cho, page-58

"Do they publish how much of that is actually taken up by current investors?"


Yes, they do in an Appendix 3B.
The last annual report said that CHO has 2,425 shareholders.
Therefore the theoretical max SPP proceeds should be 2,425 x $5,000 = $12,125,000

The Appendix 3B of April 10, 2006 said :

"The issue was well supported with approximately 1,108 shareholders subscribing for 933,118 shares and raising $5.05 million"

Therefore the answer is approx 50%.

SPP are good for small shareholders as they are issued at discount to NTA, which penalises large shareholders who would probably prefer rights issues which are pro-rata.

CHO, BKI, MLT have annual $5,000 SPPs (the maximum allowed by the Corporations Act) whereas ARG do 2 x $2,500.

AUI, DUI dont have SPPs. They do rights issues from time-to-time. They dont worry about the 'small shareholder' shiite. Everyone is assumed to be a big boy.

(PS. CHO is basically a play on Banks and Diversified Financials. Its done well because the banks have done well. Bear that in mind. In fact CHO is not a bad alternative to investing in banks directly. The only drawback with CHO is the large holding in SOL - just under 10%. SOL is basically a holding company for big chunks of API (?) BKW (ok) SOT (?). There are many jokers here who have said that API is a contrarian value play, but the fact is that it has been a cr*ap company which may or may not be rescued by a takeover)