SP AusNet

tfwee · Veteran

RE: SP AusNet

KK · Guru

Fm SGX,

2007/08 Half Year Results and Distribution Timetable

SP AusNet wishes to announce its proposed timetable for the 2007/08 half year results and distribution as follows:

Wed 21 Nov 2007 : ASX & SGX-ST release of 2007/08 Half Year Results and Distribution Lodgement of Appendix 4D

Thu 29 Nov 2007 : Ex-distribution date

Wed 5 Dec 2007 : Record date for distribution

Wed 19 Dec 2007 : Payment of distribution

KK · Guru

Again, a bit late in posting this and $$ already spent :D

The distribution payment comprises
A. 3.544 cents from a return of capital
B. 0.507 cents from a fully franked dividend
C. 1.584 cents from interest income

A and B are tax-exempted, whereas C (interest income) is taxable at 10%.

The corresponding amt rx in S$/share are,
A. 4.5845cts
B. 1.8442cts
C. 0.6559cts (already deducted 10% tax)
Ttl = 7.0846cts

Working backward,
Exchange rate A$1 = S$1.2936

KK · Guru

A$ - BT

KK · Guru

SP AusNet - SGX

KK · Guru

SP AusNet

KK · Guru

Extracts fm SGX,

Distribution Key Dates

The Directors announced a 2006/07 final distribution of 5.635 Australian cents per security. The distribution will comprise 3.544 cents from a return of capital (62.9)%; 0.507 cents from a fully franked dividend (9.0%); and 1.584 cents from interest income (28.1%).

Important dates:

Wednesday 6 June 2007 Ex-Distribution date
Wednesday 13 June 2007 Record date for distribution
Thursday 28 June 2007 Payment of distribution

Outlook

We remain committed to increasing value for our securityholders and expect to grow distributions by around 2.5% in 2007/08.

KK · Guru

SP AusNet - BT

KK · Guru

8-May-07

Macquarie turns the heat on Singapore Power

All-cash option in sweetened offer could be around A$15.50 per share

(SINGAPORE) A Singapore Power-led consortium that wants to be a major player in Australia's energy sector is under threat from a revised offer by Macquarie Bank for target Alinta. Since the weekend, SP executives have been busy working out how to respond to the offer for Alinta, which is Australia's biggest energy transmission company.

Asked yesterday whether the consortium would be drawn into a bidding war for Perth-based Alinta, whose assets include gas transmission pipelines and a lucrative asset management division, SP spokeswoman Lim Lay Hong said: 'SP will exercise discipline in evaluating its options.'

SP and investment company Bab**** & Brown International in March emerged as the preferred bidder for Alinta, offering a combination of cash and stock in a deal valued at A$13.9 billion (S$17 billion) including debt. The offer to Alinta shareholders is A$15 a share, comprising A$8.50 cash per Alinta share and a combination of stock.

Ms Lim said the Alinta board told the consortium on Sunday that it has received an alternative proposal from Macquarie and has a fiduciary duty to consider it. A Reuters report yesterday said that Macquarie has raised its offer to trump that by the SP-led consortium.

Macquarie's first bid was rejected by Alinta's board in March in favour of the consortium's cash and stock proposal because of reservations about the value of Macquarie's offer of shares in a new company.

Macquarie said yesterday that its revised takeover proposal gives Alinta shareholders three options: all cash, all shares or a combination. The bank also said that it would make an unspecified equity commitment. A source familiar with the situation said that some options in Macquarie's revised bid, submitted late on Friday, amount to more than A$16 a share. Analysts said Macquarie's all-cash option would probably be in the range of A$15.50 a share, while its cash and scrip option would top A$16 per share.

An SP insider said yesterday that this means the consortium will have to work a little harder, but this is not unusual in a takeover. 'The situation is quite fluid.'

tfwee · Veteran

RE: SP AusNet

KK · Guru

KK · Guru

Fm SGX Announcement dated 30-Mar-2007,

Alinta Limited

Further to today's announcements by Alinta Limited, Bab**** & Brown International Pty Ltd and Singapore Power International in relation to the Alinta sale process, SP AusNet can confirm that discussions are now underway between SP AusNet and Singapore Power regarding the Alinta assets to be acquired by Singapore Power.

