Vulcan Steel: Executives Convert Remaining Performance Rights

Vulcan Steel Limited (VSL) notified the market today, September 25, 2025, of the cessation of 231,362 performance share rights (ASX: VSLAA). These unquoted equity securities lapsed because the conditions for their vesting were not satisfied or became incapable of being satisfied. The cessation took effect on September 25, 2025, and no consideration was paid by the entity for this cessation.

The performance share rights, referred to as FY23 PSRs, were originally issued on November 4, 2022. As detailed in VSL's annual report for the year ended June 30, 2025, these rights did not vest on July 1, 2025, leading to their lapse.

Following this change, Vulcan Steel's issued capital now comprises 146,428,905 ordinary fully paid shares quoted on the ASX. The total number of unquoted performance share rights (ASX: VSLAA) remaining on issue is 1,512,966. This adjustment reflects the non-fulfillment of the conditional rights tied to these securities.