Contact Energy says the $120 million it has retained from bonus shares during the financial year will be ploughed back into the business.
Under its profit distribution plan, shareholders received final distribution payouts in the form of non-taxable bonus shares, with the option to have some, or all, bought back by Contact for cash.
Contact retained 72% of the bonus shares and bought back the remainder, resulting in $71 million in cash being retained, taking the total to $120 million for the financial year.
Managing director David Baldwin says the money allows for further investment in capital growth initiatives including new geothermal power stations, gas-fired peaking power stations and an underground natural gas storage facility.
