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Origin Energy Limited sale of Contact completed
5 August 2015
Origin Energy Limited sale of Contact completed
Origin Energy Limited (Origin) has informed
Contact Energy Limited (Contact) that it has successfully
completed the bookbuild process for the sale of Origin
Group’s shareholding in Contact at a price of $4.65 per
share. The trading halt placed on Contact’s shares (ticker
code "CEN") on 4 August 2015 has now been lifted.
To
summarise a number of announcements made over the past two
days:
• Contact has commenced the process of finding
suitable replacements for departing directors Grant King,
Karen Moses and David Baldwin and will provide an update in
due course.
• Phil Pryke has taken on the position of
interim Chair supported by remaining board members Bruce
Beeren, Sue Sheldon and Whaimutu Dewes.
• Dennis
Barnes’ secondment has been extended to allow time for
Dennis to be appointed as a permanent employee of Contact in
the role of Chief Executive Officer.
• Contact has
entered in to a Transitional Relationship Arrangement with
Origin that ensures the current operations of both companies
are not adversely impacted by the change of control and
details a timetable for the separation of shared
arrangements.
• Contact has commenced the process of
listing on the ASX which is expected to be completed within
four to six weeks.
“This is an exciting milestone in Contact’s history. We now enter a period where we will work closely as a Board and Management team to ensure a smooth transition. I remain strongly of the opinion that the capital investments we have made in recent years position Contact well for the New Zealand market and I am excited to lead the business in capitalising on this position with an expected improvement in earnings in financial year 2016. Our focus remains unchanged regarding the safe operation of our business, providing customers with the quality of service and products they expect and creating long-term value for our shareholders”, said Contact Chief Executive Officer Dennis Barnes.
ENDS
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