# Companies on watchlist for capital raising/SPP



## skc (8 July 2009)

It has been mentioned on another thread that participation in capital raising / SPP may be a profitable strategy. So just thought I'd start a thread for people to list companies that may be in need of fresh capital.

Note the August profit season is just around the corner, but I wouldn't be surprised to see company rush the equity market earlier before the bad results affect sentiment (and share price) even further.

To make this a useful thread, please put forward your ideas / thoughts with valid backup.

I will get the ball rolling.

QAN - Been rumoured since the last raising but recent cancellation of aircraft orders may mean they can bunker down without additional capital

VBA - Long time candidate but apparently Richard Branson is not keen to sink further money. The SP is too low and they are still making a loss so participation may not be high enough. They may have to bite the bullet soon however.


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## Bushman (8 July 2009)

*Re: Companies on watchlist for captial raising / SPP*

MOF - accroding to today's AFR, they are likely to breach LVR covenants on three European properties and will need an equity top-up.


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## skc (9 July 2009)

*Re: Companies on watchlist for captial raising / SPP*

In Macquarie stable...MIG

Part of the reason for the large fall yesterday, according to multiple reports.


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## skyQuake (9 July 2009)

*Re: Companies on watchlist for captial raising/SPP*

AMC wink wink nudge nudge


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## airpoe (9 July 2009)

Its possible that GMG could have one


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## benn (14 July 2009)

*Capital Raising Candidates*

hi everyone,

tried a search but couldnt find any previous topic.

With the Share purchase plans that have come and gone, I thought it would be useful to compile a list of companies which have not gone to the market for more equity but are likely to at some stage and also companies coming back for a second round of new equity.

The plan is to buy a small parcel of shares to be in the running for a S.P.P. and make some quity easy money.

So far I have Qantas, Virgin Blue, CSR.


But any others would be useful.


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## skyQuake (14 July 2009)

*Re: Capital Raising Candidates*



benn said:


> hi everyone,
> 
> tried a search but couldnt find any previous topic.
> 
> ...




CSR already did a raising in nov 08, and VBA denied speculation yesterday... doesn't mean they won't do a backflip and ask for money if things get nasty though.


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## skyQuake (17 July 2009)

*Re: Companies on watchlist for capital raising /SPP*

AIO nxt part of raising. Get in today to be eligible for SPP @ $1.10
Those with IB can buy 1 share


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## happymark (17 July 2009)

*Re: Companies on watchlist for capital raising /SPP*

For what it's worth, see VMS.


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## happytown (20 July 2009)

*Re: Companies on watchlist for capital raising /SPP*

PDM announces spp for shareholders to



> subscribe for *up to $15,000 worth* of PDM shares *at 3.5 cents per share*.
> 
> This price represents a *19% discount* to the PDM closing sale price over the last 5 days on which PDM shares have been traded prior to this announcement. The Company is limited to *issuing 21,654,025 shares under the SPP* and, if subscriptions are received in excess of this number, all subscribers will be cut back prorata.
> 
> ...



cheers


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## skyQuake (20 July 2009)

*Re: Companies on watchlist for capital raising /SPP*



happytown said:


> PDM announces spp for shareholders to
> 
> cheers




Yeh just saw that, Looks a bit dodgy though. Look at the depth.. If you got your 350k shares how are you gonna dispose of them


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## gooner (20 July 2009)

*Re: Companies on watchlist for capital raising /SPP*



happytown said:


> PDM announces spp for shareholders to
> 
> cheers




21m shares at 3.5cents is $700k. Not exactly a large capital raising


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## happytown (20 July 2009)

*Re: Companies on watchlist for capital raising /SPP*



skyQuake said:


> Yeh just saw that, Looks a bit dodgy though. Look at the depth.. If you got your 350k shares how are you gonna dispose of them




agreed

you'd potentially need to rely on good assays coming out of the soon-to-be-drilled (commencing aug) IOCG cloncurry prospect sparking investor interest

cheers


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## JWR (23 July 2009)

*Re: Companies on watchlist for capital raising /SPP*

Now that NAB has raised capital, will the other banks follow suit?

Westpac seems the most appropriate to go next, with ANZ the least likely due to it just raising capital.

CBA had a failed raising at the end of last year, so could also be next.


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## drsmith (23 July 2009)

*Re: Companies on watchlist for capital raising /SPP*



JWR said:


> CBA had a failed raising at the end of last year, so could also be next.



CBA's raising from late last year was not a failure as they got the money but the process itself did result in a few red faces.


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## smc (27 July 2009)

*Re: Companies on watchlist for capital raising /SPP*

Hi,
I just have a question about buying into those companies that announce their capital raising leaving enough time to buy their shares before the record date - is it the day of trade plus 3 days to get on the records? 

Eg: if I buy on a Monday and the record date is 7pm Thursday, is that enough time?


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## skyQuake (27 July 2009)

*Re: Companies on watchlist for capital raising /SPP*



smc said:


> Hi,
> I just have a question about buying into those companies that announce their capital raising leaving enough time to buy their shares before the record date - is it the day of trade plus 3 days to get on the records?
> 
> Eg: if I buy on a Monday and the record date is 7pm Thursday, is that enough time?




Correct. T+3 settlement rules apply.

If virgin blue trades today, you can get in on the placement. (unfortunately it wont)


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## fureien (27 July 2009)

*Re: Companies on watchlist for capital raising /SPP*

ohhh excellent thread. i tried getting in on the LKO thing last week. but the T+3 settlement time got me and i missed out. not that there was much profit anyway lol market consolidated down in 1 day


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## ands (27 July 2009)

*Re: Companies on watchlist for capital raising /SPP*

I've heard LNC are running low on cash. Trying to offload one of their projects for cash, but that is being delayed. Don't have enough current cash for the current quarter, SPP would have to be on the cards if they don't sell the project soon?

Not 100% on the above, just what I have read. I don't hold LNC.

DYOR!


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## jabba_jones (28 July 2009)

*Re: Companies on watchlist for capital raising /SPP*



skyQuake said:


> AIO nxt part of raising. Get in today to be eligible for SPP @ $1.10
> Those with IB can buy 1 share




Sorry to hijack the thread...

I've been reading up on threads about IB an SPPs, I couldn't find the answer to my question in threads then I saw this...

Wondering if you can answer: With IB can you pay $6 brokerage to buy in just buy a token amount of units say $10 worth (or 1 unit), and then somehow notify them to participate in future SPPs as custodian on your behalf?

