Investors give raspberry to Contact Energy offshore investment plan

Mon, 16 Feb 2015

By Pattrick Smellie Feb. 16 (BusinessDesk) - Contact Energy shares dropped 8.4 percent to $6.34 by late afternoon following an announcement that it is considering an offshore geothermal energy investment strategy in the absence of growth opportunities in the New Zealand market, disappointing investors who had expected capital returns or higher dividends as the company starts throwing off cash after six years of heavy capital investments. "I’m a bit dumb-founded," said Grant Swanepol, a leading energy stocks analyst at Craigs Investment Pa...

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