South Port New Zealand issues performance share rights to align employee interests

South Port New Zealand Limited (SPNZ) has issued 46,707 unquoted performance share rights as part of its Performance Share Rights Plan. These rights, representing 36.3807% of the total class of financial products issued, are granted for nil cash consideration and are designed to reward, retain, and motivate participants while aligning their interests with shareholders.

Each right converts on a 1:1 basis into fully paid ordinary shares, contingent on meeting specific performance hurdles and continued employment during a three-year vesting period ending June 30, 2028. Shares will be issued as soon as practicable after vesting. The entitlement to rights and shares upon vesting is calculated based on the 20-day volume-weighted average price of SPNZ's shares on the NZX, up to and including July 1, 2025.

Following this issuance, the total number of ordinary shares (excluding Treasury Stock) remains at 26,234,898, while performance share rights now total 128,384. The rights are non-transferable, cannot be encumbered, and do not carry voting or other share rights. The effective date for the issue is September 24, 2025.