Meridian Energy Limited has announced that it will begin an on-market share buyback to purchase a maximum of 300,000 ordinary shares.
The buyback will take place on the NZX Main Board from November 3, 2023, until November 30, 2023.
The acquired shares will be held by Meridian as treasury stock and will not be cancelled.
This buyback is part of the company's long-term incentive scheme for certain senior employees, aimed at attracting and retaining key employees and aligning their interests with those of shareholders.
The number of shares that will vest for participants in the scheme is dependent on Meridian's total shareholder return over a 3-year performance period and the performance of the S&P/NZX50 Index, as well as the participants' continued employment with the company.
Meridian will use the buyback to meet its obligations under the scheme and will transfer the shares to participants if the vesting conditions are met and the participants exercise their share rights.
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