Mike Cannon-Brookes was only just getting warmed up at AGL Energy, when the dominoes started to fall.
Mike Cannon-Brookes’ Project Greenlight was only just getting warmed up at AGL Energy, when the dominoes started to fall.
Australia’s biggest and perhaps most sophisticated activist campaign was about to get much bigger. The gloves would come off, starting a two-week bloody battle for the future of Australia’s 185-year-old utility with 4.5 million customers. - a joint bid to acquire AGL and transition it in private - only to be given short shrift by AGL and its bankers.Spurned, Grok assembled a team to get cracking on Plan B: spoil the demerger and be an activist at the publicly-listed company.
Grok was set to target about 19,000 AGL shareholders it thought lived in “teal” seats, such as Allegra Spender’s Wentworh in Sydney.It launched the “Keep it together Australia” campaign, including a sharp-looking website, the next day. AGL’s camp knew straight away it had a fight on its hands; a reasonably uncontentious demerger, reliant on the support of mostly passive institutional investors and a big retail share register, would be contested.
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