Are you able to shed some more light on this as interested in using this as a strategy to get on the register of potential capital raisings..

Thanks!


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## skyQuake (29 July 2009)

*Re: Companies on watchlist for capital raising /SPP*



jabba_jones said:


> Sorry to hijack the thread...
> 
> I've been reading up on threads about IB an SPPs, I couldn't find the answer to my question in threads then I saw this...
> 
> ...




Short answer, yes. Just tell IB to participate in it for you and off they go. However due to some aus restrictions, you _may_ not be able to participate in some SPPs 

Also, LNC doing cap raising tomorrow.


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## Rancey (30 July 2009)

*Re: Companies on watchlist for capital raising /SPP*



skyQuake said:


> Correct. T+3 settlement rules apply.
> 
> If virgin blue trades today, you can get in on the placement. (unfortunately it wont)




Is there any difference between an offer that states the time you have to be registered by and an offer that doesn't? In other words, if the offer says you have to be registered on *x* by 7:00pm, is that different to if the offer just says you have to be registered on *x*?

I ask because I am wondering if it is possible for a company to say you have to be registered on *x* and actually use an early time (say 7:00am), which could effectively make it T+4, or if there is just no difference.


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## skyQuake (30 July 2009)

*Re: Companies on watchlist for capital raising /SPP*



Rancey said:


> Is there any difference between an offer that states the time you have to be registered by and an offer that doesn't? In other words, if the offer says you have to be registered on *x* by 7:00pm, is that different to if the offer just says you have to be registered on *x*?
> 
> I ask because I am wondering if it is possible for a company to say you have to be registered on *x* and actually use an early time (say 7:00am), which could effectively make it T+4, or if there is just no difference.




That 7pm rule is there for brokers who cross trades after 4pm. Its almost always 7pm, and probably just to clarify for people that you gotta own the shares by end of day record date -3.
------------------------------------
Also, SAY doing SPP. However it looks mighty thin, selling $15k worth of shares can crack it wide open.


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## stellegen (30 July 2009)

*Re: Companies on watchlist for capital raising /SPP*



skyQuake said:


> That 7pm rule is there for brokers who cross trades after 4pm. Its almost always 7pm, and probably just to clarify for people that you gotta own the shares by end of day record date -3.
> ------------------------------------
> Also, SAY doing SPP. However it looks mighty thin, selling $15k worth of shares can crack it wide open.




Can you explain your comment about SAY please?


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## skyQuake (30 July 2009)

*Re: Companies on watchlist for capital raising /SPP*



stellegen said:


> Can you explain your comment about SAY please?




Average daily volume is 30k. The spp would give EACH player up to 200k shares.

Looking at mkt depth there is a total of 400k shares on the bid in total...


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## Rancey (30 July 2009)

*Re: Companies on watchlist for capital raising /SPP*



skyQuake said:


> That 7pm rule is there for brokers who cross trades after 4pm. Its almost always 7pm, and probably just to clarify for people that you gotta own the shares by end of day record date -3.
> ------------------------------------
> Also, SAY doing SPP. However it looks mighty thin, selling $15k worth of shares can crack it wide open.




Thanks. 

Like you say, SAY is very thin...not enough depth to warrant jumping on board imo.


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## fureien (5 August 2009)

News release today after trading halt for AZZ (antares energy)

Someone clarify this but supposedly there is a further capital raising for up to $15000 for each eligible shareholder



> Additionally Patersons Securities Limited will act as lead manager to a Share Purchase Plan
> (SPP). Under the SPP all eligible shareholders will have the opportunity to subscribe for up to
> $15,000 worth of fully paid ordinary shares. New shares under the SPP will be offered at the
> same price as the Placement, being 25 cents per share, a 18.5% discount to the volume
> ...




by eligible do they mean anyone registered and settled by 20th august?
they dont mention whether its a 2 for 1 or whatever entitlement, just a max of $15k. if any eligible shareholder can choose to get $15k, then cant i just buy like $100 of share today at $0.32 then take up the offer of $15k worth of shares at 25 cents?
i posted this in the azz thread too. 

also, at the moment the market is rallying cuase of the other good news as well as probably from buying pressure of ppl who want to get in early to be entitled. since the spp is at 25 cents, ive often seen the market price drop to the offer price. i just want someone to clarify this, but this usually happens after the entitlement period ends right? sorry ive confused myself a bit.

the reason why i ask is because i see a potential opportunity to take profits. and the buy back in when it drops a bit to be entitled for more
and then probably sell on market, which should be higher. there would be no point in me taking up $15k of shares if the market price is close to 25 cents too (ok there is, but its alot of effort for little gain....you have to wait until 18th september)


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## skyQuake (5 August 2009)

Yup agree, but there is potential to scale back if too many people jump on board.

You have untill Mon 17th Aug to buy

EDIT: It also means a total of 133 people will get  their full allocation... Or a heap of scaleback.


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## fureien (5 August 2009)

would it be first in best dressed. cause they havent even given instructions on how to do so


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## skc (5 August 2009)

fureien said:


> would it be first in best dressed. cause they havent even given instructions on how to do so




It won't be first in best dressed. It may be related to your original holding, however. The company may also increase the total maximum amount if the response is too strong.


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## gooner (5 August 2009)

airpoe said:


> Its possible that GMG could have one




I bought some GMG and MIG shares after reading this thread - about $1,000 worth of each.

Looks as though GMG might pay off - assuming they don't do a renounceable rights issue.

MIG - we shall see?


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## airpoe (5 August 2009)

be very careful of small miners raising capital, just see crj!!

down 70% since spp


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## benn (6 August 2009)

Some company called AZZ is raising capital. and still have a couple of days to get on board before record date.


not sure bout liquidity with it tho. I got me small parcel today. See what happens....


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## benn (6 August 2009)

benn said:


> Some company called AZZ is raising capital. and still have a couple of days to get on board before record date.
> 
> 
> not sure bout liquidity with it tho. I got me small parcel today. See what happens....







Ah sorry bout that, someone has already mentioned AZZ. doh.


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## asel (6 August 2009)

I read this thread with interest. I am quite aware that the Australian system of capital raising is akin to a funny joke and is free for all of us to exploit at will, although I am also wary that we may be approaching the tail end of this strategy. I still remember looking at my Suncorp $4.50 application form and imagining how far below $4.50 Suncorp will drop after the share placement, unfortunately applying for only $800 worth. As I await my VBA and MLE to start trading I wonder how long this strategy will be successful. Once mainstream media publicize the fact, it's too late.


