4 August 2015
Origin set for sale of entire interest in Contact Energy - implications for OCF Preference Shares
Origin Energy Limited (ASX: OEL), the parent company of Origin Energy Contact Finance No. 2 Limited (Origin Energy Contact Finance) (NZX: OCF) today announced it had entered into an underwriting agreement for the sale of the 53.09 per cent shareholding in Contact Energy Limited (NZX: CEN) held by its New Zealand wholly owned subsidiaries. Subject to settlement of that sale, Origin Energy Contact Finance intends to redeem the Preference Shares issued by it (NZX: OCFHA) (Preference Shares).
Under the terms of the Preference Shares, Origin Energy Contact Finance is required to give all holders of the Preference Shares 20 business days’ notice prior to the redemption of the Preference Shares. Accordingly, subject to completion of the sale of the Contact Energy shares, it is expected that the notice of redemption will be sent to holders on or about 10 August 2015, and that payment of the redemption amount and the final dividend will be made on or about 7 September 2015. The amount paid on redemption will be the Issue Price plus the final dividend calculated up to the date of redemption.
A trading halt has been sought in respect of the Preference Shares while the bookbuild for Contact Energy shares is conducted. If a trading halt is granted, the Preference Shares will continue in trading halt until the results of that bookbuild are announced.
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Price review outcome and update on FY2021 guidance
Origin Energy Limited (Origin) has provided the following update on earnings guidance for the year ended 30 June 2021 (FY2021), following an adverse outcome on a domestic gas contract price review, combined with a further deterioration in Energy Markets’ operating conditions.