Macquarie’s SPP – any good?

Hi Guys,

Last month MQG announced an impressive 1^st half profit of $2.04bn plus a capital raising in to the form of a $1.5bn institutional placement plus a SPP (share purchase plan) the size of which will be determined by the appetite from eligible shareholders. The standouts:

• Maximum application of $30,000 and the closing date is 26^th of this month
• Shares will be offered at the lower of $191.28 or a 2% discount to the 5-day VWAP prior to the closing date.
• These shares will not receive the dividend in H1 of next year.

We see nothing not to like in this offering by MQG although it’s not especially generous in terms of discount implying  the stock is in high demand, the only thing to be wary of is what percentage of a portfolio this holding is becoming. NB: We doubt that holders will get anywhere near 30k worth of stock, there is likely to be scale back.

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Macquarie Group (MQG)

LAST UPDATED 19/11/2021 16:10

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Macquarie Group (MQG)

LAST UPDATED 19/11/2021 16:10