Contact Energy Raises NZ$125 Million in Oversubscribed Retail Offer

MT Newswires Live

03/12

Contact Energy (NZE:CEN, ASX:CEN) closed its non-underwritten retail share offer with strong demand, receiving around NZ$251 million in applications from 29,727 eligible shareholders, prompting the company to accept an extra NZ$50 million in oversubscriptions, lifting total funds raised to NZ$125 million, according to a Thursday filing with the Australian and New Zealand bourses.

The shares priced at NZ$8.75 for New Zealand investors and AU$7.36 for Australian investors will be issued on Friday on the New Zealand Exchange and March 16 on the Australian Securities Exchange, ranking equally with existing shares, per the filing.

The proceeds will be used to expand and potentially scale up renewable energy projects as part of the company's Contact31+ strategy, the filing added.

The company's Kiwi shares fell around 1% in recent Thursday trade.

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