AUS
NZ
UK
CA
USA
IND
Super Retail Group Limited (ASX:SUL) has informed the market that 129,345 performance rights under the security code SULAQ have been cancelled following failure to meet the attached conditions, rendering them incapable of satisfaction. This cessation took effect on 30 June 2026 and was disclosed in a company update filed on 7 July 2026. The expired rights were held by participants outside the company’s key management personnel (KMP). After this lapse, the total ordinary shares on issue remain at 225,826,500, with 1,151,327 unquoted SULAQ performance rights still outstanding.<\/p> <\/div>
Key Points<\/h3>
- Company: Super Retail Group Limited (ASX:SUL)<\/li>
- 129,345 SULAQ performance rights expired effective 30 June 2026 due to unmet or unsatisfiable performance conditions<\/li>
- These lapsed rights were held by non-KMP participants during the quarter ending 30 June 2026<\/li>
- No payment was made by the company related to the rights cessation<\/li>
- Ordinary shares on issue remain at 225,826,500; remaining SULAQ performance rights total 1,151,327<\/li>
- Investors should monitor future disclosures for additional performance rights lapses or new long-term incentive awards<\/li>
<\/ul>
<\/div>
129,345 SULAQ Performance Rights Cancelled as Conditions Not Met at 30 June 2026<\/h2>
In its 7 July 2026 update, Super Retail Group confirmed that 129,345 performance rights identified by ASX code SULAQ have been cancelled. The official reason cited is the lapse of conditional rights because the attached conditions were either unmet or became impossible to satisfy. The effective cessation date coincides with the end of the June 2026 quarter, 30 June 2026.<\/p>
Performance rights are unquoted equity instruments commonly used in employee and executive incentive schemes, granting holders the right to receive ordinary shares at no cost if designated performance targets are achieved within a set timeframe. Failure to meet these targets or structural impossibility to satisfy them results in rights lapsing and cancellation without share issuance. Super Retail Group explicitly stated no consideration was paid by the company or holders in connection with this lapse.<\/p>
Non-KMP Participants Account for Lapsed Rights in June Quarter<\/h2>
The company clarified that the lapsed rights were held by participants excluding key management personnel (KMP), who generally include directors and senior executives with remuneration disclosed under Australian accounting standards. This distinction matters for disclosure purposes, as KMP-related securities movements often require separate detailed reporting.<\/p>
By noting the lapsed rights relate to non-KMP participants, Super Retail Group indicates the lapse affects a broader employee group such as middle management, team leaders, or other eligible staff involved in its long-term incentive plans. The company did not reveal the identities, roles, or number of affected individuals, nor specify the particular performance hurdles that were unmet or became unsatisfiable.<\/p>
Appendix 3H Filing Confirms No Change to Issued Capital<\/h2>
The update was lodged using the ASX Appendix 3H form, the standard document for notifying security cessations. This routine filing ensures the market has accurate information on the company’s issued capital and does not signal any extraordinary corporate event but reflects normal equity incentive operations.<\/p>
Following the lapse, Super Retail Group’s issued capital remains at 225,826,500 ordinary fully paid shares (ASX:SUL) on a quoted basis, with 1,151,327 unquoted SULAQ performance rights outstanding. The Appendix 3H notes these figures are used by ASX to calculate market capitalisation but cautions they may not reflect the current capital if other forms are concurrently processed.<\/p>
Remaining 1,151,327 SULAQ Performance Rights Represent Limited Potential Dilution<\/h2>
After the lapse of 129,345 rights, the outstanding SULAQ performance rights total 1,151,327. Should all remaining rights vest and convert into ordinary shares—which depends on meeting performance conditions—they would represent approximately 0.51% of the current 225,826,500 ordinary shares on issue. The company did not provide this percentage but it can be calculated by investors.<\/p>
It is important to emphasize that vesting is conditional and not guaranteed. The lapse of these rights demonstrates that not all rights reach vesting. Investors concerned about dilution should review the full terms of the SULAQ performance rights as disclosed in prior remuneration reports and incentive plan documents, which were not included in this update.<\/p>
No Financial Outlay Incurred by Super Retail Group Due to Rights Lapse<\/h2>
The company confirmed no consideration was paid for the cessation of the 129,345 performance rights. This aligns with standard practice where rights lapse due to unmet conditions, resulting in expiry without share issuance or cash payments. There is no buyback or compensation triggered.<\/p>
From an accounting standpoint, lapsing rights may require adjustments to previously recognised share-based compensation expenses under Australian Accounting Standards (AASB 2). However, the company did not comment on accounting impacts in this update. Investors seeking details should consult the company’s full-year financial results for the period ending 28 June 2026, which remain unpublished at this time.<\/p>
