Contact Energy Priority Registration Passes 100,000 Mark

More than 100,000 New Zealanders have already priority registered an interest in the Contact Energy share float, Treasurer Bill Birch, SOE Minister Tony Ryall and Minister responsible for Contact Lockwood Smith said today. The Ministers said they were delighted with the level of response, particularly since this is the first time Priority Registration has been used in New Zealand.

The Crown has offered to sell 60 percent of its shares in Contact Energy, one of New Zealand's leading energy companies, by way of public float. The other 40 percent should be sold to a cornerstone shareholder. Priority Registration allows potential investors to reserve, in advance, an Investment Statement and a personalised application form. "The Government aims to give as many New Zealand investors as possible a chance to participate in what will be the largest public share offer we have ever undertaken," the Ministers said.

"We had expected a high level of public interest in the Contact float. It is very pleasing to see so many people taking advantage of the Priority Registration process.

"With a float of this size, it will be of great benefit for us to know how man potential investors want Investment Statements and personalised application forms sent to them when the proposed offer opens in April. "We urge anybody who may still be interested in reserving an Investment Statement in advance to take advantage of Priority Registration before it ends at 5:00 pm on Monday 15 March 1999."

The Ministers said Priority Registration did not oblige investors to buy shares, but those who do priority register will be eligible to receive 25 per cent more shares than the minimum public allocation if the offer is over-subscribed.

New Zealand residents can priority register by calling the Contact Energy Share Information Line on 0800 CONTACT (0800 266 822), by sending in the coupon from newspaper advertisements or by contacting a share broker.