Contact Energy to buy back $100 mln of shares in absence of capital projects

Thu, 15 Oct 2015

By Paul McBeth Oct. 15 (BusinessDesk) - Contact Energy, whose cornerstone investor Origin Energy sold out in August, plans to buy back up to $100 million shares through the rest of the financial year, as a lack of large capital projects free up cash for investors. The Wellington-based company will buy up to 25 million shares, or about 3.4 percent of its stock, in an on-market share buyback for a total purchase price of up to $100 million, it said in a statement. Contact signalled the possibility of a share buyback earlier this year when i...

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