Harvesting the discount from
Share Purchase Plans

Live SPP Harvester

Ben Bucknell explains how it works

SPP Harvester Type of Offer
$8,000 Minimum Investment
Unlimited Size of Offer

Closes in


SAVE $3,300 if you apply before 30 June



(Before you start, download the account opening guide from the "Offer Documents" tab below - you'll be glad you did)


Get access to discounted capital raisings

  • Retail investors cannot access placements, but they can access SPPs
  • The SPP price is usually the lower of the placement price or a discount to a 5-day VWAP  
  • SPP HarvesterTM creates a 1-share portfolio in 300 companies to enable access to these SPPs

Key benefits of SPP HarvesterTM

  • Save $3,300 if you join before 30 June 2021
  • Zero establishment fees before 30 June; do-it-yourself costs are substantial
  • Automatically reserves an equal proportion of your cash balance where SPP offer periods overlap
  • Automatically identifies and applies for in-the-money SPPs 
  • Automatically excludes out-of-the-money SPPs 
  • Automatically sells new SPP shares to efficiently recycle investor capital
  • Supervised by a trusted custodian and deployed via a leading, robust clearing broker
  • SPP HarvesterTM will provide an annual statement for tax time
  • SPP HarvesterTM does all the work; no ongoing administration for investors

Long term value creation

  • In 2020, the largest 300 operating companies listed on ASX:
    • undertook 61 share purchase plans (SPPs) 
    • issued A$4.9 billion of new shares and units 
    • eligible Harvester SPPs reaped an average weighted (by allocation) return of 13.1% since inception over each average investment period of 22 days

What is SPP Harvester

SPP HarvesterTM is the only automated service which allows you to reap the discount for Share Purchase Plans undertaken by Australia’s largest 300 listed, liquid, operating companies on ASX (the SPP300). 

When an investor account is opened, SPP HarvesterTM automatically buys 1 share in each company in the SPP300. Each share is beneficially registered in your name. Your shares are held by a trusted, globally recognised, custodian, BNP Paribas.

Once you have applied, you will not need to do anything:

  • SPP HarvesterTM automatically applies for SPPs, and sells the new shares after they are issued.
  • You can increase the amounts that are applied towards each SPP by depositing more funds into your SPP HarvesterTM account at any time.

When an SPP300 company offers shares via an SPP, SPP HarvesterTM analyses whether the SPP is in-the-money at the time of application.  An equal amount for each upcoming SPP is provisioned against your cash account, and applications are automatically made for each SPP on your behalf.

If the SPP is oversubscribed, then applications can be scaled back and the excess application monies are refunded to your cash account.  Alternatively, the company may upsize the SPP so that all applicants receive 100% of their application. If there is scale-back, the difference between your application amount and your allocation is refunded to your SPP Harvester cash account.

When your new shares are allocated and commence trading, SPP HarvesterTM automatically sells the new securities, using algorithms to minimise price impact and provide best execution.  The net sale proceeds are then returned to your cash account, ready for the next SPP.

This allows you to efficiently harvest any discount and efficiently recycle capital through SPPs.   

What are the benefits of using SPP Harvester

SPP HarvesterTM allows you to participate in SPPs undertaken by Australia’s largest ASX listed, liquid companies with a minimum capital outlay, minimum administration. Until 30 June, zero upfront fee and zero upfront brokerage (saving $3,300 on our standard fee, and $9,000 vs DIY, see below)

To create a 1-share portfolio in 300 entities, a “do-it-yourself" investor would need to buy the minimum market parcel of $500 in every listed entity (ie. $150,000 of buy orders).  Selling down that $150,000 portfolio to one share in each company would require another 300 sell orders worth ~$146,000. "Do-it-yourself" investors would be charged brokerage twice: on both the buy order and the sell order.

Using an internet broker with minimum brokerage of $15 per trade, a “do-it-yourself" investor would incur transaction fees of ~ $9,000 to establish a 1-share position in 300 listed companies. Join SPP Harvester before 30 June 2021 to get the benefit of zero upfront fee and zero upfront brokerage. 

