3 questions lodged at 2026 Genesis Energy (GNE) hybrid AGM
October 20, 2026
Below is the text of the 3 written questions submitted at the 100 minute Genesis Energy (GNE) 10.30am hybrid Auckland time and via the Computershare platform on October 20, 2026. See notice of meeting detailing just a single director election resolution. See 5 questions asked at 2025 AGM. Market cap $2.55b on AGM day. The proxies were not disclosed early in these 51 slides lodged with the ASX. There were no protest votes.
Q1. Why did you include a $NZ100m placement component in this year's $NZ400m raise when pro-rata raises are the fairest way to go? And doesn't this mean you owe your retail shareholders a share purchase plan to make up for the dilution from the selective institutional placement to big end of town investors? And in terms of the rights issue, why the complication of making it a 1-for-7.9? Who came up with that number? Shouldn't it just have been a 1-for-7 or a 1-for-8?
Answer: The raise is now underwater but chair Barbara Chapman kept saying how great it was. It sounded like the placement was important to get the government to commit for its pro-rata portion. It remains in control but was marginally diluted. There was no explanation for the the weird 1-7.9 ratio. Just make it a 1-8 for goodness sake. Watch video of exchange via Twitter.
Q2. The CEO Malcolm Johns this month wrote an opinion piece for Business Desk where he described New Zealand's take up rate of pure EVs as "measly" at just 2%. What are the policies that he would like to see implemented to get this number up and what are example of pro-EV policies in other countries that have worked? Is there a major western country that is worse than NZ when it comes to EV take-up?
Answer: The CEO gave a lengthy explanation but it sounds like leaving it to the market explains the low take-up. Watch video of exchange via Twitter.
Q3. For those of us who like to invest in NZ energy companies and attend their AGMs, it was annoying that both Genesis Energy and Meridian Energy chose to have their hybrid AGMs an hour apart this morning. Could you undertake to work with Meridian to ensure that our AGMs don't clash in future? Also, how many shareholders have turned up today, both in the room and online?
Answer: The question wrangler Matt promised to fix this next year and said there were more than 40 online and about 85 in the room. Watch video of exchange via Twitter.
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