PS
Bought $500 of AZZ yesterday.


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## SilverRanger (9 August 2009)

I think it is quite publicized already
http://www.businessday.com.au/business/how-to-make-75000-in-three-months-20090519-bdfd.html


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## Buckeroo (9 August 2009)

SilverRanger said:


> I think it is quite publicized already
> http://www.businessday.com.au/business/how-to-make-75000-in-three-months-20090519-bdfd.html




Interesting, this guy has answered his own question about why retail investors are not keen to take up rights issues. And its amazing that the statement below doesn't scare the institutional investors from diluting their own stocks in light of the fact that the US economy is a basket case!

I'm having trouble comprehending the absolute stupidity. These capital raising aren't putting value into any of the companies, its just shoring up previous bad management decisions! Unbelievable!



> Companies that decisively fix stretched balance sheets have tended to be rewarded in this *credit-obsessed market* and most stocks have soared recently given *Wall Street has just stacked on its biggest two-month surge since the 1930s*.




Cheers


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## cheeyeen (10 August 2009)

I am thinking SKI might be next to raise money since they have fair a bit of debt maturing soon, and also need money for capital expenditure for the new smart meter system.  Their result/dist announcement is coming in two weeks time.. So could be the time they will do a raising.  SPN, DUE, HDF etc has all gone through it.  So there is a possibility that they will be next.  and even APA could be lining up as well as they are one of the high gearing infrastructure stock out there.


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## SilverRanger (11 August 2009)

It does seem possible that SKI will soon join its peers for cap raising, and my guess is that it will be in the same form adopted by its peers (a non-renounceable rights issue )


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## l-y-s (11 August 2009)

what is an IB?


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## stu192 (11 August 2009)

Hey l-y-s,

IB is short for Interactive Brokers. You can trade ASX stocks through them for $6 per trade. They are based in the US.

Stu


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## fureien (12 August 2009)

whats the significance of a non renounceable rights issue?


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## YELNATS (12 August 2009)

fureien said:


> whats the significance of a non renounceable rights issue?




As understand it, you can't sell/trade non-renounceable rights. You either pay the amount to the company to take up the share offer, or you forego the offer.


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## asel (13 August 2009)

MLE SPP savagely scaled back several days ago.

Amcor is really taking its time!


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## skyQuake (14 August 2009)

*Re: Companies on watchlist for capital raising /SPP*



skyQuake said:


> Yeh just saw that, Looks a bit dodgy though. Look at the depth.. If you got your 350k shares how are you gonna dispose of them




Eating my words now! Gonna send a ticket to IB today and insist on getting my full allocation


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## gooner (16 August 2009)

Methinks BOQ's capital ratios looking weak compared to the majors so could be up for another capital raising.  

Have bought a small parcel, just in case


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## matty2.0 (16 August 2009)

all the lpts


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## gooner (17 August 2009)

matty2.0 said:


> all the lpts




matty 

WDC have raised, GMG just announced.

On views on most likely ones to raise more capital?


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## gooner (19 August 2009)

gooner said:


> Methinks BOQ's capital ratios looking weak compared to the majors so could be up for another capital raising.
> 
> Have bought a small parcel, just in case




Good call gooner

Any other possibilities out there?


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## skc (20 August 2009)

GRR. Last day to buy and still participate in their 1-for-1 rights entitlement at 27c

EDIT.. Sorry wrong information. Actually XE today. The entitlement is 1-for-1 at 25c. Trading at 40c today compared with yesterday's close at 49c.


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## mrluva (20 August 2009)

skc said:


> GRR. Last day to buy and still participate in their 1-for-1 rights entitlement at 27c
> 
> EDIT.. Sorry wrong information. Actually XE today. The entitlement is 1-for-1 at 25c. Trading at 40c today compared with yesterday's close at 49c.




Good info thanx. Record date is 26 August. Thinking of buying some.


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## skc (21 August 2009)

mrluva said:


> Good info thanx. Record date is 26 August. Thinking of buying some.




Too late mate. Record date - 3 days is when you have to get on board. Yesterday was XE which meant Wednesday was the last day to buy and be able to participate. 

You didn't miss out much anyway. GRR was trading at ~$0.49 on Wednesday. 1-for-1 will let you buy at $0.25, averaging out at $0.37. Currently trading $0.405.


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## Fatcat (21 August 2009)

skc said:


> Too late mate. Record date - 3 days is when you have to get on board. Yesterday was XE which meant Wednesday was the last day to buy and be able to participate.
> 
> You didn't miss out much anyway. GRR was trading at ~$0.49 on Wednesday. 1-for-1 will let you buy at $0.25, averaging out at $0.37. Currently trading $0.405.




What is the earliest date I can sell my existing shares and still be entitled to the SPP?
Cheers


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## mrluva (21 August 2009)

What is XE? It says record date 26th, so if I bought on 20th ausgust plus 3 (21st,24th,25th ausgust) means I'm still in. Isn't it? I bought at $0.41.


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## skc (21 August 2009)

mrluva said:


> What is XE? It says record date 26th, so if I bought on 20th ausgust plus 3 (21st,24th,25th ausgust) means I'm still in. Isn't it? I bought at $0.41.




XE = Ex-entitlement.

GRR had EX as its status yesterday. So I don't believe you are eligible. 

But you are correct with your T+3 calculation... so a bit funny in this instance. You might get it for all you know. Some of these small companies are pretty poor with their announcements / shareholder admin.


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## Strident (21 August 2009)

Actually T+3 doesn't apply here.

Rights issues follow a different timetable w/ regard to record date. This is unlikely to be a mistake.

See http://www.asx.com.au/ListingRules/appendices/App7a.doc.

"	Note: securities are quoted on an “ex” basis and bonus securities are quoted on a deferred settlement basis 4 business days before the record date (ie day 3)."

I am not sure why the ASX decided to do it this way.


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## mrluva (21 August 2009)

skc said:


> XE = Ex-entitlement.
> 
> GRR had EX as its status yesterday. So I don't believe you are eligible.
> 
> But you are correct with your T+3 calculation... so a bit funny in this instance. You might get it for all you know. Some of these small companies are pretty poor with their announcements / shareholder admin.




Rang GRANGE invester centre computershare and spoke to some 'Nick' and 'yes'  I'm eligible, as according to him if i'm on register on 26th I am eligible for rights issues. and don't consider EX dates.
(PS. Anyone who's going to jump in reading this please make your own enquiries. Don't go with what I say.)


