SPAusNet – BT
SP AusNet raises A$342m in offer
Strong demand from institutions; retail tranche to raise another A$92m
SP AusNet, a member of Singapore Power Group, raised about A$342 million (S$432 million) from the institutional component of its 3-for-20 accelerated non-renounceable pro-rata entitlement offer of its stapled securities.
It is set to raise a further A$92 million through the fully underwritten retail component of the offer at the same institutional price of A$1 (S$1.25) per new stapled security.
About 96 per cent of entitlements offered to eligible institutional shareholders were taken up. But the institutional entitlement offer ended fully subscribed because of significant demand from both new and existing institutional investors for excess allocations.
"This result demonstrates the confidence that both offshore and domestic institutional investors have in SP AusNet, given our proven track record in delivering security-holder returns," said Nino Ficca, SP AusNet's managing director.
SPAusNet – BT
SP AusNet to raise A$434m in offer to shareholders
SP AusNet, the Australian electricity distributor 51 per cent owned by Singapore Power, will raise A$434 million (S$547.2 million) in a share offer to existing investors to help fund expansion, Bloomberg reported.
Separately, the company also said that the Supreme Court of Victoria has formally approved the compensation offered in a bushfire class action in Australia.
As for the share offer, Bloomberg reported that SP AusNet will offer investors three shares for every 20 that they hold at A$1 apiece. That is an 11 per cent discount to yesterday's closing price of A$1.125.
SingPower will take its 51 per cent entitlement with the balance to be underwritten by Macquarie Group and UBS AG.