Ann: Spark Internalisation Explanatory Memorandum, page-2

re: Ann: Spark Internalisation Explanatory Me... This will be in the interest of all security-holders.

It's the only way, and I'm sure most analysts would agree - that the market can be confident that management are acting in the interest of ALL security-holders (not just the majority CKI/REEF)

Fairly bullish move - I wonder how they convinced the board? I suppose the payment is just the PV of future management fees - discussions must have been around the future capex program...

Hey - I'm not complaining - Capex is a good thing, if it's approved by the AER, SKI gets guaranteed return at the WACC set by the AER. In a perfect world SKI REAL WACC < AER SET WACC which is mainly a function of their ability to secure cheap debt. The spread on the LT notes secured lately are at pretty good rates, so lets hope for two things: they continue to pay down debt, and they outperform their Opex allowance!