what does this company do???, page-2

Commsec:
"Spark Infrastructure (SKI) is an infrastructure fund with an objective to invest in regulated utility infrastructure, both within Australia and overseas. This includes electricity and gas distribution and transmission, regulated water and sewerage assets. Spark Infrastructure's current portfolio comprises a 49% interest in three regulated electricity distribution companies, ETSA Utilities in South Australia, CitiPower and Powercor in Victoria."

Defensive stock, owns infrastructure, good yield but not franked, you would have to look at the last three companies mentioned above and see what they do. They just own power lines, posts, ceramic isolator, transformers and substations which have long term cost / inflation adjusted supply contracts. They balance this with long term borrowings.
I do not understand it either, but yield is good, high stability. Always hard to work out stapled loan securities, any pointers always good.