Origin Energy Sells Out, Fair Value Declines to NZD 5.50 After Special Dividend and Weaker Outlook

Origin Energy has agreed to sell its entire 53% stake in Contact Energy to Australian, New Zealand and global institutional investors. It should complete by 5 August 2015. Pleasingly, Dennis Barnes, who has spent the past four years seconded from Origin to Contact as chief executive officer, will be permanently appointed. This should provide stability in the transition period. Contact will also list on the Australian Securities Exchange. The dual listing is positive for shareholders, providing additional liquidity and greater exposure to institutional shareholders.