Contact Energy - CEN Chart

[ananda77]

craig

...not sure about quick, but for a 'riching start': mmn(asx); options available too...

Kind Regards

[craic]

DMcG its the quick trade options. Threw the remaining three grand ito VTL. Have a look at their chart over the lastr month and with tomorrows result due, there has to be some insider info out there.

[ananda77]

vtl(nzx)...have not done any research nor charting for this one, but just looking at the state of their vending machines(it's their shop-front right???...oh dear, oh dear????...seems high risk to me...

Kind Regards

[craic]

Sorry Ananda 77 but just try the simple method of going to "quick quote" and from the drop dpwn menu, select charts 6 months. You will see that after a low of 48cps in July the price has risen rapidly to 84 cpsin the last two months with most of the rise in August. That is the indicator I follow. As to risk, the amount in this share is about 1% of my portfolio.

[Caesius]

According to this announcement here http://www.nzx.com/market/market_ann...pany?id=135873 , Contact pays its dividend today. I've always read that a share drops in value when a dividend is payed, but it has rallied today.

Just a coincidence?

[gamerice]

quote:Originally posted by Caesius

According to this announcement here http://www.nzx.com/market/market_ann...pany?id=135873 , Contact pays its dividend today. I've always read that a share drops in value when a dividend is payed, but it has rallied today.

Just a coincidence?

Share price normally drop (in proportion to the dividend) the day after the Record date.
I don't think the Pay date has anything to do with it.

[djones]

04 Oct 2006 08:50
GENERAL: CEN: Possible LNG site about preserving future options

4 October 2006

POSSIBLE LNG SITE ABOUT PRESERVING FUTURE OPTIONS

Genesis Energy and Contact Energy Limited today said the selection of Port
Taranaki as the preferred site for a LNG import terminal, was all about
preserving future options.

Contact Chief Executive David Baldwin and Genesis Energy Chief Executive
Murray Jackson said while the resource consent process would soon be started
for a possible LNG import terminal at the Port Taranaki site, the move was
all about enhancing options.

The two companies have created a new joint venture company called Gasbridge,
which will run a community consultation process on the proposal and manage
the resource consenting process.

"Both Contact and Genesis Energy have a strong preference to use domestic
natural gas," said Contact Energy Chief Executive, David Baldwin.

"This announcement of a potential site for an import terminal is all about
preserving future options. It is simply prudent commercial risk management."

Murray Jackson said Port Taranaki had been selected as a preferred site
because of the region''s world-class experience in handling natural gas and
hydrocarbons, its deep water port and its natural gas distribution
infrastructure.

"New Plymouth is regarded as New Zealand''s energy capital for a very good
reason. The residents understand energy and the importance of New Plymouth as
a national energy hub to both the local and national economy," he said.

Mr Jackson said in the event of a future natural gas shortage, the LNG option
could provide New Zealand with a secure and safe supply of natural gas until
new domestic discoveries were made and bought to market.

"While this announcement is simply about developing a future option, it is
important that residents understand the proposal - in particular that LNG is
safe and that any future import terminal would meet very high international
safety standards," said Mr Jackson.

The proposed terminal would involve a new purpose-built berth at the end of
the main breakwater inside the Port of Taranaki, with the LNG being piped
along adjacent to the breakwater and stored in a new tank at Contact''s New
Plymouth Power Station. The appropriate access and land agreements have been
reached with Port Taranaki and the Power Station.

A Gasbridge website (www.gasbridge.co.nz) has been launched explaining LNG,
along with computer generated images of how a new LNG terminal might look and
a facility for people to ask questions and have them answered on-line.

A free information phone line has been set up to answer any questions from
the public on 0800 GAS LNG (427 564).

"We urge residents to have a good look at the Gasbridge website and the
information displays. These resources should answer most common questions,"
said Mr Jackson.

[Caesius]

Did anyone attend Contact's AGM today?

[djones]

quote:Originally posted by Caesius

Did anyone attend Contact's AGM today?

Some people that did attend obviously didnt like the outcome of the meeting.

Change: -16 to $7.19

Read these articles they are a good read:

http://www.bloomberg.com/apps/news?p...efer=australia

http://www.stuff.co.nz/stuff/0,2106,3833690a13,00.html

[Sideshow Bob]

quote:Originally posted by Caesius

Did anyone attend Contact's AGM today?

