Contact Energy Limited (CEN), an ASX-listed company involved in electricity generation and retailing, as well as natural gas exploration and production, has announced that its non-underwritten retail share offer closed oversubscribed. The Retail Offer garnered significant support from eligible shareholders, with valid applications reaching approximately NZ$251 million. The offer allowed shareholders in New Zealand and Australia to apply for up to NZ$100,000 and A$41,000 worth of new Contact shares, respectively. Applications were received from 29,727 eligible shareholders, surpassing the participation level of Contact’s 2021 retail offer.
In response to the strong demand, Contact has elected to exercise its discretion to accept an additional NZ$50 million in oversubscriptions. This brings the total amount raised under the Retail Offer to NZ$125 million. Scaling will be carried out according to the terms outlined in the Retail Offer Document dated 19 February 2026. Participating shareholders will receive confirmation of their allocated shares around 19 March 2026, with refunds for any surplus application amounts processed within five business days following settlement.
The Retail Offer forms part of Contact’s broader equity raise, initially announced on 16 February 2026, which included a fully underwritten NZ$450 million placement of new shares to institutional investors. New shares under the Retail Offer will be issued at NZ$8.75 (A$7.36 for Australian applicants), matching the price paid by investors in the Placement. Settlement is scheduled for 13 March 2026 for both the NZX and ASX, with trading expected to commence on the NZX on the same day and on the ASX on 16 March 2026. These new shares will rank equally with existing ordinary shares.
Proceeds from the equity raise will be directed toward advancing renewable energy projects, accelerating the Contact31+ strategy. The price at which shares will be allotted under Contact’s Dividend Reinvestment Plan (DRP) for the 2026 interim dividend is NZ$8.75, with shares to be issued on 25 March 2026. The board exercised its discretion in exceptional or unusual circumstances to adjust the strike price calculation under the DRP.