Super Retail Group’s Long-Term Incentive Framework and Use of Performance Rights<\/h2>
Super Retail Group, owner of brands such as Supercheap Auto, rebel, BCF, and Macpac, regularly grants performance rights to eligible employees as part of its remuneration and retention strategy. These long-term incentives align employee interests with shareholders by linking equity rewards to multi-year performance outcomes.<\/p>
The company’s use of performance rights—rather than options or direct shares—is common among ASX-listed retailers. These rights typically have no exercise price, granting shares at no cost upon satisfying performance criteria, which may include earnings per share growth, total shareholder return relative to peers, operational targets, or combinations thereof. The company did not specify the performance hurdles or measurement periods related to the lapsed rights in this update.<\/p>
Ordinary Share Count Unchanged at 225,826,500 Post-Lapse<\/h2>
Since the lapsed rights were not exercised or converted before expiry, the ordinary share count remains stable at 225,826,500 fully paid shares (ASX:SUL). The cessation of unexercised performance rights does not dilute existing shareholders but instead removes a potential source of future dilution.<\/p>
Shareholders monitoring the SULAQ rights pool will note a reduction of about 10% relative to the combined total of lapsed and remaining rights (129,345 lapsed versus 1,151,327 remaining). The company did not comment on whether further lapses or new grants are expected during the current financial year.<\/p>
Disclosure Timing Aligns with Financial Year-End<\/h2>
The cessation date of 30 June 2026 corresponds with Super Retail Group’s typical financial year-end, which usually falls in late June. The Appendix 3H filing was made on 7 July 2026, seven days after the lapse date, consistent with ASX compliance timelines for quarterly incentive plan reporting.<\/p>
This timing suggests the lapse will be reflected in the company’s forthcoming full-year results and annual report, especially within the remuneration report detailing equity instrument movements. Investors and analysts can expect the 129,345 lapsed SULAQ rights to be recorded for the year ended 30 June 2026, with any related accounting treatment included in share-based payment expense disclosures.<\/p>
Investor Considerations for Upcoming Reporting Periods<\/h2>
The immediate impact of this update on Super Retail Group’s share price was unclear from public data. The lapse of a relatively small number of rights held by non-KMP participants is unlikely to materially affect share price alone. Nonetheless, investors interested in the company’s capital management and remuneration policies may use this disclosure to review the broader SULAQ rights register and upcoming incentive plan developments.<\/p>
Key items to watch include the full-year financial results for the year ended 30 June 2026, which will provide insight into the performance metrics driving incentive plans; announcements of new performance rights grants as part of remuneration reviews for the new financial year; and further Appendix 3H or Appendix 2A filings reflecting ongoing equity security movements. The annual remuneration report, released with the full-year results, will be a significant milestone for stakeholders tracking the company’s long-term incentive programs.<\/p>
129,345 SULAQ Performance Rights Cancelled as Conditions Not Met at 30 June 2026<\/h2>
In its 7 July 2026 update, Super Retail Group confirmed that 129,345 performance rights identified by ASX code SULAQ have been cancelled. The official reason cited is the lapse of conditional rights because the attached conditions were either unmet or became impossible to satisfy. The effective cessation date coincides with the end of the June 2026 quarter, 30 June 2026.<\/p>
Performance rights are unquoted equity instruments commonly used in employee and executive incentive schemes, granting holders the right to receive ordinary shares at no cost if designated performance targets are achieved within a set timeframe. Failure to meet these targets or structural impossibility to satisfy them results in rights lapsing and cancellation without share issuance. Super Retail Group explicitly stated no consideration was paid by the company or holders in connection with this lapse.<\/p>
Non-KMP Participants Account for Lapsed Rights in June Quarter<\/h2>
The company clarified that the lapsed rights were held by participants excluding key management personnel (KMP), who generally include directors and senior executives with remuneration disclosed under Australian accounting standards. This distinction matters for disclosure purposes, as KMP-related securities movements often require separate detailed reporting.<\/p>
By noting the lapsed rights relate to non-KMP participants, Super Retail Group indicates the lapse affects a broader employee group such as middle management, team leaders, or other eligible staff involved in its long-term incentive plans. The company did not reveal the identities, roles, or number of affected individuals, nor specify the particular performance hurdles that were unmet or became unsatisfiable.<\/p>
Appendix 3H Filing Confirms No Change to Issued Capital<\/h2>
The update was lodged using the ASX Appendix 3H form, the standard document for notifying security cessations. This routine filing ensures the market has accurate information on the company’s issued capital and does not signal any extraordinary corporate event but reflects normal equity incentive operations.<\/p>