Just had a piece on TV1 news about Contact AGM, which is unusual. Mentioned about Pike, slating the cancelation of the merger, and Saunders and his involvement in Feltex.

Both got returned to the board, based on Origin's shareholding.

Apparently the debate went for 2.5 hrs!

[Ed]

So our independent directors only got returned through the support of the majority holder. The only people these fools are "independent" of are the minority shareholders!

[COLIN]

quote:Originally posted by Sideshow Bob

quote:Originally posted by Caesius

Did anyone attend Contact's AGM today?

Just had a piece on TV1 news about Contact AGM, which is unusual. Mentioned about Pike, slating the cancelation of the merger, and Saunders and his involvement in Feltex.

Both got returned to the board, based on Origin's shareholding.

Apparently the debate went for 2.5 hrs!

What's Pike got to do with CEN? Are they taking a holding, either direct or in NZO?

(On reflection, perhaps you mean Phil Pryke?)

[minimoke]

As a holder of CEN and a watcher of FTX I wanted to see the end of Saunders. A great shame he remains. He has obviously started loosing the plot over the past few years and is a liability to shareholders on this Board so time for me to review this holding.

[J. Holmes]

Good to see the institutional shareholders finally making their voices heard. I thought that the independents still had time to run before they are up for re-election, the motion to be rid of them was an extraordinary one and therefore bound to fail due to Origin's majority stake.

I think they are pretty much "£%ed next time though, Origin will be doing everything it can to placate the big shareholders as without them any attempt at a "merger" is bound for failure.

I am pleased that the "merger" was dismissed as it was a vain attempt by Origin (an exploration company) to get their hands on some very stable cashflow. I am not pleased that we, the Contact shareholders, have effectively paid for this exercise in frutility. I am also not pleased that our so-called "independent" directors [u]</u>again[u]</u> attempted to sell the company overseas for less than it is worth.

I think the writing is on the wall for these chaps, it is a shame that they will continue to be around for another year or so. Pryke is a joke, Saunders even more so....good job on Feltex mate, that is going to really make your resume look great.

Once again it is the Contact shareholder who ends up paying for this sideshow. Would be nice to have it back under kiwi control, with a half-decent set of directors on board??? Dream on Holmes[V]

[Phaedrus]

Since it is almost exactly a year since CEN gave a trendline break Sell signal, an anniversary chart might be in order.

CEN is now below that exit point, having fallen while the market continued to rise.

Technically, CEN is still in a long-term uptrend - but you would have been better getting out of it over a year ago.

[Lawso]

The Shareholders Assn reps, Botherway of Brook Asset Management, Graeme Bulling and others put up a good fight but it was always a lost cause, given Origin's 51% voting power. Am I being paranoid when I note that, while the directors stayed in the spotlight and read from autocues, shareholders from the floor stood in poor light and had to contend with a weak sound system - was the volume deliberately turned down?

Early on, Des Hunt of NZSA suggested that in addition to the ballot the chairman might call for a show of hands on each of the contentious resolutions. Chairman King turned him down. I wonder why?

The three so-called "independent" directors are completely shameless. Their blind subservience to Origin's wishes is outrageous. And was it arrogance or stupidity which led Saunders to mention - and try to justify - his role in the Feltex disaster.

No mention, of course, of a special dividend or cash return. Only the standard negativity over CEN's prospects - as if Origin is still trying to talk the price down ahead of another bid.
Remember that chairman Grant King is the CEO of Origin The other two directors are Origin flunkeys, which means there is no one on the board committed to the interests of the minority (49%) shareholders

[Bilo]

I think Origin (and CEN management) will be surprised by the voting results.

If you take out the 292M Origin votes then Pryke and Saunders were given a clear message that the independent shareholders that they represent do not support them. Is resignation the next logical step?

The call for an independent committee was a clear indication that no-one outside of Origin trusts Origin to do what is best for CEN.

Thanks for putting the motions Botherway and Co.

