Contact Retail Offer oversubscribed
12/03/2026 08:30 NZDT, OFFERP
12 March 2026
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Contact Retail Offer oversubscribed
Contact Energy Limited (NZX/ASX: CEN) (“Contact”) is pleased to announce that its non-underwritten retail share offer (“Retail Offer”) has closed oversubscribed.
The Retail Offer received strong support from eligible shareholders, with Contact receiving valid applications totalling approximately NZ$251 million.1 2
Under the Retail Offer, shareholders whose address was recorded in Contact’s share register as being in New Zealand or Australia as at 7.00pm NZDT / 5.00pm AEDT on 13 February 2026 could each apply for up to NZ$100,000 and A$41,000, respectively, worth of new Contact shares. Applications were received from 29,727 eligible shareholders, representing a higher participation level than Contact’s 2021 retail offer (18,667 shareholders).
In recognition of the strong support from retail shareholders, Contact has elected to exercise its discretion to accept an additional NZ$50 million in oversubscriptions, bringing the total amount raised under the Retail Offer to NZ$125 million.
Scaling will be carried out in accordance with the terms of the Retail Offer contained in the Retail Offer Document dated 19 February 2026. Confirmation of the number of shares issued to participating shareholders under the Retail Offer will be sent on or around 19 March 2026. The refund of any surplus application amounts will occur within five business days following settlement, or as soon as possible after that date in accordance with the terms of the Retail Offer.
The Retail Offer is part of Contact’s equity raise announced on 16 February 2026, under which Contact also undertook a fully underwritten NZ$450 million placement of new shares to institutional shareholders in New Zealand, Australia and certain other jurisdictions (“Placement”).
The new shares under the Retail Offer will be issued at a price of NZ$8.75 (the A$ Price being A$7.36 in respect of eligible shareholders who applied in Australian dollars). The issue price under the Retail Offer is the same as the issue price paid by investors in the Placement.
Settlement of the Retail Offer is expected to occur on 13 March 2026 for NZX and ASX. Trading of new shares issued under the Retail Offer is expected to commence on NZX on 13 March 2026 and on ASX on 16 March 2026. New shares issued under the Retail Offer will rank equally in all respects with Contact’s existing ordinary shares.
Proceeds of the equity raise will be used to advance the execution and potential upsizing of renewable energy projects which would accelerate the Contact31+ strategy.
DRP strike price
The price at which shares will be allotted under Contact’s Dividend Reinvestment Plan (DRP) for the 2026 interim dividend is NZ$8.75. The shares will be issued on 25 March 2026.
1 Includes NZD and AUD proceeds.
2 Reflecting an NZD AUD exchange rate of NZ$1:A$0.84145 as published by the New Zealand Reserve Bank on its website at 5.00pm (NZDT) on the Retail Offer Closing Date of 6 March 2026.
As announced on 16 February 2026, the Board exercised its discretion in exceptional or unusual circumstances to adjust the strike price calculation under the DRP so that it would be calculated as the lower of:
the volume weighted average sale price for a share calculated on all sales of Contact shares which took place through the NZX main board market on the five trading days commencing on 18 February 2026, less a 2% discount; and
NZ$8.75, which is the Issue Price payable under the Retail Offer.
The exchange rate for the DRP is:
AUD NZD: 1.20252434
NZD AUD: 0.83158400
An updated ASX Appendix 3A.1 will be released separately.
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Investor enquiries
Shelley Hollingsworth
Head of Investor Relations and Strategy
+64 27 227 2429
investor.centre@contactenergy.co.nz
Media enquiries
Louise Wright
Head of Communications and Reputation
+64 21 840 313
media@contactenergy.co.nz
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
This announcement has been prepared for publication in New Zealand and Australia and may not be released or distributed in the United States. This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any security or financial product and neither this announcement nor anything attached to this announcement shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or the solicitation of an offer to buy, securities in the United States or any other jurisdiction in which such an offer or solicitation would be illegal. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, in the United States except in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and the securities laws of any state or other jurisdiction of the United States. The shares to be offered and sold in the Retail Offer may only be offered and sold outside the United States in “offshore transactions” (as defined in Rule 902(h) under the U.S. Securities Act) in reliance on Regulation S under the U.S. Securities Act.
You must not send copies of this announcement or any other material relating to the Retail Offer to any person in the United States or elsewhere outside New Zealand and Australia. The release, publication or distribution of this announcement (including an electronic copy) outside New Zealand and Australia may be restricted by law. If you come into possession of this announcement, you should observe such restrictions. Any non-compliance with these restrictions may contravene applicable securities laws.
Important Notice
This announcement does not constitute investment or financial product advice, nor is it a recommendation to acquire securities. It is not intended to be used as the basis for making a financial decision, nor is it intended to constitute legal, tax, accounting or other advice. You should make your own enquiries and investigations regarding any investment, and should seek your own professional advice on the legal, financial, accounting, taxation and other consequences of investing in Contact.
This announcement is not a prospectus, product disclosure statement or any other disclosure or offering document under New Zealand law, Australian law or any other law. This announcement is for information purposes only and is not an invitation or offer of securities for subscription, purchase or sale in any jurisdiction and neither this announcement nor anything in it shall form any part of any contract for the acquisition of securities.