It’s a big weekend for AGL Energy, with proxy reports due to land in coming days.
Ahead of the release of all-important proxy reports, the utility’s board and bankers have been counting likely numbers, to check whether they’re likely to be in a strong position heading into their June 15 demerger vote.
AGL Energy’s proposed demerger would split the business in two and see both companies remain in the hands of existing investors.It’s clear the vote’s likely to be a closely run contest, and AGL Energy’s understood to be having some second thoughts about whether it should push ahead with the count or pursue another potential deal.
Instead, one option discussed by advisers has been to delay the demerger and launch a strategic review, both to buy time and see whether there could be a better outcome for shareholders. Should the vote be delayed, or even cancelled, it would pile pressure on the company’s board and top executives, who have recommended investors approve the plan.AGL Energy has been at pains - for the past few weeks - to highlight to investors that the demerger was in their best interests, and it would stick to its June 15 vote despite opposition from Mike Cannon-Brookes andThe calculations come as renegade investor Cannon-Brookes, sitting on an 11.
AGL Energy would require the support of 75 per cent of shares voted at the scheme meeting for the demerger to sail through.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Billionaire Cannon-Brookes wants AGL board seats if coal split failsAustralian tech billionaire Mike Cannon-Brookes has declared he will seek two seats on AGL’s board if the energy giant’s proposed demerger collapses.
Read more »
Grok to seek two board seats if AGL demerger vote failsMike Cannon-Brookes has told AGL chairman Peter Botten to start preparing for the potential collapse of the plan to split the business.
Read more »
‘So much rot’ in Labor’s energy policy claims
Read more »
Grok to seek two board seats if AGL demerger vote failsMike Cannon-Brookes has told AGL chairman Peter Botten to start preparing for the potential collapse of the plan to split the business.
Read more »
Billionaire Cannon-Brookes wants AGL board seats if coal split failsAustralian tech billionaire Mike Cannon-Brookes has declared he will seek two seats on AGL’s board if the energy giant’s proposed demerger collapses.
Read more »
Greens claim historic victory as federal seat of Brisbane snatched from CoalitionThe Greens have claimed the federal seat of Brisbane, snatching the spot from the Liberal incumbent, and gaining a fourth seat in the House of Representatives. auspol AusVotes 7NEWS
Read more »