastructure and Breville, plus Australian Finance Group is offering unlimited overs on its non-renounceable entitlement offer.The master list, with all the specifics on each offer, is being regularly This was less than the Ramsay premium but still attractive.Given NAB’s 570,000 retail shareholders own 48 per cent of the bank, if they followed the Ramsay model its SPP would almost match the $3 billion raised from institutions. The peer calculation is inclusive of admin and management fees; excludes brokerage and no withdrawals have been made. It paid $39 million in under-writing fees to Macquarie and UBS when the $3 billion placement should have been a $2 billion placement followed by a $2 billion SPP.Based on its 2009 experience when $2.6 billion came through the door chasing $750 million, NAB knows all about heavily over-subscribed SPPs. Email must be a valid email. View our Please enter your email address below to request a new passwordWe’re getting down to the business end of the current capital raising deluge for retail investors and the news is mixed. Looks you are already a member.
The peer comparison figures have been sourced from Morningstar data and is therefore limited to the funds and investment products included in their database. Email must be a valid email. Email is required. If he’d stumped up his pro-rata share and bought $30 million worth of stock at $17, the stake would have been worth $35 million a day later and a bit more now.If Solly’s nominees on the Breville board were looking to structure the raising to avoid such dilution, they could have gone with a renounceable entitlement offer or priced the placement through a competitive bookbuild to maximise the price and minimise the discount. You must accept the terms and conditions. See outcome announcement. ^^ 557 Buy recommendations published by Intelligent Investor between 1 June 2001 and 30 June 2019 were independently verified by EY, as per the If that leaves it over-capitalised, then just launch an on-market buyback or pay a bigger dividend with the full year result.In terms of any scale back formula, all applicants should receive a minimum allocation and it should be higher than the $500 minimum allocation in 2009.Recent market practice on minimum allocations has seen Ramsay go with $560, Cochlear $1400, Bapcor $1000 and IDP Education $2503, whilst Reece gave all applicants for the retail shortfall in their recent entitlement offer a minimum allocation of $15,000 before moving to a pro-rata formula.With the NAB offering being priced at $14.15, a minimum allocation of 100 shares costing $1415 would make sense, although rounding this up to $5000 or $10,000 would obviously please the greatest number of shareholders.
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