Why are SMSF and retail investors missing out on ASX capital raisings during COVID-19?

25 Nov 2020 — 25 Nov 2021
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November 25, 2020 @ 10:30 am - November 25, 2021 @ 12:00 pm

Free

OVERVIEW:

On 31 March, by when the economic carnage inflicted by the pandemic was fully evident, ASIC and the ASX announced temporary emergency capital raising measures to help companies raise urgently needed capital, especially by allowing the 15 per cent placement capacity to be lifted to 25 per cent, a decision that disadvantaged existing SMSF and retail shareholders. The ASX relief has been extended from the end of July to the end of November and the ASIC relief has been extended until the end of December. The panel will explore the implications of this relief that has advantaged large institutional investors and disadvantaged existing SMSF and retail shareholders. 

The panel will also discuss practical options whereby the disadvantage can be reduced or removed in future. Many capital raisings during COVID-19 were issued at a 10 to 15 per cent or higher discount to the last traded price. This is a significant penalty for retail shareholders who missed the opportunity and also means their current shareholdings have been diluted. SMSFs are a significant investor in ASX-listed companies (at 31 December 2019, their collective stake stood at $221 billion) and the dividends generate a significant component of retirement income for many SMSF members.

OUTCOMES:

• Increased awareness of an issue that disadvantages existing SMSF and retail shareholders
• Greater understanding of the relief measures adopted by ASIC and ASX and the implications
• Identification of practical options whereby the disadvantage can be reduced or removed in future

Panellists

John Maroney – CEO – SMSF Association

John Maroney was appointed as the CEO of the SMSF Association in May 2017 and is thrilled to have the opportunity to boost the Association’s reputation as the peak body in the SMSF Sector and its representation of more than one million SMSF trustees.  Since his appointment, John has continued the Association’s efforts to improve the quality of advisors, the knowledge of trustees and the credibility and health of a vibrant SMSF community. John has developed strong connections with the SMSF sector’s regulators, ATO, ASIC & FASEA, provided substantial input into official inquiries, Productivity Commission, Franking Credits & Royal Commission, and represented the sector extensively to the Government and media. 

John is passionate about helping all Australians be better prepared for a secure and dignified retirement, especially those who have chosen to utilise self-managed superannuation funds as the main component of their retirement savings.

James Kirby – Wealth Editor – The Australian

James Kirby, The Australian’s Wealth Editor, is one of Australia’s most experienced financial journalists. He is a former managing editor and co-founder of Business Spectator and Eureka Report and has previously worked at the Australian Financial Review and the South China Morning Post. He is a regular commentator on radio and television, he is the author of several business biographies and has served on the Walkley Awards Advisory Board

Brian Sheahan – Chairman – SAFAA

Brian is the Executive Chairman of Morgans Financial Limited and a member of the firm’s Management, Risk, Remuneration and Branch Services Committees. Brian has over 20 years’ experience in the corporate/financial arena in Europe, Asia and Australia. Brian joined Morgans Financial Limited in 1997 as a Senior Research Analyst after three years running a mineral processing business in China and was appointed Managing Director in 2003 and then Executive Chairman in 2016.

Prior to this Brian worked in senior positions in financial analysis and corporate finance over 6 years for a listed Australian resource company. This followed two years in Europe in the finance sector and several years working as a geologist in Australia.

 

Geoff Wilson AO – Chairman & Chief Investment Officer  – Wilson Asset Management

Geoff has over 40 years’ direct experience in investment markets having held a variety of senior investment roles in Australia, the UK and the US. Geoff founded Wilson Asset Management in 1997.

Geoff created Australia’s first listed philanthropic wealth creation vehicles, Future Generation Investment Company and Future Generation Global Investment Company. Geoff is Chairman of WAM Capital, WAM Leaders, WAM Global, WAM Research, WAM Active and WAM Microcap. Geoff holds a number of additional directorships with investment companies and non-profit organisations.

 

 

Tickets

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Why are SMSF and retail investors missing out on ASX capital raisings during COVID-19? - Webinars
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Details

25 November 2020 25 November 2021

Free
(Price for Non-Members)

Free
(Price for Members)

1 CPD Hours