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1 May 2000

News Release

Contact Energy Limited

The Commission has been reviewing trading in the shares of Contact Energy Limited, in particular, a purchase by Mr Paul Anthony in August last year. Mr Anthony was then the outgoing Managing Director and Chief Executive of Contact Energy. He left the company the following month.

At the time Mr Anthony bought his shares, Edison Mission (a Californian shareholder in Contact Energy) began increasing its shareholding in the company. It acquired 4.22 million shares in the period 29 August to 18 October 2000, bringing its total holding to 40.7%. The price of Contact Energy moved from $2.51 to $2.78 over this period.

The timing of Mr Anthony's purchase has been the subject of speculation given that at the time Edison Mission was planning to increase its shareholding.

Mr Anthony has been questioned by the Commission about the circumstances of his trade. Based on this and other enquiries, we do not consider that Mr Anthony had prior knowledge of the intentions of Edison Mission in relation to its shareholding. Nor do we have any other reason for making further enquiry of Mr Anthony.

We are not proposing any further action in the matter.

Norman F. Miller
Senior Executive (Operations)

Direct dial (04) 471 7653
norman.miller@seccom.govt.nz

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