Genesis Energy adjusts share rights, issues new executive incentives

Genesis Energy has confirmed a capital change through adjustments to its performance share rights (PSRs). The company reported the lapse of PSRs corresponding to 484,012 ordinary shares, primarily due to unmet performance conditions or holders no longer being employed by Genesis Energy by June 30, 2025. This lapse includes an additional 311,904 PSRs from departing employees.

Concurrently, Genesis Energy issued new PSRs equivalent to 1,499,638 ordinary shares under its FY2026 plan. These new PSRs entitle holders to acquire one fully paid ordinary share upon vesting. Vesting is contingent on Genesis Energy's total shareholder return (TSR) over a three-year period ending June 30, 2028, benchmarked against a board-set hurdle rate and the TSR of the NZX50.

Following these adjustments, Genesis Energy will have 1,109,551,837 ordinary shares on issue and a total of 3,438,370 PSRs on issue. An additional 744,536 restricted share rights for ordinary shares held by the chief executive also remain outstanding. These PSRs do not confer voting rights or dividends and are non-transferable, though vested ordinary shares will rank equally with existing shares.