Following the lapse, Super Retail Group’s issued capital remains at 225,826,500 ordinary fully paid shares (ASX:SUL) on a quoted basis, with 1,151,327 unquoted SULAQ performance rights outstanding. The Appendix 3H notes these figures are used by ASX to calculate market capitalisation but cautions they may not reflect the current capital if other forms are concurrently processed.<\/p>
Remaining 1,151,327 SULAQ Performance Rights Represent Limited Potential Dilution<\/h2>
After the lapse of 129,345 rights, the outstanding SULAQ performance rights total 1,151,327. Should all remaining rights vest and convert into ordinary shares—which depends on meeting performance conditions—they would represent approximately 0.51% of the current 225,826,500 ordinary shares on issue. The company did not provide this percentage but it can be calculated by investors.<\/p>
It is important to emphasize that vesting is conditional and not guaranteed. The lapse of these rights demonstrates that not all rights reach vesting. Investors concerned about dilution should review the full terms of the SULAQ performance rights as disclosed in prior remuneration reports and incentive plan documents, which were not included in this update.<\/p>
No Financial Outlay Incurred by Super Retail Group Due to Rights Lapse<\/h2>
The company confirmed no consideration was paid for the cessation of the 129,345 performance rights. This aligns with standard practice where rights lapse due to unmet conditions, resulting in expiry without share issuance or cash payments. There is no buyback or compensation triggered.<\/p>
From an accounting standpoint, lapsing rights may require adjustments to previously recognised share-based compensation expenses under Australian Accounting Standards (AASB 2). However, the company did not comment on accounting impacts in this update. Investors seeking details should consult the company’s full-year financial results for the period ending 28 June 2026, which remain unpublished at this time.<\/p>
Super Retail Group’s Long-Term Incentive Framework and Use of Performance Rights<\/h2>
Super Retail Group, owner of brands such as Supercheap Auto, rebel, BCF, and Macpac, regularly grants performance rights to eligible employees as part of its remuneration and retention strategy. These long-term incentives align employee interests with shareholders by linking equity rewards to multi-year performance outcomes.<\/p>
The company’s use of performance rights—rather than options or direct shares—is common among ASX-listed retailers. These rights typically have no exercise price, granting shares at no cost upon satisfying performance criteria, which may include earnings per share growth, total shareholder return relative to peers, operational targets, or combinations thereof. The company did not specify the performance hurdles or measurement periods related to the lapsed rights in this update.<\/p>
Ordinary Share Count Unchanged at 225,826,500 Post-Lapse<\/h2>
Since the lapsed rights were not exercised or converted before expiry, the ordinary share count remains stable at 225,826,500 fully paid shares (ASX:SUL). The cessation of unexercised performance rights does not dilute existing shareholders but instead removes a potential source of future dilution.<\/p>
Shareholders monitoring the SULAQ rights pool will note a reduction of about 10% relative to the combined total of lapsed and remaining rights (129,345 lapsed versus 1,151,327 remaining). The company did not comment on whether further lapses or new grants are expected during the current financial year.<\/p>
Disclosure Timing Aligns with Financial Year-End<\/h2>
The cessation date of 30 June 2026 corresponds with Super Retail Group’s typical financial year-end, which usually falls in late June. The Appendix 3H filing was made on 7 July 2026, seven days after the lapse date, consistent with ASX compliance timelines for quarterly incentive plan reporting.<\/p>
This timing suggests the lapse will be reflected in the company’s forthcoming full-year results and annual report, especially within the remuneration report detailing equity instrument movements. Investors and analysts can expect the 129,345 lapsed SULAQ rights to be recorded for the year ended 30 June 2026, with any related accounting treatment included in share-based payment expense disclosures.<\/p>
Investor Considerations for Upcoming Reporting Periods<\/h2>
The immediate impact of this update on Super Retail Group’s share price was unclear from public data. The lapse of a relatively small number of rights held by non-KMP participants is unlikely to materially affect share price alone. Nonetheless, investors interested in the company’s capital management and remuneration policies may use this disclosure to review the broader SULAQ rights register and upcoming incentive plan developments.<\/p>
Key items to watch include the full-year financial results for the year ended 30 June 2026, which will provide insight into the performance metrics driving incentive plans; announcements of new performance rights grants as part of remuneration reviews for the new financial year; and further Appendix 3H or Appendix 2A filings reflecting ongoing equity security movements. The annual remuneration report, released with the full-year results, will be a significant milestone for stakeholders tracking the company’s long-term incentive programs.<\/p>
