The latest salvo by Mike Cannon-Brookes’ Grok Ventures against AGL’s demerger steps up criticism of the energy giant’s board and lays out options for increasing value.
Mike Cannon-Brookes has left open the possibility of reviving his takeover bid for AGL Energy, highlighting that outright ownership would make it easier for him to force accelerated coal power retirements at the 185-year-old electricity and gas supplier.
“The company’s been clear this is going to be a public company to make this transition. We believe as a private company we will be able to do it faster and more economically, but that is not an option.”on its campaign to block AGL’s split into coal power-focused Accel Energy and retailer AGL Australia, and spelt out the benefits it sees in keeping it whole.
“There are errors and inconsistencies in what has been released today and AGL will take some time to assess what this means for our shareholders,” Mr Hunt said. Analysts have suggested that a failure of the demerger vote would destabilise AGL and drive down the share price, potentially allowing Mr Cannon-Brookes to buy it on the cheap.
He was open to the possibility of joining the board himself, should AGL shareholders vote down the demerger. However, if the demerger goes ahead, Mr Cannon-Brookes said he would reconsider his position in AGL and the newly created Accel Energy.“We would have to respect the vote. There won’t be any crazy Trumpian stuff if shareholders vote that way … but we would probably have to really seriously reconsider what we are doing after that, right.
Grok says AGL could support customer decarbonisation by offering financial products that help households fund the circa $100,000 capital expenditure to convert their homes to 100 per cent renewable electricity.“We believe converting this capital expenditure into operating expenditure is a challenge AGL can solve for customers,” it said.
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