Personally I think the way the board of directors has run the capital management of the company has been suboptimal:
1) Firstly they have been frequently issuing stock options to management and thus diluting shareholders. A quality growth company like this should be paying its management bonuses in cash or buying shares on market and escrowing them as rewards for executive options plans rather than diluting shareholders by issuing new shares.
2) From time to time they have done Dividend Reinvestment Plans (DRPs) which were not necessary and diluted shareholders.
3) The dividend payout ratio has generally been around 50% which is far too high for a growth company like this. If they had a lower payout ratio from the start they would have less debt (and more equity) on the balance sheet now and would have been able to fully fund the current investment program without a capital raising.
4) Even with the current balance sheet given how much headroom the company still had under existing debt facilities and how much they were able to increase the debt facilities recently they would have been able to fund their investment program without the capital raising by taking on more debt (in the short term) and permanently lowering the dividend payout ratio to something like 20%
5) The capital raising was done in an unfair manner. Instead of allocating so much to institutions they could have issued less to institutions and had a renounce-able fair pro-rata rights issue for retail shareholders. Instead the retail shareholders got a share purchase plan capped at $15,000. What if you are a retail shareholder who owns $500,000 of shares in Credit Corp? You get diluted is what happens.
6) The board and management should stick their hands in the pocket and buy more shares in the company. Insider ownership of the stock is low.
When you are a dog company like Telstra or Qantas, issuing shares for various reasons is not a big deal, but when you are one of the great growth stocks like Credit Corp, Seek, CSL, Cochlear, ARB Corporation, etc you should be keeping a lid on shares outstanding as any shares issued today will prove costly in the long run to shareholders.
All of the above being said overall CCP is still a well managed company and its capital management and track record is still better than 95% of companies listed on the ASX. They invest money wisely, they keep the balance sheet strong, they don't make dumb overpriced acquisitions, etc. But I am just pointing out their is still a lot of things that could be better.
And for what it is worth even if the retail share purchase plan exceeds their $10 million target I think they will accept the extra money rather than scale it back.