Contact cans offshore geothermal plans, gives 50cps special dividend

Sun, 24 May 2015

By Pattrick Smellie May 25 (BusinessDesk) - Contact Energy has dropped any immediate plans to invest in offshore geothermal energy projects in favour of paying a 50 cents per share special dividend to shareholders, raising its target dividend payout to 100 percent of underlying earnings and dangling the prospect of share buybacks if free cash flow allows an even higher payout ratio. "Contact has concluded there are no material investment opportunities at this time that would sufficiently reward shareholders and that the company can suppor...

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