Product disclosure statements for financial products offered through InvestSMART can be downloaded from this website or obtained by contacting 1300 880 160. Scale back was pro rata based on size of holding with a minimum allocation of $1000 worth of shares. {{ t.Cost === 0 ? Email must be a valid email. It’s bad enough dealing with regulators, let along having well funded civil actions launched against you.It’s a bit rough that Downer shareholders ended up contributing to the settlement given they came along later and bought Spotless.Okay, so it sounds like Big Fish was indeed sailing close to the wind in a heavily regulated industry. Well over 100,000 are expected to apply.All of the larger shareholders should receive the maximum allocation of $30,000, just as occurred with Ramsay and Cochlear.The administratively simpler scale formula would be to lower the roof on everyone and reduce the maximum allocation to a set figure such as 1000 shares costing $14,150.Capitol Health did that last week allocating $16,355 worth of stock to all applicants for their $30,000 $10 million SPP regardless of their size of holding, joining Another option is just to uncap the SPP and accept all applications, something that NAB’s under-writer Macquarie itself has done on six different occasions over the past 15 years and which ANZ famously did in 2009 when its $350 million SPP morphed into a $2.2 billion raising.There has never been another SPP above $1 billion and if Ramsay had accepted all $695 million yesterday it would have featured in the top five on This just shows how the increase to $30,000 and rising participation rates are turning SPPs into a powerful capital raising vehicle, we just need boards to shun the investment banks and embrace them rather than going with the rapid-fire institutional placement first.There is also likely to be applications of more than $500 million for the Lend Lease and Newcrest SPPs which close later this week and are both well in the money.One upside of accepting $3-$4 billion in applications is that NAB would be the best capitalised major bank and also move very close to reclaiming its long lost number two position when it comes to the market capitalisations of our Big Five banks. Email is required. An announcement is expected in the next day or two. Sadly, we haven’t seen a single renounceable offer during the current capital raising deluge.This has collectively shafted non-participating retail shareholders out of more than $1 billion in value, but even the big boys, some of the smartest players in the room such as billionaire Solly Lew, have also found themselves out of pocket courtesy of not participating.Then again, all these cornerstone shareholders have arguably benefitted from the share price bounce which came from reducing debt and fortifying balance sheets in the middle of a crisis. Last name is required. Email must be a valid email. Email must be a valid email. Mobile phone number is invalid. 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 ^ Only funds and investment products included in the Morningstar Australia database are available for fee and performance comparison. This may not include all funds available for retail investment in Australia. And given that the maximum SPP amount has doubled from $15,000 to $30,000 since then, there is every chance this latest SPP will attract as much as $4 billion. Email must be a valid email. Only funds with > three year returns were included in any fee comparison, and were compared to Morningstar's nominated benchmark. We look forward to helping you build a market beating stock portfolio.Create a Premium account, and enjoy 15 day free trial, with unlimited access to all our research & services.

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Please untick this box when using a public or shared device The AMP board no longer has any belief that it can chart a way forward for the beleaguered wealth management giant. Approximately 98% of applicants will receive at least their pro-rata allocation. $A slips. ", My guess is a a 1 for 1 "prorata" basis. brokerage and assuming dividends re-invested and no withdrawals. This means 85 per cent of the new stock issued in NAB’s placement will go to institutions.Dennis Shore, company monitor for NAB at the Australian Shareholders' Association, said members were disappointed retail shareholders weren’t given the opportunity to participate on an equal basis.He said the ASA understood the raising was occurring at an extraordinary time, but NAB should use the discretion it has retained to increase the size of the SPP depending on demand.“Under more normal circumstances we will go in boots in all to make sure all investors are treated equitably,” he said.Mr McEwan said NAB had tried to balance the needs of institutional and retail investors through the SPP, and its decision to continue paying a reduced dividend despite pressure from the prudential regulator for the banks to prefer their capital position to payouts.Follow the topics, people and companies that matter to you.A Melbourne investor has bought an office in Canberra's Quayside mixed-use development for $1.05 million.Fund managers were asked to take a fresh look at ASX-listed software company Integrated Research Ltd on Wednesday night, ahead of a potential block trade.

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