Genesis Energy Wraps Up NZ$300m Rights Offer With Strong Shareholder Support

Genesis Energy Limited ( (DE:1G6) ) has issued an update.

Genesis Energy has successfully completed its NZ$300 million underwritten 1-for-7.9 pro rata renounceable rights offer, recording NZ$242.7 million of applications from eligible shareholders and an approximate take-up rate of 80.9%, including continued 51% participation by the Crown. The strong response, including NZ$48.1 million of applications for additional shares, is being interpreted by management as an endorsement of its Gen35 strategy, with settlement on ASX and NZX due later in March and a shortfall bookbuild of about 27.9 million shares to determine allocations and any premium for non-participating or ineligible investors.

Around 27.9 million new shares will be offered in the shortfall bookbuild run by Jarden Securities, with eligible shareholders who did not fully subscribe and ineligible investors entitled to a pro rata share of any positive difference between the bookbuild price and the NZ$2.05 offer price. New shares issued under the rights offer will rank equally with existing stock, and investors who applied for additional new shares will receive allocations at the bookbuild price, subject to scaling, potentially broadening Genesis’s shareholder base while reinforcing its capital position.

More about Genesis Energy Limited

Genesis Energy Limited is a diversified New Zealand energy company and one of the country’s largest energy retailers, supplying electricity, reticulated natural gas and LPG to around 500,000 customers. It generates power from a mix of thermal and renewable assets across New Zealand and holds a 46% stake in the Kupe Joint Venture, owner of the Kupe Oil and Gas Field off Taranaki, with revenue of NZ$3.7 billion in the year to 30 June 2025.

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