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An announcement from Contact Energy Limited ( (COENF) ) is now available.
Contact Energy’s non-underwritten retail share offer has closed oversubscribed, with valid applications of about NZ$251 million from 29,727 eligible New Zealand and Australian shareholders, exceeding participation in its 2021 offer. In response, the company exercised its discretion to accept an additional NZ$50 million in oversubscriptions, lifting total funds raised under the retail component to NZ$125 million, with new shares priced at NZ$8.75, matching its recent NZ$450 million institutional placement.
Settlement and trading of the new retail shares are scheduled for mid-March on both NZX and ASX, with the new stock ranking equally with existing ordinary shares. Proceeds from the broader equity raise will be directed toward advancing and potentially upsizing Contact’s renewable energy developments to accelerate its Contact31+ strategy, while the same NZ$8.75 price has been set as the strike level for shares issued under the company’s dividend reinvestment plan for the 2026 interim dividend.
More about Contact Energy Limited
Contact Energy Limited is a New Zealand-based electricity generator and retailer with a dual listing on the NZX and ASX. The company focuses on developing and operating renewable energy projects, aligning its strategy with the transition to low-carbon power markets in New Zealand and Australia.
Find detailed analytics on COENF stock on TipRanks’ Stock Analysis page.