Edison Poised To Achieve Contact Majority

Tuesday, 22 May 2001, 5:32 pm
Press Release: Edison Mission Energy

Edison Mission Poised To Achieve Majority Ownership Of Contact

Edison Mission Energy is gratified with the response from shareholders to its offer to acquire majority control of Contact Energy.

The New Zealand Stock Exchange is presently in the process of verifying the individual transactions following a morning of heavy trading in the Contact shares in response to EME’s stand in the market.

Senior Vice President Bob Driscoll said that this verification process was critical to the integrity of the market process and therefore the offer.

“We deliberately placed a cap on the on-market stand of 5,000 shares per shareholder and obviously this results in a lengthy verification process.

“We are delighted with the response of both the retail and institutional shareholders to our offer,” he said. “Today’s acquisition reinforces EME’s long-term commitment to Contact Energy, and to building our business in New Zealand.”

“We like the company and we like the country.”

Mr Driscoll said Mission Contact Finance, a subsidiary of EME, intends offering approximately $150million Redeemable Preference Shares to the public in June. This is a further reinforcement of our commitment to New Zealand, Driscoll noted.
ENDS

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