SPP HarvesterTM removes the hassle of establishing the portfolio and monitoring whether an SPP is in-the-money, determining how much to apply for, and selling down the new shares, to recycle capital into the next SPP. 

SPP HarvesterTM repurchases one share in the company post-SPP sell-downs, which means SPP HarvesterTM will continue to automatically apply for any SPPs conducted by that company in future years.

SPP HarvesterTM investors are provided with an annual statement to make tax-time easy.

About Share Purchase Plans

Share Purchase Plans are a commonly used method of capital raising. Under an SPP, each shareholder is typically offered the opportunity to apply for up to $30,000 in new securities. Typically:

  • Shareholders may apply in fixed dollar parcel values in increments of $1,000 or $2,500
  • The company may set a cap on the total number of shares available.  If the SPP is oversubscribed, then applications can be scaled back
    • The price of the shares are generally but not always, set as the lower of:
    • the price offered to institutions in the placement; or
    • a ~2-3% discount to the 5-day volume-weighted-average-price leading up to the SPP closing date.

Typically, SPPs are open for approximately three weeks. SPP HarvesterTM applies for SPPs several days prior to each SPP closing date.

The chart shows the average discount to the last traded price on the closing date of SPPs, for those SPPs that met the ‘in-the-money’ qualifying criterion used by SPP HarvesterTM in the years since the Global Financial Crisis.

Purchase Price

On the opening date of this offer, the purchase prices of 1-share in each company in the SPP300 collectively added up to ~$4,000.  The exact amount will depend on the trading prices at the time of purchase.  Investors must pay the purchase price to acquire 1-share in each company in the SPP300,and deposit an additional $4,000 to have the cash available to participate in SPPs. If you apply prior to 30 June 2021, we will waive $3,300 in application fees and brokerage.

SPP Harvester Fireside Chat

Join our fireside chat on Thursday 17th June for more information on share purchase plans, the SPP HarvesterTM service, followed by a Q&A.

Register for SPP HarvesterTM Fireside Chat

The Team

Ben Bucknell


Ben has extensive experience in investment banking, private equity, venture capital and corporate law.

Prior to co-founding OnMarket BookBuilds, Ben was employed by Macquarie Group in its Equity Capital Markets division. During his time at Macquarie, Ben worked on equity raisings associated with takeover bids, initial public offerings and placements across numerous industries.

Ben previously worked for the Washington H Soul Pattinson group of companies, one of Australia’s most prominent and diversified investment houses. During this time, Ben advised on venture capital financings, acquisitions, takeovers and equity raisings.

Prior to this, Ben was a senior associate with Allens Arthur Robinson (now Allens Linklaters), advising clients as part of their mergers and acquisitions team.

Rosie Kennedy

General Manager

Rosie’s extensive financial experience spans regulatory, policy, project implementation and trading.

Prior to co-founding OnMarket BookBuilds, Rosie was a Senior Manager, Exchange Market Operators at the Australian Securities Investment Commission (ASIC). Prior to this, Rosie was employed by Australian Financial Markets Association (AFMA) to develop policy and implement projects.

Before AFMA, Rosie served as National Manager, Trading Market Development at Australian Securities Exchange (ASX) where she was instrumental in the development of the ASX Interest Rate Market; ASX electricity and commodity futures markets; DvP for IPOs; and was the ASX nominee director on the board of IRESS. 

Rosie began her career in the debt capital markets and was head of government bond proprietary trading at UBS.

Nick Motteram

Managing Director

Prior to co-founding OnMarket BookBuilds, Nick was the Head of Power & Utilities for UBS Investment Bank in Asia. During his 5 years in the region, Nick lead some of Asia’s largest ECM transactions including the Hong Kong IPO of China Longyuan Power, China’s largest renewable energy company; and the IPO of Reliance Power, the largest IPO ever conducted in India. 

Prior to Hong Kong, Nick worked with UBS Investment Bank in Sydney, as a member of the market leading Utility & Infrastructure team, working with some of the most well-known industry participants in Australia.

