12 May 2011capital raising announcement● Neutral
Contact Energy confirmed it has despatched offer documents for its 1-for-9 entitlement offer at NZ$5.05. Administrative step in the capital raising Origin has said it will support.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2011capital raising announcement● Neutral
Origin issued 90,224,930 new shares under the retail part of the entitlement offer, bringing shares on issue to 1,064,377,759. Trading starts 29 April, and the retail premium for shareholders who did not take up entitlements is despatched 2 May.
28 Apr 2011capital raising announcement● Neutral
Contact Energy, 52.09% owned by Origin, launched a 1-for-9 renounceable entitlement offer at NZ$5.05 to raise about NZ$350m, mainly for the 166MW Te Mihi plant. Origin will take up its full entitlement; the offer is underwritten apart from Origin's portion.
19 Apr 2011capital raising announcement▲ GoodMajor
The retail shortfall bookbuild cleared at $15.80 a share, $2.80 above the $13.00 offer price, completing the roughly $2.3bn raising (retail $1.17bn). Non-participating holders receive $2.80 per share not taken up; new shares trade 29 April.
18 Apr 2011capital raising announcement▲ Good
The retail part of the entitlement offer closed with $922m of applications, about 79% take-up. The remaining 19.3m shares go to a shortfall bookbuild; new shares are due to be issued 28 April.
29 Mar 2011capital raising announcement● Neutral
Origin issued 86,875,125 new shares from the institutional part of the entitlement offer, raising about $1.1bn net of fees. Shares on issue rise from 885.3m to 972.2m; the retail offer remains open to 13 April.
What it means for a shareholder
86.9m new shares at about A$12.66 to raise about A$1.10bn. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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18 Mar 2011capital raising announcement▲ GoodMajor
The institutional part of the entitlement offer raised about $1.13bn, with 95% take-up at $13.00. The leftover shares cleared in a bookbuild at $15.00. The retail offer, for the remaining $1.17bn at $13.00, opens 21 March and closes 13 April.
15 Mar 2011capital raising announcement● NeutralMajor
Origin launched a fully underwritten 1-for-5 renounceable entitlement offer at $13.00 a share to raise about $2.3bn. It partly refinances debt from the $3.26bn NSW acquisition completed 1 March; the offer price is a 17.0% discount to the 14 March close. This is the equity raising previously signalled.
28 Sept 2010capital raising announcement● Neutral
Contact Energy issued 14.87m bonus shares at NZ$5.71 under its profit distribution plan; 81.6% were retained and 18.4% bought back for cash and cancelled. Shares on issue are now 617.07m. This concludes the 14c distribution announced earlier.
1 July 2009capital raising announcement● Neutral
Hastings Diversified Utilities Fund is raising about $250m at $0.90 per security, with about $50m going to the Epic South West Queensland Pipeline expansion. That expansion is the one Origin's conditional gas deal underpins; it is not an Origin raising.
31 Mar 2009capital raising announcement▲ Good
Contact's profit distribution plan kept cash in the company: 77% of bonus shares were retained and 23% bought back, retaining about NZ$49m. Origin elected to retain shares and lifted its Contact holding by a further 0.06%.
6 Mar 2009capital raising announcement▲ Good
Contact Energy (51.36% Origin) capped its five-year, 8.00% retail bond offer at NZ$550m, up from the NZ$300m originally sought. Funds support its capital program and may repay debt. The offer is still due to close 31 March.
2 Mar 2009capital raising announcement● Neutral
Contact Energy, 51.36% owned by Origin, is seeking to raise NZ$300m through five-year retail bonds at 8.00% a year, closing 31 March. Funds support its geothermal, Stratford peaking and gas storage projects, and may repay debt.
30 Oct 2008capital raising announcement▲ GoodMajor
The ConocoPhillips deal completes and Origin receives US$5bn (A$6.9bn). It declares an extra 25c fully franked dividend, paid 21 November, and starts a buy-back of up to A$1.275bn on 13 November. Origin now has no net interest-bearing debt.
13 Oct 2008capital raising announcement▲ GoodMajor
Origin updates the ConocoPhillips deal after the Australian dollar fell: the US$5bn upfront is hedged, and the benefit of depreciation is shared. FIRB is the only condition left. After completion it plans A$1.5bn of returns: 25c extra dividend (A$225m) and buy-back of up to A$1.275bn.
9 Oct 2007capital raising announcement● NeutralMajor
Origin's subsidiary completed the NZ$200m preference share issue on 9 October, with a 10.23% dividend rate to October 2008 (8.73% benchmark plus 1.50%). Trading on the NZ exchange starts 10 October. Closes the offer opened 4 September.
4 Sept 2007capital raising announcement● NeutralMajor
The NZ$200m preference share offer (NZ$50m oversubscriptions possible) opened 4 September and closes 5 October, with issue on 9 October. The dividend is at least 10%, and the shares are rated BBB-/BBB. Proceeds repay bank debt tied to Origin's 51.4% Contact stake.
29 Aug 2007capital raising announcement● Neutral
Margin set for the NZ$200m preference share offer (NZ$50m oversubscriptions possible) by an Origin subsidiary: dividend the higher of 10% or swap rate plus 1.50%. Offer opens 4 September; issue expected 9 October. Follows the offer flagged on 13 August.
13 Aug 2007capital raising announcement● NeutralMajor
A wholly-owned Origin subsidiary is considering a NZ$200m preference share offer in New Zealand (NZ$50m oversubscriptions), expected to open 3 September. Proceeds would refinance bank debt tied to Origin's 51.4% Contact Energy stake. This is the previously flagged possible hybrid-style funding.
26 Feb 2007capital raising announcement▲ GoodMajor
Share Purchase Plan closed oversubscribed: $262m applied against a $75m target, scaled back to a 200-share cap, raising $83m at $7.10 (about 11.7m shares). Completes the equity funding for the Sun Retail acquisition.
29 Jan 2007capital raising announcement● Neutral
Origin mails its share purchase plan offer: shares at $7.10 in parcels of 100-700, closing 19 February 2007, to raise up to $75m for Sun Retail. Scale-back is possible if oversubscribed. The price is stated as a 24% discount to the 8-19 January average.
9 Jan 2007capital raising announcement● NeutralMajor
Origin opens a share purchase plan of up to $5,000 per eligible holder, aiming to raise up to $75m toward Sun Retail. The price is the lower of $7.10 or the 8–19 January average price less 2.5%. Offer closes 19 February 2007.
29 Nov 2006capital raising announcement● NeutralMajor
Origin completes its $400m placement of about 56.3m shares at $7.10, a 2.6% discount to the 24 November close. Proceeds part-fund Sun Retail. A share purchase plan of up to $5,000 per holder is planned for early 2007.
What it means for a shareholder
56.3m new shares at A$7.10 to raise about A$400m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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