Meridian Energy plans 1 million share buyback

Meridian Energy has announced its plan to initiate an on-market share buyback, with the aim of purchasing up to 1 million ordinary shares.

The buyback, which is in connection with the FY25 Long-Term Incentive Plan (LTI Plan), will take place on the NZX Main Board from November 1 to 29, 2024.

The acquired shares will be held as treasury stock and will not be cancelled.

Meridian's LTI Scheme is designed to attract and retain key employees, as well as align their interests with those of shareholders.

Participants in the LTI Plan were issued rights to acquire ordinary shares in the company.

The number of share rights that will vest is contingent on Meridian's total shareholder return and the participants' continued employment with the company.