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## skc (21 August 2009)

mrluva said:


> Rang GRANGE invester centre computershare and spoke to some 'Nick' and 'yes'  I'm eligible, as according to him if i'm on register on 26th I am eligible for rights issues. and don't consider EX dates.
> (PS. Anyone who's going to jump in reading this please make your own enquiries. Don't go with what I say.)




You lucky thing... Let us know when you receive the forms.


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## mrluva (21 August 2009)

Jupitor Energy JPR doing capital raising. will issue 1 for 1 share for 2 cents. currently trading at .043. Ex date 28 August.


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## fureien (24 August 2009)

mrluva said:


> Jupitor Energy JPR doing capital raising. will issue 1 for 1 share for 2 cents. currently trading at .043. Ex date 28 August.




didnt the annoucnement say 3rd sept?


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## mrluva (24 August 2009)

fureien said:


> didnt the annoucnement say 3rd sept?




Ye, Record date is 3rd sept. I wrote EX date. Trading at 5c today and Looking good. Should be a bargain at 2c per share.


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## fureien (26 August 2009)

so if i get in tommorrow would it be too late? when did they say they will issue the shares once u purchase them?

ex entitlement date is the last day to get in before it counts (because they take into consideration settlement) right? or did i just describe record date

*Edit*




> TIMETABLE AND IMPORTANT DATES*
> Lodgement of Prospectus with the ASIC 20 August 2009
> Lodgement of Prospectus and Appendix 3B with ASX 20 August 2009
> Notice sent to Optionholders 20 August 2009
> ...





if its going to be dispatched to share holders on the 9th (my birthday lol)
i have to wait 2 weeks and pray that the sp doesnt tank. 2 weeks is a loooong time. Unless its like gmg which didnt tank. But still this stock doesnt look like it has as much volume or support that gmg does. Riskyyy i say.


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## Paul Ellis (28 August 2009)

Anyone got any ideas on Incitec Pivot (IPL)?  They did one raising last year from memory but nothing since...I can't help but think of all that DAP and other stock they imported at the top of the fertiliser market which then collapsed - that must be messing with their cash flow surely?  And now the lack of rain on the east coast must be affecting fertiliser sales I would have thought?

I've still got a small parcel of shares from a few years back - not sure if I should offload now or wait for more upside which may not come any time soon...


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## dan-o (28 August 2009)

So who else is out there set to raise equity?? 
The speculator david haselhurst was talking up GGP...


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## dan-o (24 September 2009)

So it looks like AWB are now raising equity. Missed that one, anyone got any ideas about other companies likely to do the same??


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## smc (24 September 2009)

BKW announced today - I don't know why they didn't do it with a trading halt in place though so it looks like tomorrow is the last day to get in (record date is Wednesday 30th September).


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## mrluva (24 September 2009)

smc said:


> BKW announced today - I don't know why they didn't do it with a trading halt in place though so it looks like tomorrow is the last day to get in (record date is Wednesday 30th September).




What's the EX date for this one?......................................................


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## skyQuake (24 September 2009)

mrluva said:


> What's the EX date for this one?......................................................




Tomorrow. So jump on quick!


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## many@k (24 September 2009)

Just a quick question about AWB capital raising, If the record date is Monday 28th September and i currently hold shares. What is the earliest i can sell my stock on market and still be entitiled to the share placement?
I look forward to your replies


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## skyQuake (24 September 2009)

many@k said:


> Just a quick question about AWB capital raising, If the record date is Monday 28th September and i currently hold shares. What is the earliest i can sell my stock on market and still be entitiled to the share placement?
> I look forward to your replies




ex-date is way before record date. *You must hold shares on the ex-date to be entitled*. So you can sell whenever. (after it comes out of halt)


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## Nyden (24 September 2009)

skyQuake said:


> Tomorrow. So jump on quick!




I trust you mean, "So jump on quick, if you wish to participate"? Because as it stands, your current comment seems rather ... ramp-olific : Or, at the very least - seems to to look a touch like advice.


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## many@k (25 September 2009)

Hi ShyQuake,
just read the ASX non renouncable offer on the ASX site in regards to AWB.

The last paragraph states 

Trading issues:
ASX will not provide a "cum" market with respect to trading the companies securities. *Persons who trade the companies securities after the trading halt on Wednesday 23rd September will NOT be entitilled to participate in the Entiltilment Offer* 

Does this mean that if you sell your shares that your not entiled to participate in the offer?

Does that explain why the price whent up 8% once it came out of its trading halt. 
People looking to buy so they can participate?

I look forward to your reply


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## skyQuake (25 September 2009)

Nyden said:


> I trust you mean, "So jump on quick, if you wish to participate"? Because as it stands, your current comment seems rather ... ramp-olific : Or, at the very least - seems to to look a touch like advice.




Would I do that 



many@k said:


> Hi ShyQuake,
> just read the ASX non renouncable offer on the ASX site in regards to AWB.
> 
> The last paragraph states
> ...




AWB rocked up hard today cause it opened under its 'fair' value. Also cause everything in the all ords rallied. Hell, oil tanked 4% last nite and out XEJ finished GREEN.
That statement about AWB was for people who want to buy shares after the trading halt will NOT be entitled to participate in the Entitlement Issue. cause they wont be holders by the record date. You can sell now, but because of settlement, you will still be a holder on Record Date.


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## sammy84 (13 October 2009)

FMG on the watchlist now?

After todays news it would seem likely that a capital raising is around the corner.

http://www.theage.com.au/business/fortescue-opts-out-of-china-deal-20091012-gu2c.html

Then again, with Fortesque its hard to know what announcements are true and not.


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## smc (19 October 2009)

Just on the topic of capital raising... is the latest capital raising announcement from TSF a joke??!


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## drsmith (19 October 2009)

smc said:


> Just on the topic of capital raising... is the latest capital raising announcement from TSF a joke??!



Section 2.1 on page 5 of the PDS provides the reasons behind the offer. 

If you wish to subscribe get in quick. Minimum subscription is 1000 shares so it's very much a case of the first one in will be the only one dressed.

The proceeds will go towards covering the costs of the offer, well, almost.  

There is at least no underwriting fee.


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## GREENS (19 October 2009)

Sorry everyone I started a new thread on capital raisings because I couldn’t seem to find one, but now I’ve finally found it and everyone is on the ball one of the administrators may want to delete the other thread. Shows how long it’s been since I’ve been on this forum. Some good work here, keep it up. 

