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Capital raising fallout at BOQ

Capital raising fallout at BOQ

by Terry McCrann (Courier Mail) 28 Mar 2012

First, so far as the directors are concerned, by presiding over the big losses that have sent BoQ sharply into the red in the six months just completed. And which raises a very serious question over the broad profitability of the bank, but even more its operating business ...

Shareholders suffer in BoQ's highly dilutive $450m equity raising

Shareholders suffer in BoQ's highly dilutive $450m equity raising

by Bryan Frith (The Australian) 28 Mar 2012

AS if a loss of $91 million for the first half were not bad enough, the hapless existing shareholders of Bank of Queensland are being poorly treated in the accompanying, highly dilutive and inequitable, $450m equity raising.

Investment banks' culture of conflict

Investment banks' culture of conflict

by Joyce Moullakis (AFR) 16 Dec 2011

Conflicts of interest at investment banks are a perennial issue, but in recent weeks, the banking arena has been showered with allegations of malfeasance, further tainting the industry’s image. Investment bankers are often accused of lacking integrity.

Lock up your shares, here comes KKR

Lock up your shares, here comes KKR

by Anthony Macdonald (AFR) 23 Nov 2011

An 11th-hour attempt by a private equity giant to take part in Transpacific Industries Group’s recent capital raising was blocked by the waste management company and its advisers, Macquarie and CBA Equities.

The dark art of capital raisings

The dark art of capital raisings

by David Friedlander, Craig Semple and Nigel Hunt (AFR) 20 Aug 2010

If an American corporation announced a rights offering, its stockholders and the broader market would be worried. It would have nothing to do with dilution, coercion or short-selling risks. They would simply be worried that the company had no other avenues to raise capital.

Retail investors lose out in raisings rush

Retail investors lose out in $100bn raisings rush

by Joyce Moullakis (AFR) 16 Aug 2010

Boards and investment banks have come under fire for putting retail ‐ investors and existing shareholders at a disadvantage in their rush to raise capital over the past two years, after a leading governance firm claimed that many placements favoured particular ...

GFC capital raisings lacked transparency

GFC capital raisings lacked transparency

by Michael Evans (Sydney Morning Herald) 16 Aug 2010

COMPANIES should be forced to disclose the big winners from capital raisings after a report found nearly half of the money raised in the aftermath of the financial crisis did not give existing shareholders the chance to take part.

'Bountiful' capital raisings posed conflict issues

'Bountiful' capital raisings posed conflict issues

by Michale Evans (Sydney Morning Herald) 16 Aug 2010

INVESTMENT banks faced numerous potential conflicts of interest as they advised companies on repairing their balance sheets during the global financial crisis, enjoying a "boutiful" time as they sucked up nearly $2 billion in fees.

Share placements must be banned by legislation

Share placements must be banned by legislation

by Terry McCrann (The Australian) 10 Apr 2010

CORPORATE Australia is congenitally unable to clean up its act. The prime regulator is institutionally incapable of understanding the inherent corruption. So there is only one course: share placements must be banned by specific legislation.

Shareholder rights diluted away

Shareholder rights diluted away

by Martin Lawrence and Simon Connal (AFR) 24 Mar 2010

The Australian Securities Exchange is not in the habit of making foolish statements, so its suggestion that boards should have a free hand to determine a company’s ownership is presumably an aberration.

Warning on dilutive raisings

Warning on dilutive raisings

by Patrick Durkin and Katja Buhrer (AFR) 11 Nov 2009

The Australian Securities and Investments Commission has warned boards that law reform might be needed to protect retail investors after $38 billion in capital raisings discriminated against small investors last financial year.

Small investors struggle to get fair treatment

Small investors struggle to get fair treatment

by The Australian 02 Nov 2009

IF you can work out an entirely fair way to allow retail investors the same access as institutional investors get to equity raisings, without stretching the issue timeframe out to the horizon, you're going to be popular.

Watching out for the smaller investor

Watching out for the smaller investor

by Katja Buhrer (AFR) 30 Oct 2009

UBS this week stole a march on its rivals in the equity capital market game after unveiling a $375 million raising by CSR . There has been no shortage of capital raisings over the past year, but this one had an interesting twist designed to put retail and institutional investors on ...

Punters got the rough end of the pineapple

Punters got the rough end of the pineapple

by Ian Verrender (Sydney Morning Herald) 29 Oct 2009

Our pollies love to invoke the Anzac spirit. It tugs at the national heartstrings and generates a warm inner glow about ourselves. John Howard was forever banging on about mateship, even if he didn't quite fit the blokey mould, while our Kev is constantly ...

Capital club: the men who control Australia's money markets

Capital club: the men who control Australia's money markets

by Sydney Morning Herald 18 Aug 2009

In the wake of the Lehman Brothers collapse last September, share prices fell into a tailspin. Many of Australia's top companies had been holding out, hoping the market would recover, hoping their stocks would rise so they could raise new capital at a decent price.

Watchdogs stay silent amid multi-million dollar rip-off

Watchdogs stay silent amid multi-million dollar rip-off

by Courier Mail 07 Jul 2009

THE chairmen of ASIC and ASX have stood mute while the greatest insider' rip-off of mum and dad investors we have ever seen has been taking place this year. Billions of very real dollars have been ripped from these retail investors and transferred to institutional investors.