Contact spends $73.5M on buyback

The buyback began a year ago when the shares were trading at $2.64 compared with an issue price of $3.10.

CEN stock is currently trading just under $3.00. It reached an intra-day high of $3.10 last month before dropping on a ratings outlook downgrade from stable to negative.

The company launched its buyback because directors believed shares were trading at a substantial discount to the underlying value of the company.

They also claimed it was a highly attractive investment opportunity and should be seen as a further demonstration of the company's ongoing commitment to deliver shareholder value.

Contact has spent over $73.5 million buying back its shares. There are now around 576 million Contact shares on the market, with California's Edison Mission holding the majority stake.

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