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 shares from the retail part of the entitlement offer, bringing shares on issue to 1,064,377,759. Trading starts 29 April; the $2.80 retail premium for non-takers is paid 2 May. This completes the roughly $2.3bn raising.
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.
Create a free account to see this worked out for your own holding.
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.
Create a free account to see this worked out for your own holding.