AusNet Services (formerly: SP Ausnet)

[propertyinvestor]

jialat!

why underwriter need to take so many shares?

http://info.sgx.com/webcoranncatth.nsf/V...D007DFD15/$file/SPAusNetCompletesEntitlementOffer.pdf?openelement

[greengiraffe]

No worries mate. Its a good stock and institutions are more than happy to take it up.

jialat!

why underwriter need to take so many shares?

http://info.sgx.com/webcoranncatth.nsf/V...D007DFD15/$file/SPAusNetCompletesEntitlementOffer.pdf?openelement

[propertyinvestor]

I sold out my current holdings today form 1.35-1.365! I think I will probably get all 30lots excess I asked for!

[greengiraffe]

Index inclusion after closing down under. Enjoy the temporary run before reality returns next week

I sold out my current holdings today form 1.35-1.365! I think I will probably get all 30lots excess I asked for!

[john]

jialat!

why underwriter need to take so many shares?

http://info.sgx.com/webcoranncatth.nsf/V...D007DFD15/$file/SPAusNetCompletesEntitlementOffer.pdf?openelement

Although SPN has discretion to allot the quantity of excess shares applied for, their allotting Securityholders who applied for additional new shares only up to an amount equal to the value of their Entitlement appear to disadvantage small holders and thus letting the underwriters to enjoy taking up 37m unsubscribed shares.

[vicom76]

Hi can I ask when is the rights issue going xd and what will be the stock price after xd?

[KopiKat]

Interesting to see DRP at 0% discount (luckily for shareholders, still below yesterday close of $1.31 but on hindsight, not attractive as Nett Div = A3.7841ct),

SP AusNet announces the Distribution Reinvestment Plan (DRP) issue price for the 2011/12 final distribution is A$1.01 per security (equivalent to approximately S$1.28* per security).

As previously advised, the issue price represents a 0% discount to the average of the Volume Weighted Average Price (as defined in the DRP Rules) of SP AusNet stapled securities sold in ordinary market transactions on the ASX during the 10 trading days immediately after the record date for the distribution,
being 30 May 2012.

---

Hi can I ask when is the rights issue going xd and what will be the stock price after xd?

Rights Issue already over. Dividend also xd some time back, so Rights Shares will only qualify for next dividend (Sep end). Pls check SGX Annc to confirm as I didn't check.

[felixleong]

SINGAPORE — Singapore Power (SP) has agreed to sell large stakes in Australian power companies to State Grid Corp of China, the world’s largest state utility, in deals that could be worth over A$5 billion (S$6.12 billion), as Singaporean Government-linked companies continue to withdraw from the market Down Under.

State Grid will buy 19.9 per cent of electricity supplier SP Ausnet for A$824 million and 60 per cent of energy infrastructure company SPI (Australia) Assets for an undisclosed amount, SP said yesterday.

SP AusNet, listed in Australia and Singapore, held assets worth A$10 billion as at end-March. SPI (Australia) Assets, which uses the trading name Jemena and owns electricity and gas distribution networks, has assets of around A$8.9 billion, according to law firms Allens and Linklaters, which advised the buyers on the acquisitions. Combined, the two deals are worth more than A$5 billion, including debt, according to Reuters calculations.

SP AusNet owns and operates electricity and gas distribution assets in Australia’s Victoria state, including the state-wide electricity transmission network. SP said it would continue to hold a 31.1-per-cent stake in SP AusNet, which would remain publicly listed.

The deals are subject to Australian and Chinese regulatory approvals.

Singapore’s government-linked companies have spent billions of dollars over the past decade on Australian telecoms, energy and real estate assets. The retreat from Australia may signal a shift in their investment strategy away from relatively staid markets in favour of higher-growth economies.

SingTel is considering the sale of its Optus Satellite business in a deal that could be worth at least A$2 billion.

Property developer CapitaLand, meanwhile, is undertaking a strategic review of its A$1 billion stake in Australand Property Group as it wants to focus on China and Singapore.

SP, SingTel and CapitaLand are all in the Temasek Holdings stable, but they generally operate independently of the Singapore investment company.

Mr Gabriel Yap, Executive Chairman of investment firm GCP Global, said Singaporean firms were focusing more on faster-growth markets to improve returns.

“Australian assets are essentially steady growers that help balance out portfolios,” he said. REUTERS

[greengiraffe]

Power to burn as electricity use drops
THE AUSTRALIAN AUGUST 08, 2014 12:00AM

Annabel Hepworth

National Business Correspondent
Sydney
AUSTRALIA faces the largest power glut in the history of the national electricity market.

Electricity use has plunged so much that no new coal or gas base­load power generation will be needed over the next decade to comply with the nation’s famously conservative requirements for ensuring lights stay on.

A report to be released today reveals that this is the first time this has happened in the history of the electricity market, which was created in 1998 after the ­Hilmer review and spans the eastern and southeastern coasts.

This year, the surplus capacity is potentially between 7650 megawatts and 8950MW. Most of the excess is in NSW, Queensland and Victoria.

That is several times the size of Australia’s biggest power station, the 2880MW Eraring in NSW.

Even if electricity consumption were to grow at high levels for the next 10 years, by 2023-24 more than 4500MW could be withdrawn from the market without affecting the adequacy of supplies, the report finds.

The report by the Australian Energy Market Operator will again focus debate on warnings that federal and state policies, ­including the renewable energy target, have pushed the market to breaking point.

A review of the RET headed by businessman Dick Warburton is expected to be handed to the government this month.

Earlier this year, EnergyAustralia — which owns the Yallourn brown-coal power station in the Latrobe Valley — warned that big baseload coal plants “simply hope another business will exit first” as they would face hundreds of millions of dollars in redundancy and mine rehabilitation costs.

The report says electricity use will fall over the next three years because of the decline of energy-intensive industries, including the decline of Victoria’s Point Henry aluminium smelter and energy efficiency measures.

Continued strong growth in solar rooftop panels, especially in Queensland and Victoria, has also driven the trend.

The market operator’s managing director and chief executive, Matt Zema, said electricity consumption from the grid had continued to fall in 2013-14.

Mr Zema said that although the new report estimated there could be up to 8950MW of surplus capacity this year, investment could still be needed because of schemes to support renewable energy generation, to meet local “pockets” of growing demand, and to manage “intermittent generation”.

Wind and solar farms are intermittent and can require back-up generating capacity.

According to the report, there are 1165MW worth of projects that are expected to be commissioned between now and January 2016, including 940.2MW of wind farms and 219MW of large-scale solar.

Of proposed new generation capacity, 58 per cent is wind, 25 per cent is gas, 8 per cent is coal and 4 per cent is solar.

The report comes as the Australian Competition & Consumer Commission will today reveal that it has issued more than 250 notices related to the carbon tax repeal, pushing businesses in sectors including electricity and gas to detail how the repeal is affecting their prices.

[CityFarmer]

Latest update on the company. It is going to be a long and tedious fight....

(not vested)

AusNet Services faces 2 new class action suits from 2014 Yarram bushfire

AusNet Services is facing two new class actions in relation to bushfires that occurred in February 2014 in Yarram and Mickleham.

The Yarram bushfire started on Feb 9 near near Morwell Yarram Road. It is alleged the fire commenced when vegetation made contact with a distribution line. The company has since been served with the court documents.

Separately, AusNet Services has also been informed that a second class action will be started against it in relation to a bushfire that also occurred on Feb 9 in Mickleham Road, Mickleham.

SP AusNet does not believe it was negligent and believes that it acted prudently at all times. It therefore intends to vigorously defend the proceedings.
http://www.theedgesingapore.com/the-dail...hfire.html