SP AusNet internalises management

SP AusNet has terminated a decade long management contract with its major shareholder, Singapore Power, in order to internalise management of the company’s Victorian electricity transmission and distribution networks. The transition to internalised management was prompted by Singapore Power selling 20% of its 51% stake in SP AusNet to State Grid Corporation of China for $824m (the equivalent of $1.23 per share). SP AusNet will pay Singapore Power $50m to terminate the contract and a further $7.5m to disentangle the companies’ IT systems. This will bite into 2014 net profit but is to the long term benefit of shareholders....

SP AusNet has terminated a decade long management contract with its major shareholder, Singapore Power, in order to internalise management of the company’s Victorian electricity transmission and distribution networks.

The transition to internalised management was prompted by Singapore Power selling 20% of its 51% stake in SP AusNet to State Grid Corporation of China for $824m (the equivalent of $1.23 per share).

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