SP AusNet was established as Singapore Power's investment vehicle for electricy and gas transmisssion and distribution assets in Australia. As stated by Singapore Power today (and in conformity with SP AusNet's prospectus and product disclosure statement), SP AusNet will be first offered the chance to consider any such investment opportunities. SP AusNet's independent Directors are establishing a process for assessment of this opportunity and this will include the appointment of independent advisers.Further announcements will be made as the process is undertaken.

tfwee · Veteran

SYDNEY (Reuters) - Alinta Ltd. (AAN.AX), Australia's largest energy infrastructure group recommended a A$7.4 billion ($6 billion) bid by a consortium led by Australia's Bab**** & Brown (BNB.AX) on Friday, rejecting a rival bid by Macquarie Bank Ltd. (MBL.AX).The Perth-based company said in a statement the offer from Bab****, in partnership with utility Singapore Power, values Alinta at A$15 a share. Media reports have said that Macquarie's offer of cash and shares in a new listed entity valued Alinta at more than A$15.

Alinta Chairman John Akehurst said in a statement that the two proposals received were compared against possible internal restructuring alternatives.

"The directors are satisfied the Bab**** and Singapore Power offer provides an appropriate premium over the value attributed to internal restructuring alternatives," Akehurst said.

Under the proposal, Alinta shareholders will receive A$8.50 in cash per share, 7.83 Bab**** & Brown Infrastructure securities and 1.30 Bab**** & Brown Wind securities for every five Alinta shares.

Alinta shareholders will also receive a distribution of1.51 Australia Pipeline Trust (APT.AX> units for every five Alinta shares.

Alinta had said in February that it plans to split the company into asset management and infrastructure businesses under its own restructuring plan.

Analysts have said that Alinta's assets are particularly valuable and strategic for its competitors because there is currently a lack of sizeable energy assets available in the market following the recent raft of consolidation.

Alinta, which completed a A$6.3 billion asset swap with AGL Energy Ltd. (AGK.AX) in October, was still in the throes of consolidating its assets when a management buyout proposal emerged in January.

Alinta, with a market capitalization of about A$7 billion, has a stable of gas fired power stations, gas transmission pipelines and a lucrative asset management division, which operates and maintains all the distribution and transmission
assets.

-- Edited by tfwee at 17:53, 2007-03-30

tfwee · Veteran

Yeah, finally SP AusNet hit it IPO price today. It has been slow and steady climb since it started listing in SGX. Bought it at around 1.66 on its ipo debut as did not manage to get during IPO balloting.

Using CAGR (Compound Annual Growth Rate), without adding cost, the annualized rate is around 8.57%.

CAGR = [(Ending Value/Beginning Value)^1/No of Year]-1

Ending value ~ Today Closing price + Dividend
Starting value ~ Buying Price

-- Edited by tfwee at 21:54, 2007-03-27

KK · Guru

A historical milestone happened today when SPAusNet hit $1.75 (IPO price) intraday before closing at $1.74. It'd crossed the ASX IPO price of A$1.38 sometime back. Just to recap,

1) Listing Date : 14-Dec-05
2) Div Paid : 3.822ct (1H06 - Mar) + 6.6385ct (2H06 - Sep) = 10.4605ct

At $1.75, Yield = 5.9774% non-annualised for ~15mths or 4.782% annualised

Altho' it beats the 15-yr SGS Bond rate (~3.5%) and FD rate (~3% for $50k), when compared to the STI (2006 : +27.2% ; 2007 +8.3% =35.5%), it doesn't look impressive at all!

If you'd bought and average down when SPAusNet dropped to a low of aro' $1.48, the figures, assuming a simple average of $1.48 and $1.75,

At $1.615, Yield = 6.477% + 8.36% Capital Gains = 11.87% Annualised

Still not very impressive! Got to keep longer for higher Capital Gains + Coming 1H07 Div! Anyway, my main objective of this investment was for longer term div yield and my expectation is to beat the long term bond yield, so no complaints! :D

-- Edited by KK at 20:08, 2007-03-27

KK · Guru

The SP AusNet Board has confirmed the 2006/07 Financial Results timetable as follows:

Thu 24 May 2007 ASX & SGX-ST release of 2006/07 Full Year Results and Distribution Lodgement of Appendix 4E
Wed 6 June 2007 Ex-distribution date
Wed 13 June 2007 Record date for distribution
Thu 28 June 2007 Payment of distribution
Tue 17 July 2007 Annual General Meeting, Melbourne Exhibition Centre

KK · Guru

SGX Announcement by new substantial shareholder. Extracts,

Maple Brown Abbott Limited : 116,161,821 (5.55%)
1-Oct-06 to 1-Feb-07 : 44,304,343 @ A$61,181,092 => Avg A$1.381/unit

KK · Guru

BT, Published January 23, 2007

Sing Power may lead counterbid for A$6.8b group

Aussie investment firm Bab**** and Brown also mulling bid for Alinta

(SINGAPORE) Singapore Power has emerged as the rumoured candidate to lead a counterbid for Australia's biggest energy infrastructure firm, Alinta Ltd, which has a market capitalisation of A$6.8 billion (S$8.2 billion), analysts said yesterday. According to some analysts, Singapore Power, through its Victoria-based subsidiary - SP Ausnet - is 'financially strong enough to back this up'.

However, a spokeswoman for SP Ausnet said the company does not comment on market speculation.

Meanwhile, Australian investment firm Bab**** and Brown declared yesterday that it was considering a bid for Alinta. Sources claim that Bab**** and Brown and a second, unnamed party, were talking to investment banks about a possible joint bid for Alinta. Analysts claim that another Australian energy company, Origin Energy, could also join in the bidding war.

Alinta is seeking offers to a controversial management buyout proposal. The proposal, announced on Jan 9, sent Alinta shares soaring by almost 14 per cent according to previous reports.

Alinta has appointed Carnegie, Wylie and Co and JPMorgan to handle the expressions of interests from potential bidders. The latter plans to open a data room for potential bidders early next month ahead of any formal due diligence. Macquarie Bank was dropped as adviser, after it also became adviser to the buyout group, sparking conflict of interests claims. Macquarie has since confirmed it would no longer have a role in the proposed management buyout until it reached an agreement with Alinta's independent directors on ways to manage potential conflicts of interests. A statement released by the group stated that 'until protocols have been agreed between the two parties, Macquarie will not have a role'.

KK · Guru

KK wrote:

Extracts fm SGX Announcement,
Distribution Payment
The Directors announced a first half distribution payment of 5.635 Australian cents per security, comprising a deferred tax element of 64%. The current distribution payment comprises 3.619 cents from a return of capital (64%); 0.507 cents from a fully franked dividend (9%); and 1.509 cents from interest income (27%).
The Directors also reaffirmed the full year 2006/07 forecast distribution of 11.27 Australian cents per security which is equivalent to a yield of 8.4%1.
Important dates :

Tuesday 28 November 2006 – Ex-Distribution Date
Monday 4 December 2006 – Distribution Record Date
Thursday 14 December 2006 – Payment Date for Distribution

A bit late in posting this as $$ already spent :D

The distribution payment comprises
A. 3.619 cents from a return of capital
B. 0.507 cents from a fully franked dividend
C. 1.509 cents from interest income

A and B are tax-exempted, whereas C (interest income) is taxable at 10%.

The corresponding amt rx in S$/share are,
A. 4.3808cts
B. 1.6440cts
C. 0.6137cts (already deducted 10% tax)
Ttl = 6.6385cts

Working backward,
Exchange rate A$1 = S$1.2105

KK · Guru

SP AusNet - DBSVickers

KK · Guru

SP AusNet

KK · Guru

BT, November 23, 2006

SP Ausnet reports H1 profit of A$114.62m

SYDNEY - Australian infrastructure firm SP Ausnet reported on Thursday a net profit of A$114.62 million (US$88.97 million) for the first half of 2006/07. The profit comprised A$97.6 million from continuing operations and A$17 million from discontinued operations. It had forecast a full-year net profit of A$156.2 million when it listed in December.

The infrastructure company, which owns and operates electricity and gas transmission networks in Victoria state, said revenues reached A$555.4 million in the first six months of its financial year, supported by increased sales volumes due to cooler than average weather and higher cost reductions.

The group also announced a first half distribution of 5.635 cents per security, equating to an annualised yield of 8.4 per cent.