[Caesius]

I keep hearing how much the minor shareholders wanted these guys "out" but according to http://www.nzx.com/market/market_ann...pany?id=138621

only 14.67% of shareholders wanted Phillip Pryke gone,
only 13.62% of shareholders wanted Tim Saunders gone,
only 8.20% of shareholders wanted John Milne gone,
and finally only 7.72% of shareholders wanted "To terminate the current Chief Executive Officer's arrangement with Origin Energy or replace him".

I understand Origin has 51%, so that accounts for just over half of votes.

Seems like very few people actually want these guys gone...

[limegreen]

quote:Originally posted by Caesius

I keep hearing how much the minor shareholders wanted these guys "out" but according to http://www.nzx.com/market/market_ann...pany?id=138621

only 14.67% of shareholders wanted Phillip Pryke gone,
only 13.62% of shareholders wanted Tim Saunders gone,
only 8.20% of shareholders wanted John Milne gone,
and finally only 7.72% of shareholders wanted "To terminate the current Chief Executive Officer's arrangement with Origin Energy or replace him".

I understand Origin has 51%, so that accounts for just over half of votes.

Seems like very few people actually want these guys gone...

On the other hand, it would appear that largely people who were not Origin didn't vote. I know I never usually bother to vote. I think it is telling that of those who did vote and weren't origin 83% wanted an independent committee (that's also 16% of the the entire shareholding). Seems like some strong motivation for change. But yeah, only 58% of non-Origin voters voted to oust Saunders.

[djones]

quote:Originally posted by Bilo
If you take out the 292M Origin votes then Pryke and Saunders were given a clear message that the independent shareholders that they represent do not support them. Is resignation the next logical step?

If you take out the 51% share (using 292mil shares) that Origin have then this is how it stands:


Shareholder Proposals (Without Origin)
RESOLUTION 1: To remove Phillip Pryke from office as a director
Votes for: 57,629,517 (57.08%)
Votes against: 43,339,880 (42.92%)
RESOLUTION NOT PASSED

RESOLUTION 2: To remove Tim Saunders from office as a director
Votes for: 54,291,521 (50.88%)
Votes against: 52,404,245 (49.12%)
RESOLUTION NOT PASSED

RESOLUTION 3: To remove John Milne from office as a director
Votes for: 32,222,635 (31.97%)
Votes against: 68,560,616 (68.03%)
RESOLUTION NOT PASSED

RESOLUTION 4: To terminate the current Chief Executive Officer's arrangement with Origin Energy or replace him
Votes for: 31,196,735 (27.81%)
Votes against: 80994946 (72.19%)
RESOLUTION NOT PASSED

RESOLUTION 5: To preclude the Chief Executive Officer in the future having any arrangement with Origin Energy
Votes for: 31,051,539 (27.77%)
Votes against: 80772368 (72.23%)
RESOLUTION NOT PASSED

RESOLUTION 6: To establish an independent committee regarding Contact Energy's relationships with Origin Energy and with the authority to make public statements
Votes for: 91,385,594 (81.36%)
Votes against: 20943678 (18.64%)
RESOLUTION NOT PASSED

RESOLUTION 7: To attempt to recover Contact Energy's merger proposal costs from Origin Energy
Votes for: 41,250,821 (36.72%)
Votes against: 71093059 (63.28%)
RESOLUTION NOT PASSED

RESOLUTION 8: To reduce the directors' fees until the merger proposal costs have been recovered from Origin Energy
Votes for: 14,818,419 (13.21%)
Votes against: 97373512 (86.79%)
RESOLUTION NOT PASSED

Business

RESOLUTION 9: To authorise the directors to fix the auditor's remuneration
Votes for: 111874192 (99.73%)
Votes against: 307,220 (0.27%)
RESOLUTION PASSED

RESOLUTION 10: To re-elect Grant King as a director
Votes for: 89734713 (80.58%)
Votes against: 21,621,068 (19.42%)
RESOLUTION PASSED

RESOLUTION 11: To re-elect Bruce Beeren as a director
Votes for: 74224144 (66.62%)
Votes against: 37,188,520 (33.38%)
RESOLUTION PASSED

RESOLUTION 12: To adopt a new constitution (by special resolution)
Votes for: 105171777 (94.71%)
Votes against: 5,870,369 (5.29%)
RESOLUTION PASSED