Sharechat Logo

Contact considers offer to quit Queensland power station

Friday 23rd December 2011

Text too small?

Contact Energy is being offered A$31 million to quit its quarter share in a peaking station in the remote Queensland settlement of Oakey, which it has owned since it opened in February 2000.

The power station’s majority owner, ERM Power, has made the offer to Contact in order to raise its stake in Oakey from 62.5 percent to 83.33 percent by purchasing and cancelling the shares representing the New Zealand company’s holding.

In the early 2000’s, Contact had some ambitions in Australia, but abandoned them once it became majority-controlled by ASX-listed Origin Energy.

Contact owns 25 percent of the 282 Megawatt Oakey power station, which its corporate website describes as a $140 million station, and is located 150km west of Brisbane in Queensland, Australia.

A further announcement is expected in mid-January. Contact shares rose a little under 1 percent this morning to $5.16.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

UPDATE Contact increases dividend as FY earnings rise; quits wind projects
Contact increases dividend as FY earnings rise in competitive market
Contact shares drop to 2-month low, says 'hard to see' investment under Labour-Greens plan
Contact Energy, parent Origin mull redemption of $2.03 bln of notes after S and P change
Solid first half for Contact, despite retail margins squeeze
Contact sells mothballed New Plymouth power station for $24 mln
Contact Energy's King hints at greater returns as cash mounts
Contact energy beats FY profit forecast as revenue surges
Elliott leaving Contact for Origin role
Contact sees 2014 cash-flow boost as projects put on ice