Oil Search announced today a near $900m capital raising for their PNG LNG project because a Middle Eastern sovereign wealth fund pulled the pin on purchasing a 3.5% stake. From the looks of the announcement the institutions will get first pick at $5.90 with a retail offer to follow (details still to be released) but by the sounds of it OSH doesn’t really care too much about the retail shareholders saying there will be a SPP but that OSH has the right to scale it back if it wants. The issue will not be underwritten. This probably suggest they are offering retail investors a little piece of the capital raising pie to shut them up and keep them happy. Will probably be around the same price as the insto offer which is a 12.5% discount to its current SP of $6.75.


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## So_Cynical (19 October 2009)

TRY - Troy Resources has flagged that a capital raising of some sort is in the pipeline, there is a board room barney going on at the moment about just what sort of CR it will be....however a placement to OS holders who cant participate in a rights issue and a rights issue for the Aussie holders seem to be the likely outcome.

The CR is to partly cover the dev costs of the Casposo (gold/silver) project...in General Troy looks after its share holders so a heavy discount would not surprise.


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## dan-o (21 October 2009)

is there a thread on Troy resources? I searched for it but couldn't find one..


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## Miner (21 October 2009)

I think SLR is on capital raising in November following AGM. 
Please double check


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## So_Cynical (21 October 2009)

dan-o said:


> is there a thread on Troy resources? I searched for it but couldn't find one..




https://www.aussiestockforums.com/forums/showthread.php?t=2299

http://www.try.com.au/


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## skc (21 October 2009)

Miner said:


> I think SLR is on capital raising in November following AGM.
> Please double check




SLR did a round earlier this month via an insto placement. There is no info in this announcement regarding any retail offer.

http://www.asx.com.au/asxpdf/20091002/pdf/31l3kq3q93t1qd.pdf


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## SilverRanger (21 October 2009)

skc said:


> SLR did a round earlier this month via an insto placement. There is no info in this announcement regarding any retail offer.
> 
> http://www.asx.com.au/asxpdf/20091002/pdf/31l3kq3q93t1qd.pdf




This raising is to be ratified in the AGM, so I think a sweetener (aka SPP) is possible.


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## skyQuake (21 October 2009)

http://blog.mdsfinancial.com.au/category/share-purchase-plans/

Shows most of the SPPs, but not the ones where a SPPs is announced but no details given.
Also excludes entitlements and whatnot.


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## sammy84 (24 October 2009)

TIS- record date not until the 29th. Ability to buy $15000 at .15, currently trading at .19


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## skc (25 October 2009)

sammy84 said:


> TIS- record date not until the 29th. Ability to buy $15000 at .15, currently trading at .19




Yes indeed. But TIS has very low liquidity. To sell $15K worth of shares you will have to take out 5 price levels.


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## nulla nulla (25 October 2009)

What is the likelihood that mig will do a capital raising to pay out mqg, reduce debt and split the company into toxic and non toxic assets like gpt did?


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## skc (26 October 2009)

CSR has gone into a halt for some capital. They are trying to split their building materials division with the sugar / methanol half.

Capital raising has been coming in rashes within a sector. Let's see if other building materials companies also pull the trigger. BLD was rumoured to be sounding around a couple of weeks ago. ABC and JHX are also possible candidates for the cap raising congo line.


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## Fleeta (26 October 2009)

VMG is an interesting one - good discount probably indicates that they really needed to pay down debt...I just wonder if the bank covenants aren't too strict on these guys given they are a growth company, time will tell but this is one that could have hockey stick profits if all goes well.


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## sammy84 (27 October 2009)

AFR reported today that TCL is rumored to be considering a capital raising


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## Galba85 (27 October 2009)

Can you fill us in more info on vmg, I've been eyeing this for a while

But what's 
Rights Trading commences and existing Shares quoted on an "ex" rights
basis on the 28th OCt

Then
Record date for entitlements 4th of November, is this one the actual record date

Excuse my ignorance but I get a bit confused about rights trading


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## GREENS (28 October 2009)

Galba. I rang the ASX today to confirm a lot of the issues people have had surrounding record dates, ex dates, T +3 etc. I asked friends in the industry and also rang a few share registers who all gave me totally different answers. My solution was to go straight to the source. The is, the ASX. 

If you want to participate in a rights issue you must purchase prior to the ex date to be entitled to the issue. 

You can sell out of a stock on the ex date, as this is the first day of trading that the shares trade without the entitlement to participate in the capital raising. 

For a SPP where no ex date is given, to be on the register at the record date you must purchase the shares 4 business day prior to the record date. So if the record date is on the Friday, you must purchase by the close on Monday. I know this goes against the T+3 idea, that some have proposed but that’s what the ASX said and I also talked to a broker who told me that most trades are actually T+4 as settlement can be a very sloppy process.   

This whole thing is just very confusing, so all I can say is I have done as much research as I can surrounding these areas and can provide you with what I now believe to be the correct interpretation of these key dates and the settlement process. If I’m wrong my sincere apologies.


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## gooner (3 November 2009)

Over the last 4 months, I have purchased $500 of shares (min  parcel for my broker) where I believed there would soon be a capital raising, using fundamental analysis and press rumours. I only look at ASX 300 companies. Objective was to get cheap shares via SPP or pick up extra rights on a rights issue. And then immediately sell whole holding. Not been as profitable as I thought, although still OK.  I have purchased about 12 companies. Usually I use two accounts so can buy two parcels (me and the wife).  For SPP's, I have applied for maximum, for rights usually $20k worth. You have market risk on initial parcel (only $500) then have risk from BPAY date to trading date. The latter is asymmetric as you only BPAY if price is lower than market price.  Of those that have come to fruition, profits and losses as follows 

GMG +5,860 (only 1 account - kicked myself on this)
BOQ + 4,100
MIG - 4 (sold out when announced split with capital surplus)
VPG - 100
CSR -170 (no extras available so sold out)
BLY +220 (was looking very good until market tanked over last week)

In progress IIF, but looks like a dud given markets tanking again.

Last few weeks has shown it is a good strategy in a rising market, but not so profitable in a falling market. However, definitely appears to be a worthwhile strategy to date.


