Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Mission Contact Finance To Issue NZ$150m Shares

Mission Contact Finance Limited To Issue NZ$150 Million Redeemable Preference Shares

Mission Contact Finance Limited has launched an offer of NZ$150 million redeemable preference shares (RP Shares) pursuant to an investment statement and registered prospectus dated 11 June 2001. Mission Contact Finance Limited may accept over-subscriptions of up to a further NZ$100 million. The RP Shares, which are similar in character to bonds, mature on 15 July 2006 and pay fixed rate cash dividends with full imputation credits attached (or the cash equivalent). The RP Shares provide New Zealand tax paying investors with a 9.00% p.a. pre-tax equivalent return (coupon 6.03% p.a. fully imputed). The offer of NZ$150 million RP Shares has been underwritten by Credit Suisse First Boston NZ Securities Limited.

William von Blasingame, a director of Mission Contact Finance Limited, said today:

“We are pleased to offer a new issue of redeemable preference shares to New Zealand investors. With a 9.00% pre-tax equivalent return and security over a majority shareholding in Contact Energy, we believe that the issue represents a good opportunity for investment. We are seeking participation from new investors and existing holders of preference shares issued by Edison Contact Finance.”

Mission Contact Finance Limited is a special purpose company established to raise funds to assist Edison Mission Energy (EME) refinance its majority stake in Contact Energy Limited (50.1%), held through EME’s subsidiary, Mission Energy Pacific Holdings.

Holders of preference shares issued by Edison Contact Finance Limited have a preferential opportunity to invest in this offer. This preferential opportunity is available until 20 June 2001. All other applications will be processed from 21 June and accepted on a “first come, first served” basis.

The RP Shares will be secured by a Security Trust Deed under which holders of RP Shares will share with other investors in a security package consisting primarily of a charge over Pacific’s shares in Contact. See the investment statement for further details.

Application has been made to the New Zealand Stock Exchange for permission to list the RP Shares and all the requirements of the Exchange relating to that listing that can be complied with on or before the date of this announcement have been duly complied with. However, the Exchange accepts no responsibility for any statement in this announcement.

© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news