APA Group (ASX:APA) announced today that it will offer a Security Purchase Plan (SPP) to APA securityholders, providing them with an opportunity to acquire additional APA securities.
The SPP is open to all APA securityholders who have a registered address in Australia or New Zealand as at 5.00 pm (AEST) on 15 February 2010. Certain custodians and nominees may be able to participate on behalf of each eligible person’s interest for whom they hold APA securities at this date.
Under the SPP, eligible securityholders will be able to acquire new APA securities to a value of $3,000, $5,000, $10,000 or $15,000, free from brokerage and other transaction costs.
Securities issued under the SPP will rank equally with existing APA securities.
The key dates for the SPP are:
| Record date | 15 February 2010 (5:00pm AEST) |
| Offer opens | 18 February 2010 |
| Offer closes | 10 March 2010 (5:00pm AEST) |
| Pricing period | 25 February to 10 March 2010 |
| Allotment date | 18 March 2010 |
APA is Australia’s largest gas transportation business, transporting more than half the natural gas used in the country. It intends to use the capital raised through the SPP to fund the ongoing growth opportunities in its gas infrastructure business across Australia. A number of these opportunities were outlined with the announcement of the 2009 financial year result, and further detail will be provided on Wednesday 24 February 2010 with the release of APA’s interim result for the six months to 31 December 2009.
Securityholders should review the interim result before deciding whether to participate in the SPP.
Additional details of the SPP, including applicable terms and conditions and an application form, will be sent to securityholders this week.