There’s no denying that AGL’s board has experienced a cataclysmic event. The company’s plans to split in two have exploded, those that drove the demerger have retired hurt and billionaire environmental crusader Mike Cannon-Brookes has executed a near-unrivalled corporate coup.But what’s next for AGL remains unclear because it now exists in a governance vacuum. There is no AGL board to speak of.
The company’s Monday statement confirming the abandonment of the demerger explicitly stated it would consider approaches from other parties regarding alternative transactions. Like other institutional shareholders, Martin Currie appeared to be looking for cover - waiting to get a report from the powerful proxy advisors that could at least question the merits of the demerger.
Ownership Matters, one of the largest proxy advisors in Australia, had been struggling with Cannon-Brookes’ use of derivatives and borrowed shares which led to concerns about his commitment to retain his stake and his authority to vote. Meanwhile, even had AGL managed to secure the support of the big investors they were exposed to a revolt from their retail investors - a group that in any company traditionally sides with the board on most major matters.
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The Friday coup that seized control of power giant AGLOn Friday evening, major institutional shareholder Martin Currie called AGL’s board to deliver the news that it would be voting against the merger, and it was game over.
Source: smh - 🏆 6. / 80 Read more »
The Friday coup that seized control of power giant AGLOn Friday evening, major institutional shareholder Martin Currie called AGL’s board to deliver the news that it would be voting against the merger, and it was game over.
Source: smh - 🏆 6. / 80 Read more »
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
Source: FinancialReview - 🏆 2. / 90 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 »