- Contact Energy (CEN) has announced its non-underwritten NZ$75 million (roughly A$69.8 million) retail offer has now closed oversubscribed
- The retail offer was well supported by shareholders, with Contact receiving applications totalling approximately NZ$230 million (around A$214 million)
- 18,667 Contact shareholders applied under the retail offer, with an average application size of around NZ$12,300 (approximately A$11,446)
- Settlement of the Retail Offer is expected to occur on 12 March 2021 for both the NZX and ASX
- Shares are up 2.48 per cent, trading at $6.61
Contact Energy (CEN) has announced its non-underwritten NZ$75 million (roughly A$69.8 million) retail offer has now closed oversubscribed.
The retail offer was well supported by shareholders, with Contact receiving applications totalling approximately NZ $230 million (around A$214 million).
Under the retail offer, eligible existing shareholders who had recorded addresses in New Zealand or Australia on February 12, could each subscribe for up to NZ$50,000 (about A$46,000) worth of new Contact shares.
18,667 Contact shareholders applied under the retail offer, with an average application size of around NZ$12,300 (around A$11,446).
The retail offer was part of Contact’s equity raising, announced on 15 February 2021, under which Contact also undertook a fully underwritten NZ$325 million (roughly A$302 million) placement of new shares to institutional shareholders in New Zealand, Australia and certain other jurisdictions.
The new shares under the retail offer will be issued at a price of NZ$6.74 (around A$6.27), being a 2.5 per cent discount to the five-day volume-weighted average market price of Contact shares trading on the NZX Main Board over the five-business day period before the closing date of the retail offer.
Settlement of the retail offer is expected to occur on March 12, 2021, for both the NZX and ASX.
Shares are up 2.48 per cent, trading at $6.61 at 2:15 pm AEDT.