Capital Change Notice

Capital Change Notice
Updated as at 8 May 2019



Section 1: Issuer information
Name of issuer Meridian Energy Limited
NZX ticker code MEL
Class of financial product Share rights which give the holder
options to acquire ordinary shares
ISIN (If unknown, check on NZX website) NZMELE0002S7
Currency n/a
Section 2: Capital change details
Number issued/acquired/redeemed 941,775
Nominal value (if any) Nil
Issue/acquisition/redemption price per security No consideration is payable for the
issue of the share rights.
Nature of the payment (for example, cash or other
consideration)
Nil
Amount paid up (if not in full) Nil
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury
Stock, in existence)
1

If all share rights vest and the options
are exercised, 0.0365% of the
ordinary shares in Meridian Energy
Limited (based on the number of
ordinary shares currently on issue)
plus the Dividend Adjustment
(described at 'Principal terms of
Conversion' below).
For an issue of Convertible Financial Products or
Options, the principal terms of Conversion (for example
the Conversion price and Conversion date and the
ranking of the Financial Product in relation to other
Classes of Financial Product) or the Option (for
example, the exercise price and exercise date)
• Each Share Right entitles the
holder, upon the vesting and
exercise of the Share Right, to
one ordinary share in the
Company. Each Share Right also
entitles the holder to an additional
number of shares equal to the
value of gross cash dividends per
share which would have been
paid to a New Zealand tax
resident who held a share for the
duration of the vesting period,
calculated using a 10-day volume
weighted average price
(Dividend Adjustment).
• The number of Share Rights that
vest depend on Meridian Energy
Limited’s total shareholder return
over a 3-year performance period
from 1 July 2022 to 30 June 2025

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

relative to the performance of the
S&P/NZX50 index over the same
period.
• Share Rights will lapse where the
performance hurdles are not met.
• Share Rights will also lapse if the
holder ceases to be employed by
Meridian during the vesting period
subject to the Board’s discretion
to determine that Share Rights
will vest on death, redundancy,
total permanent illness, injury or
any other circumstance the Board
determines.
• There is no amount payable by
holders on grant or vesting of the
Share Rights or on the transfer of
shares.
• Share Rights do not entitle the
holder to receive dividends or
other distributions from shares or
to vote in respect of shares.
• Holders of Share Rights cannot
transfer the Share Rights.
• The ordinary shares transferred
upon the vesting and exercise of
Share Rights will rank equally
with all other ordinary shares then
on issue.
Reason for issue/acquisition/redemption and specific
authority for issue/acquisition/redemption/ (the reason
for change must be identified here)
Issued under the Meridian Energy
Limited Long Term Incentive Plan,
approved by the Meridian Board on
23 August 2019.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding
Treasury Stock) and the total number of Financial
Products of the Class held as Treasury Stock after the
issue/acquisition/redemption.
1,836,333 Share Rights
In the case of an acquisition of shares, whether those
shares are to be held as treasury stock
n/a
Specific authority for the issue, acquisition, or
redemption, including a reference to the rule pursuant to
which the issue, acquisition, or redemption is made
Meridian Energy Limited Executive
Long Term Incentive Scheme Rules
and board resolution for the
purposes of Listing Rule 4.6.1, dated
17 October 2022
Terms or details of the issue, acquisition, or redemption
(for example: restrictions, escrow arrangements)
See 'Principal terms of Conversion'
above.

The terms and details of the issue
are contained in the Meridian Energy

Capital Change Notice
Updated as at 8 May 2019

Limited Long Term Incentive Scheme
Rules.
Date of issue/acquisition/redemption
2
3 November 2022
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Jason Woolley
Contact person for this announcement Jason Woolley
Contact phone number +64 4 381 1206
Contact email address
generalcounsel@meridianenergy.co.nz
Date of release through MAP 3 November 2022




2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).