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## UMike (4 November 2009)

API 2 for 3 Entitlement offer to raise $112 million plus an institutional placement to raise a further $38 Million


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## skc (5 November 2009)

gooner said:


> Over the last 4 months, I have purchased $500 of shares (min  parcel for my broker) where I believed there would soon be a capital raising, using fundamental analysis and press rumours. I only look at ASX 300 companies. Objective was to get cheap shares via SPP or pick up extra rights on a rights issue. And then immediately sell whole holding. Not been as profitable as I thought, although still OK.  I have purchased about 12 companies. Usually I use two accounts so can buy two parcels (me and the wife).  For SPP's, I have applied for maximum, for rights usually $20k worth. You have market risk on initial parcel (only $500) then have risk from BPAY date to trading date. The latter is asymmetric as you only BPAY if price is lower than market price.  Of those that have come to fruition, profits and losses as follows
> 
> GMG +5,860 (only 1 account - kicked myself on this)
> BOQ + 4,100
> ...




That is the exact reason I started this thread  Certainly not a great strategy in a falling market however. Sticking to ASX300 makes sense. Some of the smaller end miners are raising a few millions here and there and inevitably their share price stayed at the offer price level.

FWIW I think there is a round of cap raising coming with the building materials sector...


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## skc (5 November 2009)

UMike said:


> API 2 for 3 Entitlement offer to raise $112 million plus an institutional placement to raise a further $38 Million




As per above, the idea is to get in before the announcements so one can take up any discount offers... API was limited only to existing holders. It looked good 2 weeks ago with offer price 65c and ex-price 85c. It's 70c yesterday so still in the green but by not much.


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## skc (6 November 2009)

BOL - back in July had a potential merger on the table and decided to put capital raising on hold. Said they will review in a few months. It has been a few months, so one way or another there will be some announcements pending.


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## skc (13 November 2009)

Keep an eye out for Minara MRE.

They are 1 of 3 bidders for BHP's mothballed Ravensthorpe nickle mine. As part of the process they are also exploring various funding options. So some possibility of cap raising. Of course they could go with debt funding, project finance or just placement to big instos.

Another to put on watchlist is BEC. Probably some time down the track however.

http://www.businessspectator.com.au...iatives-pd20091113-XR2EW?opendocument&src=rss


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## skc (18 November 2009)

skc said:


> BOL - back in July had a potential merger on the table and decided to put capital raising on hold. Said they will review in a few months. It has been a few months, so one way or another there will be some announcements pending.




Massive $87m capital raising announced. Offer price 30c compared to last close of 47c. They are doing every cap raising method under the sun.

1-for-1 rights (on 171m shares) $13m insto and $39m to retail.
$15m placement (50m shares)
$20m SPP (another 66.7m shares), but not until Jan 2010

http://www.asx.com.au/asxpdf/20091118/pdf/31m4kfn6cj3ljg.pdf

Record date Mon 22 Nov, so for existing holders only. TERP 37c.. ~20% discount. I got a small parcel after making this post  

Let's see how they open on Friday.

BTW they also received a takeover offer for 60c cash. Board rejected claiming that the price is less than their NTA of $0.89 and offer is conditional etc.

What they didn't mention was at what portion of NTA are they doing the cap raising?! Post raising NTA would be ~52c, so the offer price of 30c means a discount of 42%, compared to the takeover which was a discount of only ~33%. Hmmm.


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## skyQuake (18 November 2009)

skc said:


> Massive $87m capital raising announced. Offer price 30c compared to last close of 47c. They are doing every cap raising method under the sun.
> 
> 1-for-1 rights (on 171m shares) $13m insto and $39m to retail.
> $15m placement (50m shares)
> ...




Sweet, thanks for the heads up! Interesting that theres a rights issue AND SPP.


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## skc (19 November 2009)

skyQuake said:


> Sweet, thanks for the heads up! Interesting that theres a rights issue AND SPP.




Desperate times call for desperate measures. AIO and BLY both did the same thing. Although AIO's SPP was only available to existing shareholders, BLY was offered to anyone who joined the party later.

It wasn't clear in the announcement wording which way it would be for BOL.


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## aroberts1979 (6 December 2009)

Hi guys,

Any update on this?

What's the best way to find out about SPP's? Just by reading the AFR and anticipating a capital raise? 

Anthony


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## RogueTrader273 (19 October 2010)

Did people lose interest in this thread?  Here's a recent cap raising tip from Street Talk: HGO.  

Also is anyone else attempting to build up a big portfolio a la Stephen Mayne to profit from cap raisings?


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## skc (19 October 2010)

RogueTrader273 said:


> Did people lose interest in this thread?  Here's a recent cap raising tip from Street Talk: HGO.
> 
> Also is anyone else attempting to build up a big portfolio a la Stephen Mayne to profit from cap raisings?




Very different times now and the game has changed somewhat. There are now more re-nounceable issues than before which basically means no over subscription. There also are a lot fewer open window opportunities where ex-entitlement date is after the announcement is made. Also, many big companies already have too much capital on their balance sheet so the need for raisings are deminished. And you prob don't want to touch those pennies raising $1m here and there...

Still have several on my watchlist:

ANZ - If they buy some of the Korean banks
AGK/ORG - One of them might get the NSW electricity privatisation bid and may need additional capital
STO - They need $1B or $2B for the LNG dream but not before FID in Dec I think
AMP - If they bid AXA
NUF - If they are in danger of breaching their convenent and not taken over beforehand
TTS/CWN - If they bid for TAH's demerged assets

Many of these won't be major issues - like may be 2-for-9 rather 1-for-2 at the peak of the crisis. 

All in all it means Stephen Mayne's strategy is working less well than before.


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## awg (19 October 2010)

A likely CR for Kentor Gold KGL

Has a mighty chart, and prospects for further big gains due to low cost of proposed mine. dyor

Sweating on the political outcome in Krygystan


Bit late I suppose but they dont get much sweeter than the current KAR SPP, 
very nice premium atm


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## RogueTrader273 (19 October 2010)

Thanks SKC - I've actually got one share in each of those   I've shares in about 280 companies so far, buying 50 at a time and selling soon after.  Aiming for a total of about 800-1000.


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## skyQuake (19 October 2010)

awg said:


> A likely CR for Kentor Gold KGL
> 
> Has a mighty chart, and prospects for further big gains due to low cost of proposed mine. dyor
> 
> ...




Thought they just had one recently at 6.5c? Was a right issue though


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## skc (19 October 2010)

RogueTrader273 said:


> Thanks SKC - I've actually got one share in each of those   I've shares in about 280 companies so far, buying 50 at a time and selling soon after.  Aiming for a total of about 800-1000.




I hope you have cheap brokerage!!!

