Contact retail share offer oversubscribed

Thu, 11 Mar 2021

Contact Energy’s $75 million retail offer of shares has been oversubscribed, with 18,677 of its 62,299 shareholders seeking to top up their holdings with an average application of $12,300, or $230m, of new stock.The share purchase plan follows a $325m placement to institutional investors, and will help fund the power company’s plans to expand its geothermal plant at Tauhara near Taupō.The retail offer is priced at $6.74 a share, a 2.5% discount to the five-day volume-weighted average, and cheaper than the $7 paid in the institutiona...

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