Speech To Contact Energy Limited Press Conference

As Minister Responsible for Contact Energy Limited, I welcome this decision. At $1.208 billion, we are pleased with the outcome.

I just need to remind you, before we move this press conference on to question time, that there are quite tight legal restrictions on the Government at this stage, in terms of the answers we can give you in some areas.

They arise through the provisions of the Securities Act, and the Securities Act (Contact Energy Limited) Exemption Notice (No 2) 1999.

Essentially, at this stage, we are not able to discuss Contact's business, the IPO, or the effects of the cornerstone on Contact's business or the IPO.

Nor can we express opinions about whether the price paid by the successful cornerstone shareholder is good, as opposed to saying that we are pleased with the outcome of the sales process.

Opinions on the qualities of the Cornerstone Investor are also ruled out, along with any statement which might induce persons to apply for Contact shares in the IPO.

With those provisos, we'll be happy as best we can to answer questions, bearing in mind that we hope, by Wednesday, to hold a signing ceremony where you can talk direct to senior people from the successful bidder.