280 x $25 x 2 = $14K


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## adobee (19 October 2010)

AKM will need about $5mill to pay for $3 due for projects and ongoing costs.. may raise in HK instead.. Will need Cap raising before end of year


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## RogueTrader273 (19 October 2010)

skc said:


> I hope you have cheap brokerage!!!
> 
> 280 x $25 x 2 = $14K




You pay $25 brokerage?  It's $6 with IB, though I've only just started using them for Oz shares.  Actually I've made about $10k doing it, as I wait for bullish conditions and sell a few days later (keeping one share of course.) Would have been quite a bit more if I'd been using IB before of course. Stocks which start to drop I sell straight away and keep good performers a bit longer.


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## awg (19 October 2010)

skyQuake said:


> Thought they just had one recently at 6.5c? Was a right issue though




and it went well, price now 17c

The way I read the Investor Presentation 18/10 is that it is saying... now we have the $50M finance from Macquarie, we need another $46M


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## sammy84 (19 October 2010)

RogueTrader273 said:


> You pay $25 brokerage?  It's $6 with IB, though I've only just started using them for Oz shares.  Actually I've made about $10k doing it, as I wait for bullish conditions and sell a few days later (keeping one share of course.) Would have been quite a bit more if I'd been using IB before of course. Stocks which start to drop I sell straight away and keep good performers a bit longer.




From memory you're not elgible to participate in all capital raisings through IB. They are still a US resident. It was discussed somewhere on this forum.


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## RogueTrader273 (19 October 2010)

sammy84 said:


> From memory you're not elgible to participate in all capital raisings through IB. They are still a US resident. It was discussed somewhere on this forum.




Do you know where this discussion is?  My address is in Australia, so I wouldn't think it should matter if IB is based in the US.


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## sammy84 (19 October 2010)

RogueTrader273 said:


> Do you know where this discussion is?  My address is in Australia, so I wouldn't think it should matter if IB is based in the US.




https://www.aussiestockforums.com/f...highlight=interactive+brokers+capital+raising

Unfortunately it doesn't matter where you're based, on that IB as a company is within the US. IB doesn't work on a CHESS system.


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## RogueTrader273 (19 October 2010)

Thanks Sammy!  Sadly it looks like I'm better off sticking with Etrade in spite of their much higher brokerage.  Fortunately I haven't bought many Oz shares through IB yet.  I notice though that the thread you linked to is over a year old - do you know if their situation has improved in regard to SPP's?  I emailed them a few days ago and they assured me that there were no problems doing capital raisings with Australian stocks, though it would have had to be a major improvement.


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## SilverRanger (20 October 2010)

RogueTrader273 said:


> Thanks Sammy!  Sadly it looks like I'm better off sticking with Etrade in spite of their much higher brokerage.  Fortunately I haven't bought many Oz shares through IB yet.  I notice though that the thread you linked to is over a year old - do you know if their situation has improved in regard to SPP's?  I emailed them a few days ago and they assured me that there were no problems doing capital raisings with Australian stocks, though it would have had to be a major improvement.




I'm in MBN's SPP with IB, I'v been told (last week) that



> IB is registered as a US based company in a single name account with our Clearing Agent and does not register the shares in each customer's name. Therefore, we are allowed to apply for one maximum parcel for the shares purchase plan only. The allocation from the share purchase was pro-rated and depended on how many shareholders subscribed the share purchase plan.




So I would say that until they are properly registered in here the situation probably won't improve. Until then, it's best to go with the next cheapest CHESS sponsored broker (CMC?)


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## Synergy (20 October 2010)

Is 1 share all you need to participate? Are there ever any raisings where there is a minimum holding required to participate?

Also, any estimates as to what percentage of the cap raisings would be on a pro rata basis? eg 1:5.

After reading this I'm considering hanging onto 1 share each time i sell a holding. The thought of the 'paperwork' involved is a little daunting though.


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## son of baglimit (20 October 2010)

plenty of chatter regarding NMS requiring capital raising to assist with refinancing of long term debt. today a investor pres was released, believed to likely be the one for a pres to 'sophistocated investors'.

been burning considerable cash last 12 months due to lack of work.

unsure whether SPP will be available, either way they need a good news story very soon.


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## RogueTrader273 (23 October 2010)

Synergy said:


> Is 1 share all you need to participate? Are there ever any raisings where there is a minimum holding required to participate?
> 
> Also, any estimates as to what percentage of the cap raisings would be on a pro rata basis? eg 1:5.
> 
> After reading this I'm considering hanging onto 1 share each time i sell a holding. The thought of the 'paperwork' involved is a little daunting though.




Which paperwork are you daunted by?  None that I know of, apart from opening extra mail.


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## gooner (24 October 2010)

RogueTrader273 said:


> Which paperwork are you daunted by?  None that I know of, apart from opening extra mail.




Add

Registering tax file numbers and bank accounts details with Link/Computershare

Adding up dividends and franking credits for tax returns

Capital gains/losses when you come to sell



Also, most companies are doing renounceable issues nowadays, so the strategy is unlikely to work.....

Was great during the GFC though


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## RogueTrader273 (24 October 2010)

gooner said:


> Add
> 
> Registering tax file numbers and bank accounts details with Link/Computershare
> 
> ...




Are you re-advising the registries of your details every time you do a trade then?


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## gooner (24 October 2010)

RogueTrader273 said:


> Are you re-advising the registries of your details every time you do a trade then?




No but you need to update for each new company you buy


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## RogueTrader273 (24 October 2010)

gooner said:


> No but you need to update for each new company you buy




Update what?


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## Judd (24 October 2010)

Just be aware of the ASX rules in timing in regards to SPPs (Appendix 7A: Timetables)



> *Security Purchase Plans*
> 
> An entity must follow the following timetable for an issue of securities under a security purchase plan.
> 
> ...




Essentially it means that if you are not already on the share register when the company announces an SPP, you cannot participate in that SPP by purchasing shares after the SPP has been announced.

Cheers


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## So_Cynical (24 October 2010)

RogueTrader273 said:


> Update what?




Your details  TFN, bank account, communications, DRP.


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## RogueTrader273 (24 October 2010)

So_Cynical said:


> Your details  TFN, bank account, communications, DRP.




Have you traded shares before? You don't need to do this.  And why worry about DRP's if the purpose is to only retain one share?


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## So_Cynical (24 October 2010)

RogueTrader273 said:


> You don't need to do this.  And why worry about DRP's if the purpose is to only retain one share?




^Yes good point......however if your going to hold 1 share of all ASX200 stocks then you can expect dividend payments from about 150 of them which should add up to an amount, approximately equal to 3 or 4% of the money you have "invested" in those 200 shares.

