Contact Energy - CEN Chart

[Caesius]

Even with your adjustments djones (thank you, very useful) it doesn't paint a picture of "overwhelming shareholder sentiment" to get rid of these guys. More a 50/50 split in opinion.

[Bilo]

The Origin Vote is only the direct shareholding - not necessarily the full extent of the Origin / Proxy vote which was requested at the meeting, promised to the shareholders association, but has not been provided.

[Lawso]

If the chairman had acceded to the request for a show of hands on the resolutions, I reckon you would have got "overwhelming shareholder sentiment" in favour of dumping them - probably about 99% of those present.

[Caesius]

If this sort of thing is so bad, why are there not laws in place to stop this happening?

[djones]

Contact secures additional Maui gas
Contact Energy has secured rights to a further 170 petajoules of natural gas from the
Maui gas field,.....

http://www.contactenergy.co.nz/web/p...l_maui_gas.pdf

"Mr Baldwin said Contact had, in conjunction with the purchase, arranged to sell around seven petajoules per annum from October 2007 until mid 2010 to a large wholesale gas customer. Contact has also agreed to a short-term sale to another wholesale customer."

[rmbbrave]

quote:Originally posted by rmbbrave

Come on guys use your brains and not your timelines.

Origin wants all of CEN.

Why?

See the above article.

They have tried for all of it at $8.00 but that wasn't enough.

Do you honestly think they won't try again?

Told You.

[rmbbrave]

AGL tipped for second tilt at Contact
By GARRY SHEERAN - Sunday Star Times | Sunday, 24 December 2006

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Australian energy giant AGL may make its second bid for Contact Energy next year as takeover and merger activity hots up around the booming trans-Tasman energy sector.


On news of latest rumours, Contact shares hit $8.28 last week before retreating to $8.18 when the market closed for the Christmas break.

Bab****& Brown, an investment bank with substantial infrastructure interests, is widely tipped to be leading a consortium which is running the ruler over Origin Energy.

The consortium includes AGL and an infrastructure entity of the Commonwealth Bank of Australia.

Origin Energy comprises many different energy businesses - power generation, retailing, exploration and production. It is also 51.4 per cent owner of Contact Energy.

The most likely outcome of any successful bid would be for Origin assets to split up and sold off to different owners.

AGL is considered a likely buyer for Contact Energy.

AGL lost out to Origin Energy when US energy giant Edison Mission quit its cornerstone shareholding in Contact Energy in mid-2004.

Analysts said Origin's controversial takeover offer for all Contact Energy shares earlier this year was in part inspired by Origin's need to access Contact's cash flows and debt-free balance sheet as it sought to make new acquisitions in Australia.

Such acquisitions would give it the extra size and financial clout it needed to fend off potential aggressive acquirers like AGL.

Only last week Origin beat AGL in the race for Sun Retail, the main prize in the Queensland State government's sell-off of electricity retailing assets.

A jump of nearly $A1 in Origin's share price in the past fortnight sparked a "please explain" notice from the Australian Stock Exchange on Tuesday.

Origin said it was not aware of information that might explain the rise.

But Origin chairman Bruce King told Australian media the market was now better appreciating the long term Origin strategy of reaggregation, including purchases like Sun Retail.

That, in turn, apparently flushed into the open informed market speculation of the Bab****& Brown-led look at Origin Energy.

Bab****& Brown is a leading infrastructure player in Australia which brought New Plymouth-based Powerco, also in 2004.

Also in 2004, AGL sold NGC to Vector to quit New Zealand - for the time being at least.

Macquarie Equities investment director Arthur Lim said AGL was a logical buyer for Contact Energy if the Origin empire was bought and broken up.

It would probably require AGL to make a bid for all Contact shares, which would mean Contact shareholders would be faced with considering the fourth attempt by an overseas energy company to buy their shares.

[warthog]

Bab****& Brown - an excellent example of how censorship draws attention to that which is being censored.

[troyvdh]

Am i the only punter thinking whats up...plant closure...low lake levels.....gee if I was Origin i might be thinking this could be the time to.......

[troyvdh]

Perhaps yesterday the "bottom" may have been reached ????...good volumn.

I find it interesting thinking....what % of buyers/sellers (of say CEN and obviously a few others) were doing so-- because of what the chart(s) were "telling them".....
-- needed the dosh or had some to spend...
-- their brokers told them
-- thought the fundamentals indicated "im in" or "im out"

...at the end of the day thats "the market " I suppose

CEN...hold some and bought some yesterday.