Spark's share purchase plan

In Spark buys stake in DUET from 20 May 14 (Hold – $1.88) we explained that Spark Infrastructure had bought derivative contracts giving the electricity distributor a 14.1% stake in rival Duet Group. Sparks’ original announcement said the purchase would be funded by a $200m equity raising that was only open to institutional shareholders, in turn diluting everyone else. ‘[I]n the interests of fairness and consistency’, the board is now extending the offer to ordinary shareholders to raise an additional $40m for ‘general corporate purposes’. It sounds airy fairy but Spark is always in need of capital so at least the...

In Spark buys stake in DUET from 20 May 14 (Hold – $1.88) we explained that Spark Infrastructure had bought derivative contracts giving the electricity distributor a 14.1% stake in rival Duet Group. Sparks’ original announcement said the purchase would be funded by a $200m equity raising that was only open to institutional shareholders, in turn diluting everyone else.

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