INDEPENDENT NEWS

Edison Contact Finance Limited Preference Shares

Published: Thu 19 Apr 2001 10:42 AM
EDISON CONTACT FINANCE LIMITED PREFERENCE SHARES TO BE REDEEMED AND NEW OFFER TO BE MADE
Edison Mission Energy Taupo Limited has announced the redemption of $240 million of redeemable preference shares issued to Edison Contact Finance Limited. As a result, the Edison Contact Finance Limited redeemable preference shares issued to the public in 1999 will also be redeemed.
The redeemable preference shares will be redeemed on 2 July 2001. Some of the shares will be redeemed on their scheduled redemption date while others will be redeemed early.
The Edison Contact Finance redeemable preference shares were issued to the New Zealand public from July to November 1999. The proceeds were used to refinance in part Edison Mission Energy’s acquisition of 40 percent of Contact Energy. The share redemption is part of a refinancing by Edison Mission Energy of its holdings in Contact.
“This refinancing will result in a more efficient way to hold our investment in New Zealand,” according to Bob Driscoll, Edison Mission Energy’s Senior Vice President for Asia-Pacific.
A further aspect of the restructuring is that EME Pacific Holdings, the direct holding company for Edison Mission Energy’s investment in Contact Energy Limited, intends to make an offer of redeemable preference shares to the public of approximately $150 million as part of the reorganisation of its finances.
This offer would be made to both existing holders of Edison Contact Finance redeemable preference shares (who will be able to apply the proceeds from the redemption of their existing shares to the redeemable preference shares that EME Pacific intends to offer) and other members of the New Zealand public.
EME Pacific intends to register a prospectus and launch the offer shortly.
Bob Driscoll said EME valued its New Zealand investors and will keep them informed of developments in respect of the proposed new issue.
ENDS

Next in Business, Science, and Tech

Services lead GDP growth
By: Statistics New Zealand
Letter to Immigration Minister From Early Harvesting Growers
By: One Plus One
Scientists discover one of world’s oldest bird species
By: Canterbury Museum
Helping regions fill skills shortages and Kiwis come first
By: New Zealand Government
Report: Govt Inquiry into Auckland Fuel Supply Disruption
By: Inquiry into The Auckland Fuel Supply Disruption
NZ economy grows 0.5% in June quarter, beating expectations
By: BusinessDesk
Don’t blame President Trump for slowing economy
By: New Zealand National Party
Labour's big government economic policies continue to fail
By: ACT New Zealand
Kiwi economic growth slows. We need fiscal caffeination
By: Kiwibank
Weakening economic growth shows need for tax cuts
By: New Zealand Taxpayers' Union
Employers pen open letter to Minister in ‘desperation’
By: New Zealand National Party
Dismissive Minister out of touch with reality
By: ACT New Zealand
Labour issues in booming sector
By: Bayleys
Migrant Workers Association criticises work visa overhaul
By: RNZ
More detail needed on migrant worker policy
By: BusinessDesk
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media