Provision of Financial Assistance under Employee Share Plan
Contact Energy Limited. Level 2 Harbour City Tower, 29 Brandon St, Wellington 6011. PO Box 10742 Wellington 6143.
P: +64 4 499 4001 F: +64 4 499 4003 contactenergy.co.nz
29 October 2018
Provision of Financial Assistance under Employee Share Ownership Plan
In accordance with section 80 of the Companies Act 1993, Contact Energy Limited
(Contact) is required to make the following disclosure in respect of financial assistance
provided by Contact for the recent allocation to Contact employees under Contact’s
employee share ownership plan (Contact Share).
Contact established Contact Share by a trust deed dated 12 September 2013 to enable
employees to acquire ordinary shares in Contact. Contact Share has been approved by
Inland Revenue as a share purchase scheme for the purposes of the Income Tax Act 2007.
Under Contact Share, Contact Energy Trustee Company Limited (Trustee) purchases
$1,000 of shares per participating employee on-market. Employees contribute $0.01 per
share towards the cost of the shares.
Under the trust deed, Contact has agreed to meet all of the Trustee’s costs associated with
Contact Share. The payment of such costs to the trustee constitutes the giving of financial
assistance for the purpose of, or in connection with, the purchase of shares issued by the
Company under section 76 of the Companies Act 1993.
The details of the financial assistance provided by Contact are as follows:
Shares in respect of which the financial
assistance was provided
103,086 ordinary shares in Contact
(Shares).
Consideration paid for the Shares
$5.7221 per Share.
Recipients of the financial assistance
Employees of Contact who applied to
acquire Shares under Contact Share. The
Shares are held by the Trustee for the
participants for a restricted period of 3
years.
Nature of financial assistance
The financial assistance was given in the
form of a payment of (a) $591,343.07
(including brokerage) to purchase the
Shares and (b) approximately $5,000 to
cover the costs of operating Contact Share
(pursuant to the trust deed).
Kirsten Clayton
Company Secretary
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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