Contact Energy To De-List From ASX
12 April 2002
The board of Contact Energy Ltd today announced that the company would de-list from the Australian Stock Exchange as from July 1, 2002.
“Dual-listing on the New Zealand and Australian Stock Exchanges has, until now, been a relatively low-cost option for New Zealand-based companies,” Contact’s chairman, Mr Phil Pryke, said. “Companies complying with the NZSE Listing Rules were deemed to be compliant in Australia.
“However, with the forthcoming changes to the ASX Listing Rules, the board has reviewed the issue and concluded the cost of securing a full, separate listing on the ASX is not justified.
“Accordingly, we have informed the ASX today that it is our intention to de-list.”
Contact has a small investor base in Australia, with fewer than 100 shareholders, holding around 350,000 shares, substantially less than one per cent of the issued capital of the company.