Payday for Contact senior managers triggered by Origin exit

Tue, 04 Aug 2015

By Pattrick Smellie Aug. 4 (BusinessDesk) - Contact Energy's senior management team is set to benefit to the tune of almost $3.8 million from today's announcement of the exit by its 53 percent shareholder Origin Energy. The ownership change triggers the rights of existing senior managers to receive Contact shares at no cost with a total value of almost $3.8 million, based on the $4.65 per share price used for the Origin disposal, and according to the company's most recent NZX filings. A total of 775,959 performance share rights (PSRs)...

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