It paid $39 million in under-writing fees to Macquarie and UBS when the $3 billion placement should have been a $2 billion placement followed by a $2 billion SPP.Based on its 2009 experience when $2.6 billion came through the door chasing $750 million, NAB knows all about heavily over-subscribed SPPs.

As of Friday night, this is how they ranked:In terms of SPP expansion, the only limit applied by the ASX listing rules is that your SPP can’t be more than 30 per cent of ordinary issued capital on the day you issue the shares.With 3.2196 billion ordinary shares on issue after the placement, that would leave the listing rules cap at 959 million shares or $13.5 billion.NAB clearly won’t hit that roof so why not just set a record and go for the biggest SPP in history. The In terms of the $395 million in refunds, these will primarily go to the smaller shareholders as Ramsay opted for a scale back model where everyone got at least 10 shares costing $560, after which it was pro-rata based on the size of your holding.With the stock jumping to $69 yesterday, the $300 million SPP at $56 is collectively $70 million or 23 per cent in the money and the biggest losers are the 38,396 shareholders who declined to participate.Attention now shifts to the NAB board which has a tricky decision to make in what is likely to be the biggest SPP in ASX history.NAB shares finished 8.41 per cent above the $14.15 SPP offer price at $15.34 on Friday night when the offer closed. However, NAB has proposed a $500 million cap, so this would present the biggest expansion in history and the biggest SPP in history.It has been disappointing how investment banks and issuers have treated retail shareholders throughout this recent deluge of offers but NAB has been the worst in terms of deliberately intending to dilute retail shareholders by under-allocating through the placement process. Historical performance is not a reliable indicator of future performance. It’s bad enough dealing with regulators, let along having well funded civil actions launched against you.It’s a bit rough that Downer shareholders ended up contributing to the settlement given they came along later and bought Spotless.Okay, so it sounds like Big Fish was indeed sailing close to the wind in a heavily regulated industry. The board should have seen this coming.If NAB imposes a heavy scale back and retains the SPP cap at $500 million, it will face quite a backlash, including a contested board election at its December AGM, similar to what happened in 2009.An acceptable SPP increase by NAB would be to a minimum of $1 billion, but preferably it would be 48 per cent of the overall capital raising, matching the Ramsay model. Only funds with > three year returns were included in any fee comparison, and were compared to Morningstar's nominated benchmark. We look forward to helping you build a market beating stock portfolio.Create a Premium account, and enjoy 15 day free trial, with unlimited access to all our research & services.

{{ t.Cost === 0 ? brokerage and assuming dividends re-invested and no withdrawals. The peer calculation is inclusive of admin and management fees; excludes brokerage and no withdrawals have been made. You should consider the product disclosure statement before making a decision about a product. ^^ 557 Buy recommendations published by Intelligent Investor between 1 June 2001 and 30 June 2019 were independently verified by EY, as per the After institutions paid $8.25 in the $1.2 billion placement, the SPP attracted $91.5 million and was Bapcor was another big one in terms of strong demand with As for the 500-strong portfolio, a couple of subscribers have requested precise details on completed plays, which have played out as follows.

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