SP Ausnet is 51 per cent owned by Singapore Power following December's A$1.4 billion dual listing of its shares in Sydney and Singapore. -- REUTERS

KK · Guru

Fm SGX Announcements,

SP AusNet is pleased to announce the 2006/07 Half-Year Results and Distribution timetable:

Thursday 23 November 2006 : ASX announcement of 2006/07 Half-Year Results & Distribution along with Lodgement of Appendix 4D
Tuesday 28 November 2006 : Ex-Distribution Date
Monday 4 December 2006 : Record Date for Distribution
Thursday 14 December 2006 : Payment of Distribution

tfwee · Veteran

Extracted from UOB Kay Hian

Talking Point: SP AusNet (SPN)

The organic growth and expansion of the suburban areas of Victoria in Australia are forecasted to increase gas and electricity consumption by 2.1% p.a. until 2010. Dominant position as utilities player
in Victoria, Australia SP AusNet is SP’s investment vehicle in the utilities market in Australia. This
relationship gives SP AusNet access to Singapore Power’s operational and management expertise.

SP AusNet is the primary (and largest) transmission network provider in Victoria. It is also the sole owner and operator of an electricity distribution network and gas distribution network in the major
population growth corridors of Eastern and Western Victoria respectively.

Electricity and gas transmission and distribution systems are natural monopolies as price controls and the regulatory framework provides existing players.
Stable returns with possible growth through M&A In FY06, 87% of SP AusNet’s revenue was
regulated. Organic growth and acquisition of other network assets will drive future earnings growth. Distributions are in the form of franked dividends, interest income and capital returns. In FY06, the
amount of retained earnings offsets the pay out in capital returns. Management is forecasting distributions of 11.27A¢ for FY07, which translates into a gross yield of 8.7% for investors (8.2% net).

KK · Guru

SP AusNet - DBSVickers

KK · Guru

SP AusNet

KK · Guru

SP Ausnet posts 258% rise in full-year profit to S$397m

Mainboard listed SP Ausnet has more than tripled its annual net profit. Earnings jumped 258 percent to A$335.2 million - or S$397 million - in the year to March this year. The result was ahead of expectations.

SP Ausnet is involved in electricity transmission and electricity and gas distribution.

And to drive future growth, it says it will focus on acquisitions in Australia and New Zealand. The power firm now owns the primary electricity transmission network in the Australian state of Victoria. Its other assets include an electricity distribution network in eastern Victoria and a gas distribution network in the western part of the state.

SP Ausnet is 51 percent owned by Singapore Power and is listed on both the Singapore and Australian stock exchanges. - CNA/ch

KK · Guru

Useful links and info for SP AusNet,

1. SGX : IPO=$1.75 ; Now=$1.50 ; Diff=-14.29%
2. ASX : IPO=A$1.38 ; Now=A$1.285 ; Diff=-6.88%
3. Exchange Rate : IPO=1.2681 ; Now=1.16601 ; Diff=-8.05%

ASX trading hrs fllw Sydney time 10am-4pm, which is equivalent to S'pore time 7am-1pm. The vol traded for SPN (ASX code for SP Power) is much higher (6.4Mil today) than in SGX, so I'd think that ASX provides the price lead during their trading hrs (SGX AM session). In the SGX PM session, it'll drift independently if there's enough vol.

KK · Guru

Extracts fm SGX Announcement (pg 3-4) dated 24-Jan-06,

corporatefile.com.au
Reflecting the stapled security structure of the SP AusNet units, the distributions are expected to be a combination of capital returns and interest payments from SP AusNet Trust and franked dividends from the operating entities. In 2005 and 2006, the “tax effective” capital return will account for 68 percent and 65 percent respectively of the total distribution. How long can the capital returns be maintained at this level and how will distributions be structured once all the loan note capital has been returned?

General Manager Finance Terry Fowler
The loan note between the finance trust and the operating companies is $2.1 billion. The initial capital return component of the distributions forecast in the 2007 year is less than 10 percent of the total value of the loan note, so we’ll be able to continue significant capital returns as a component of our distributions for many years to come. We’d expect the relative percentages of the three components of the distributions – the franked dividends, the interest on the loan note and the capital return – to remain fairly consistent over the next few years.

My Comments - It looks like the 8%+ yield may be sustainable beyond FY2007 if SP AusNet chose to!

KK · Guru

SP AusNet - DBSVickers