SP AusNet in $415m raising as profit falls

May 12, 2009
Singapore Democrats

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Cynthia Koons
The Australian Business

SP AusNet today said full-year net profit fell 6.7 per cent to $146.9 million, as it called a $415 million capital raising.

Revenue from continuing operations rose 11 per cent to $1.17 billion, compared with the previous year’s result, SP AusNet said.

The energy infrastructure concern announced a final distribution of 5.927 cents per security.

SP AusNet also announced a capital raising of up to $415 million, and its shares have entered a trading halt.

The utility’s underlying net profit rose 5.4 per cent to $177.2 million, while revenue lifted 10.8 per cent to $1.17 billion.

SP AusNet said it was seeking to raise capital in a one-for-four entitlement offer, at an offer price of 78c per stapled security.

Shares of SP AusNet closed yesterday at 90 cents.

The entitlement offer comprises a fully underwritten $330 million institutional offer and a non-underwritten retail offer of up to $85 million.

http://www.theaustralian.news.com.au/business/story/0,28124,25466546-20142,00.html