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.
An 11% shareholder doesn’t have the power to remove the chief executive officer, chairman etc. Let me guess…final nail in the coffin was change of gov, now trying to flee with non disclosure agreements? 🧐🤨
Basically, he has ridden in to crash the strategy agreed by the board, now he will crash the share price, then buy at a dirt cheap price as he wanted in the first place. He should not be allowed to hold a company to ransom.
Economic terrorist
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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 👏🏻👏🏻👏🏻
Source: GuardianAus - 🏆 1. / 98 Read more »
Cannon-Brookes’ huge AGL victory doesn’t guarantee him controlOPINION: The breadth of AGL’s capitulation to Mike Cannon-Brookes is breathtaking. But the billionaire’s stake shouldn’t give him outsized influence on AGL’s future. he'll send it broke. AGL got what it deserved for trying to demerger. Yeah, because the Board has done a great job already ... oh ?
Source: FinancialReview - 🏆 2. / 90 Read more »
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 👏🏻👏🏻👏🏻
Source: GuardianAus - 🏆 1. / 98 Read more »
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 👍🏻
Source: FinancialReview - 🏆 2. / 90 Read more »
AGL Energy dumps demerger plan after 'opposition' from billionaire investorBillionaire Mike Cannon-Brookes took to Twitter to declare Monday a 'huge day for Australia' after AGL Energy announced it would dump its demerger proposal amid 'opposition from a small number of investors'. He will switch off Gas to force transition. That’s Blackmail! 👍 👏 mcannonbrookes ROCKS (non fossil of course) ‘Small number of voters’ huh? Yeah, sure. Companies often change their entire strategy based on a minority vote 🙄
Source: SkyNewsAust - 🏆 7. / 78 Read more »
'Huge day for Australia': Energy giant AGL drops plans to split companyAGL Energy has ditched plans to split the company into two following strong opposition from billionaire Mike Cannon-Brookes. AGL MikeCannonBrookes Why are we reducing people to titles like their person income, he’s a smart guy and a very successful business man, give people their dues! Anyway he is pretty switched on and I agree with his outlook on Australia’s energy policies and the role the private sector plays. So… Why weren't regulators doing their job? Dreams don't pay the bills. But try telling that to super wealthy philanthropists! LOL
Source: SBSNews - 🏆 3. / 89 Read more »