AGL’s controversial plan to spin off its coal-fired power stations is in doubt as the company’s board considers walking away from the demerger amid pressure from tech billionaire Mike Cannon-Brookes and concerns over the voting intentions of other investors.
AGL’s coal- and gas-fired power stations are the biggest sources of greenhouse gas emissions in Australia, accounting for 8 per cent of the nation’s carbon footprint. Additionally, Cannon-Brookes’ investment firm Grok has increasing confidence that large shareholders will vote against the demerger rather than abstain as it was speculated they might do.The company first announced plans to split in two in June last year, a move that investors questioned at the time.
It also said it was concerned about the risk of coal power stations becoming “stranded assets”, and believed the board had failed to adequately outline how it would support communities affected by the eventual closures of those plants.
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Botten, Hunt to resign as AGL scraps demergerAGL Energy chairman Peter Botten will resign and CEO Graeme Hunt will step down as CEO after the giant electricity supplier scrapped a longstanding plan to split the business in two. What a massive waste of shareholder money - at a time of a falling share price - they have presided over. Wow! Momentum is with Mike now? Will they sell him the company? This was never a good idea
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AGL appears set to dump demerger plan, yielding to Mike Cannon-BrookesBoard to meet on Monday, with future of chief executive also up in the air if demerger is called off seemed to take the share price out of the death spiral As they should. Bravo Mike 👏🏻👏🏻👏🏻
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AGL in crisis as split set to be scrappedAGL Energy is set to scrap its proposed split after a relentless campaign by its largest shareholder, Mike Cannon-Brookes, throwing the country’s largest electricity generator deeper into crisis. I feel sorry for AGL shareholders, when their voice becomes meaningless because some rich dude wants to win. Mike Cannon-Brookes will be an excellent owner of AGL AGL was already in crisis MCB just stopped them from making it worse 👍🏻
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AGL demerger plan in doubt amid mounting oppositionAGL is considering walking away from its controversial plan to split up the company’s coal and retail divisions amid pressure from shareholders.
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AGL demerger plan in doubt amid mounting oppositionAGL is considering walking away from its controversial plan to split up the company’s coal and retail divisions amid pressure from shareholders. NickToscano1 domp Woo hoo. Gooooo Mike! NickToscano1 domp Why is everyone so worried about a couple of small coal fired power stations in Australia, when China is building new ones by the dozen? Whatever reductions we make are instantly undermined by China's increase in emissions. The Wookie is only here to line his pockets.
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AGL Energy considers dropping plan to demergeThe energy company is considering whether to not proceed with its planned demerger amid opposition from shareholders. Well well well
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