Ahead of the release of all-important proxy reports, the utility’s board and bankers have been counting likely numbers, to check whether they’re likely to be in a strong position heading into their June 15 demerger vote.
AGL Energy’s proposed demerger would split the business in two and see both companies remain in the hands of existing investors.It’s clear the vote’s likely to be a closely run contest, and AGL Energy’s understood to be having some second thoughts about whether it should push ahead with the count or pursue another potential deal.
Instead, one option discussed by advisers has been to delay the demerger and launch a strategic review, both to buy time and see whether there could be a better outcome for shareholders. Should the vote be delayed, or even cancelled, it would pile pressure on the company’s board and top executives, who have recommended investors approve the plan.AGL Energy has been at pains - for the past few weeks - to highlight to investors that the demerger was in their best interests, and it would stick to its June 15 vote despite opposition from Mike Cannon-Brookes andThe calculations come as renegade investor Cannon-Brookes, sitting on an 11.
AGL Energy would require the support of 75 per cent of shares voted at the scheme meeting for the demerger to sail through.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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