Tim Eisenhauer

Managing Director

Prior to co-founding OnMarket BookBuilds, Tim was Head of Product Development for Asia at Standard & Poor’s, leading S&P Indices’ expansion into Asia and launching 30 new innovative indices in collaboration with Asia’s major securities exchanges, ETF issuers, and structured product issuers. 

Before his time in Asia, Tim spent 4 years in New York as Global Head of S&P’s Strategy Custom Index division. Tim was also previously Head of S&P’s Indices in Australia, where he led a dramatic period of index methodology change and index expansion.

Susan Arnold

Client Services - SPP

Susan has more than 20 years of experience working in banking and financial markets. Susan commenced her career in Group Treasury for CBA, before working as an equity analyst and funds’ manager with two of Australia’s largest funds management firms (Commonwealth and Colonial)Susan has more than 20 years of experience working in banking and financial markets. Susan commenced her career in Group Treasury for CBA, before working as an equity analyst and funds’ manager with two of Australia’s largest funds management firms (Commonwealth and Colonial)

Carla Lawandos

Investor Communications Manager

Immediately prior to OnMarket, Carla owned and operated a successful SME. Prior to this, Carla was in a management role, with a team of 35 reports, at one of Australia’s top tier law firms. 

Carla has responsibility for communications to more than 50,000 OnMarket members.

Zac Fyffe


Zac holds a Bachelor of Economics, majoring in Finance, from the University of Sydney. Zac supports the management team with modelling, analytics and communications.

Tim Hyett

Independent Resp Manager - AFSL

To maintain the highest standards of corporate governance, in addition to the responsible managers on OnMarket’s AFSL within the executive team, OnMarket has an external responsible manager that attends regular compliance meetings, and to provide experienced independent oversight. 

Tim has 30 years’ experience in investment management and financial markets in a broad variety of roles and institutions. Tim was previously CEO and Executive Chairman of Investors Mutual, CEO of Global Value Investors and Chairman of the Investment Committee for Premium Investors at Treasury Group Limited, an incubator of fund management companies. Prior to Treasury Group, Tim headed the multi-manager investment facilities for the New South Wales Treasury Corporation which is the central  financing agency for the NSW public sector. 

Tim was a founding Director of a private Information Technology company, and held various trading roles including Head of Trading, before being appointed Treasurer of a regional Australian bank.

Fees and Costs

Establishment Fees of SPP300 (waived for this tranche)

Ongoing Costs

* Plus GST


A small brokerage charge will appear in your account on the purchase of the SPP300. The amount of the charge cannot be ascertained at this time. Apply before 30 June and the Manager will refund/reimburse your account with any brokerage charged within 7 days of purchasing the 1-share portfolio of companies in the SPP300


Your SPP HarvesterTM application process will be simpler and processed more quickly if you register in your individual name, rather than investing via an SMSF, trust or company (as these will require you to send certified copies of constituent documents by mail).

Applications by individuals are fully-electronic.


By clicking the 'CREATE SPP HARVESTER ACCOUNT' button above, you are acknowledging you have read and accept the Terms and Conditions as set out in the SPP Harvester Booklet.



General Risks associated with investing

Prospective investors should be aware that investing in securities and the SPP HarvesterTM strategy involves various risks. There are general risks associated with owning securities in publicly listed entities. The price of securities can go down as well as up due to factors outside the control of the Manager. These factors include Australian and worldwide economic and political stability, natural or man-made disasters, performance of global stock markets, pandemics, interest rates, foreign exchange, taxation, labour relations, environments internationally and other matters outside of the control of the Manager. 

SPP strategy risk

SPP HarvesterTM only acquires securities in an SPP that are in-the-money when measured against the opening price on the date that SPP HarvesterTM applies for an SPP on your behalf.

The main risk that investors face is that the market price falls between the SPP HarvesterTM Acceptance Date and the date that your SPP securities are sold.  If the price, less any transaction costs, realised on the sale of the SPP securities is less than the SPP Price, the investor will realise a loss. 

