The utility firm Spark Infrastructure Group has issued a capital rising of 295 million dollars and also wanted to simplify its listed security structure. The utility owner Spark holds almost 49% interest in three electricity distributors, which are Powercor and Citipower of Melbourne and ESTA servicing of South Australia.
New Spark securities are expected to be issued at a price of 1 dollar, rising up to 295 million dollars. According to Spark the proceeds from the capital raising would be helpful to reduce the debts by 200 million dollars and it would also fund 85 million dollars in equity investments.
The company is also planning to put a restructure proposal for its security holders, the main aim of the company is to improve its shareholder value by simplifying its security structure from five stapled to dual stapled security structure.
If the new restructure proposal gets approval by the security holders then it will produce a more transparent ownership structure for the share holders.
The security holders are expected to meet in late November or early December to vote on the restructure proposal.
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