Australian tech billionaire Mike Cannon-Brookes has declared he will seek two nominees to the board of AGL if he succeeds in blocking the energy giant’s controversial plan to spin out its coal-fired power stations into a standalone company.
AGL Energy chief executive Graeme Hunt and Atlassian founder Mike Cannon-Brookes, who is seeking to block a demerger of AGL championed by Mr Hunt.Cannon-Brookes’ investment arm Grok Ventures, which has amassed an 11.3 per cent interest in AGL, said it was committed to assisting and collaborating with the board on “realising the company’s immense potential”.
Cannon-Brookes, one of Australia’s richest people, has amassed an 11.3 per cent interest in AGL and has vowed to use his voting rights to fight the demerger, keep the company whole and bring forward its planned exit from coal-fired electricity in 2045 to as early as 2035. At a shareholder vote next month, the board’s proposed demerger requires the support 75 per cent of the value of the shares voted.
AGL’s board, which is urging investors to support the split, insists the demerger will unlock value for shareholders, creating a carbon-neutral retail and clean power company to be known as AGL Australia, which will be able to attract financial backers that are increasingly distancing themselves from fossil fuel investments. Meanwhile, the separate power generation company – Accel Energy – will focus on transforming coal sites into energy hubs that could also house renewables and batteries.
NickToscano1 MCB tried to buy AGL for less than the market price and failed. I wonder if his goal is to disrupt AGL and cause the share price to fall so he can make a play again for less than the current market price. When it comes to the interests of existing shareholders I don't trust MCB