Listed entities in the SPP300 may experience a decline in liquidity which means that the SPP securities cannot be sold without having a negative impact on the market price of the securities.

A lack of Share Purchase Plans

Listed entities may choose not to undertake SPPs when they raise capital.  SPP HarvesterTM carries an annual fee, and if listed entities in the SPP300 do not undertake SPPs or entities in the SPP300 undertake substantially fewer SPPs than the average number of SPPs over the last 12 years, investors may not recover their annual costs.

No operating or performance history

SPP HarvesterTM is a relatively new offering with a 12 month operating performance history. This means there is a limited track record which can be used by investors to make any assessment about the offering. Investors should be aware, that the number, frequency, and pricing of past SPPs may not be a reliable indicator of the number, frequency, and pricing of SPPs that will be accessed via SPP HarvesterTM. Past performance is not a reliable indicator of future performance.

Oversubscribed SPPs with disadvantageous scale-back

Share Purchase Plans in the SPP300 may be oversubscribed and listed entities may choose scale-back methods that are disadvantageous to SPP HarvesterTM investors, reducing the number of securities issued to investors.

Regulatory Risk

Regulations may be changed in a way that reduces or eliminates the potential returns for investors in the SPP HarvesterTM service.  In the event of a material adverse regulatory change affecting the Manager or Investors, the Manager has a right to terminate SPP HarvesterTM.  Termination will result in transaction costs associated with disposal of the SPP300 and this may result in investors not recovering their investment.

Please see detailed information about SPP HarvesterTM in the booklet.

Important Notice and Disclaimer

This publication provides general information about the SPP HarvesterTM service. The information in this booklet is provided by OnMarket Investment Management Pty Ltd (ABN 81 614 343 814 | AR No. 1281569), an authorised representative of On-Market Bookbuilds Pty Ltd (ABN 31 140 632 024 | AFSL No. 421535).  OnMarket Investment Management Pty Ltd does not provide investment advice, and information in this publication does not take into account your personal and financial circumstances, needs and objectives. You should consider the appropriateness of the information with regards to your personal circumstances, needs and objectives before making an investment decision.

OnMarket Investment Management Pty Ltd makes no warranties or representations regarding the material in this publication, including those regarding its fitness for any purpose, or any defects or errors. OnMarket Investment Management Pty Ltd is not liable to users of the information for any loss or damage however caused resulting from use of the material herein.

To the extent of any inconsistency between the information set out on this webpage and the attached Terms and Conditions, the Terms and Conditions prevail.

The intellectual property described on this website as SPP Harvester is the subject of Innovation Patent No. 2020101031, granted on 8 July 2020, which is owned by OnMarket Investment Management Pty Ltd.

SPP HarvesterTM is a registered trademark of OnMarket Investment Management Pty Ltd ‚Äč

The OnMarket logo is a registered an Australian trademark of On-Market Bookbuilds Pty Ltd (ABN 31 140 632 024).

Copyright of this material is owned by OnMarket Investment Management Pty Ltd (ABN 81 614 343 814).

Got a question? Send us an email


Read our blog to see the latest summary providing an overview of upcoming SPPs, current SPP Harvester Applications and past SPPs made available to investors in SPP Harvester.

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SPP Harvester Live

SPP Harvester

SPP Harvester
Join before 30 June to save $3,300

SPP = Share Purchase Plan
The top 300 companies average 27 SPPs p.a.
SPPs priced @ avg discount of 10% to trading price
SPPs usually accompany an institutional placement
Existing shareholders can apply for $30,000/SPP


SPP Harvester
Buys you 1-share in 300 companies
Only applies for SPPs that are in-the-money
Automatically applies + sells shares @market price
Harvests the SPP discount to reinvest in next SPP


Since inception, SPP Harvester clients have earnt an average 13.1% on the capital invested in SPPs, over an average holding period per SPP of 22 days.  

Acquire a holding in 300 companies brokerage-free - saving $3300 - until 30 June

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