Commerce Commission clears Manawa acquisition

7 May 2025

Commerce Commission clears Manawa
acquisition

Contact Energy Limited (Contact) has received clearance from the New Zealand Commerce
Commission (Commission) for the company’s proposed acquisition of Manawa Energy Limited
(Manawa).

Contact Chair, Rob McDonald said the decision is a significant milestone.

“The combination of Contact and Manawa is an important step for the New Zealand energy transition,
providing greater ability to invest in future generation capacity, enhancing market security and
ultimately contributing to reducing wholesale prices long-term.”

Contact announced in September 2024 it had entered a Scheme Implementation Agreement (SIA) to
acquire 100% of Manawa under a court approved Scheme of Arrangement (Scheme). Implementation
of the Scheme is subject to several remaining conditions as set out in detail in the SIA.

These include the receipt of an independent adviser’s report that concludes (and continues to
conclude) the consideration is within or above the independent adviser’s valuation range. Conditions
also include the approval of the High Court, approval by Manawa shareholders at a special meeting of
shareholders and other customary conditions.

Additional information about the Scheme, and a notice of the shareholder meeting, is expected to be
provided by Manawa, to Manawa shareholders later this month.

Contact is targeting implementation of the Scheme in July 2025.


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Investor enquiries Media enquiries
Shelley Hollingsworth Louise Wright
Investor Relations and Strategy Manager Head of Communications and Reputation
+64 27 227 2429 +64 21 840 313
investor.relations@contactenergy.co.nz media@contactenergy.co.nz




IMPORTANT NOTICE: Neither this announcement nor any other material already released by Contact or Manawa in
connection with the Scheme constitutes, either individually or together, an offer of financial products to any person in any
jurisdiction. Further information, including the offer that is intended to be made by Contact of new Contact shares to eligible
Manawa shareholders under the Scheme, will be provided in materials that will be sent by Manawa to its shareholders,
expected to be in the first half of 2025. Any shares to be issued by Contact under the scheme of arrangement will be issued to
eligible Manawa shareholders in New Zealand pursuant to the exclusion in clause 19 of schedule 1 of the New Zealand
Financial Markets Conduct Act 2013 and in Australia in reliance on ASIC Corporations (Compromises or Arrangements)
Instrument 2015/358 and in certain other jurisdictions where the issue may be made under all applicable laws without the need
for any registration, lodgement or other formality (other than a formality with which the Company is willing to comply). No
product disclosure statement or prospectus or other offering document under New Zealand or Australian law or any other law
will be prepared, filed with or approved by any regulatory authority in New Zealand, Australia or any other jurisdiction).