200 shares with an average price of $5.50 (guessing here) = $1100 so a annual return of 35 > 40 bucks and maybe $15 in tax credits....lol

Your right its not really worth mucking around with it...have you actually looked at how many discounted SPP's (ASX200) there were over the last 12 months? have you done any projections as to what you could make?


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## RogueTrader273 (24 October 2010)

So_Cynical said:


> Your right its not really worth mucking around with it...have you actually looked at how many discounted SPP's (ASX200) there were over the last 12 months? have you done any projections as to what you could make?




Sure have, check out http://blog.traderdealer.com.au/category/sharepurchaseplan/ and
http://www.maynereport.com/articles/2009/06/14-1500-4361.html

With one share in hundreds of coy's, I get a lot of 1c and 2c dividends auto-paid to my account, so they're not even worth talking about.  Btw why are you fixated on the ASX 200?  I'll take money from any company that wants to hand it out myself...


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## So_Cynical (24 October 2010)

RogueTrader273 said:


> Sure have, check out http://blog.traderdealer.com.au/category/sharepurchaseplan/ and
> http://www.maynereport.com/articles/2009/06/14-1500-4361.html




Ok so a quick flick thru the pages reveals that there's lots of 2 bit prospectors looking to raise money, because they don't actually make any....so no surprises there.



RogueTrader273 said:


> With one share in hundreds of coy's, I get a lot of 1c and 2c dividends auto-paid to my account, so they're not even worth talking about.  Btw why are you fixated on the ASX 200?  I'll take money from any company that wants to hand it out myself...




In no way am i fixated by the ASX200, my portfolio has stocks with MC's from 35 million to 11 billion and a micro cap fund...i was assuming you would target, or at least include the bigger stocks in your "1 of everything" plan, otherwise you could end up putting alot of money into stocks that don't have any and don't make any...and i am not to confident that's a plan with a high probability of a good outcome.


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## RogueTrader273 (29 October 2010)

As a matter of interest, anyone know if you can get into a capital raising more than once, e.g. using your own individual name as well as your self-managed super fund (or a company or trust for that matter)?


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## oztrades (30 October 2010)

RogueTrader273 said:


> As a matter of interest, anyone know if you can get into a capital raising more than once, e.g. using your own individual name as well as your self-managed super fund (or a company or trust for that matter)?




Yes if you have already purchased the shares under different names/entities such as individual/company names. Otherwise send them a cheque and stamped self addressed envelope for return of said cheque if the answer is no.

Interestingly I did that and got the said cheque back... then the announcement came back that the shares were undersubscribed and that the underwriters took up the shortfall... Did I really just say that?


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## awg (15 November 2010)

As per posts 105 and 111

KGL has announced a capital raising and rights issue.

The point of interest being you can purchase prior to rights issue, ex is 17th

rights issue is 3 for 5 at 13c

capital raising for "institutionals" at 15.5c was approx 88% scaled back !

back on market today after trading halt, trading range 18.5 to 20c

closed 20.5 friday, so thats holding up very strongly imo, given whats happened to POG, and the discount  

this is a good looking prospect and i will be taking my full allotment

see ann today...dyor..you need to be on the share registry to participate


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## robusta (15 November 2010)

Just curious, as a general rule, why look for capital raisings except to keep away from them?

Correct me if I am wrong but the main reasons for capital raisings are:

- Acquisition. Given Australian companies long and proud history of paying too much in a takeover why would you want to be giving money to the buy side of this transaction. This often leads to a bloated goodwill figure on the books to be written down at a future date. (take a look at PRY) 
Probably the worse example of this would be ABC learning, everyone was looking at the earnings growth and forgot to look at the massive ammount of capital the shareholders and banks were tipping in and the declining ROE.

- Expansion.  The best companies with a very few exceptions have such a strong cash flow and competitive advantage, they can expand organically out of retained earnings. 

- Debt Reduction. This is one of the worse reasons, the best ROE you can get on this additional capital is bank interest.

Look at it from a business owners point of view, would you rather own a business that after the initial investment is regularily requiring extra capital injected into it or a business that after initial investment can earn a return on that investment to grow and pay you back?

One of the worse things IMO a company can do regarding capital raising is to pay a dividend in the same year it raises capital. Think about it they are triggering a tax event to payout the dividend at the same time asking you to tip more money into the company with your after tax dollars. This is not treating share holders like owners, it is treating them like suckers.

Maybe I am missing the point of this thread and there are trading opportunities around capital raisings and I admit sometimes it is a opportunity to buy into a excellent company at a discount but as a long term investor I would rather stay away from most of them.


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## So_Cynical (15 November 2010)

robusta said:


> Maybe I am missing the point of this thread and there are trading opportunities around capital raisings and I admit sometimes it is a opportunity to buy into a excellent company at a discount but as a long term investor I would rather stay away from most of them.




I think the point of this thread is that often capital raisings/SPP's are done at a significant discount to the last closing price, also they can over the longer term often be seen to be share price turning points and thus a great time to buy...and or average down if your a longer turn holder/true believer.

Alot of people made alot of money participating in cap raising during the second half of the GFC, late 2008/early 09....speaking for myself.


MRE issue price 0.30 and now 0.79
SUN issue price 4.50 and now 9.38
EVG issue price 0.30 and now 0.13
MDL issue price 0.62 and now 1.22
TRY issue price 2.00 and now 3.44


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## skc (15 November 2010)

robusta said:


> Maybe I am missing the point of this thread and there are trading opportunities around capital raisings and I admit sometimes it is a opportunity to buy into a excellent company at a discount but as a long term investor I would rather stay away from most of them.




Fair points. From a long term investor perspective perhaps the only good capital raisings are those related to expansion opportunites. E.g. Small explorer making the leap into a producer.

I guess it is up to the individual traders what to do with the information here - either avoid the companies on the list or trade around these opportunities. But if you hold the shares already you will probably silly not to participate as long as the offer is in the money.


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## awg (15 November 2010)

robusta said:


> Just curious, as a general rule, why look for capital raisings except to keep away from them?
> 
> Correct me if I am wrong but the main reasons for capital raisings are:
> 
> ...





I agree mainly, except you left out the main type I participate in;

that is explorers transitioning to producers..they usually do repeated cap raisings in order to develop the resource..it is virtually unavoidable, but the small cap resource sector has been performing very strongly, so unless you participate, you are diluted...or miss out altogether

Ultimately you are attempting to get the best discount to future value for any stock, so you would have to check the figures.

Agree with So_Cyn about GFC jobbies like ANZ, CBA, RIO, all good

Havent had too many go sour ( yet)


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