AGL Energy, an electrical and gas generation and retail company in Australia, announced the demerger of its business into two separate entities. These are AGL Australia – the retail arm and Accel Energy – the electricity generation arm. This Demerger will no longer proceed.
For more details please visit: https://www.agl.com.au/content/aglenergy/nsw/en/about-agl/investors/structural-update
The Demerger was to be implemented through a Scheme of Arrangement on 30 June 2022.
The company, with symbol (ASX:AGL), currently trades on the Australian Stock Exchange (ASX) and provides numerous energy plans and energy solutions to both residential and commercial customers.
A spokesperson for the company said “it had insufficient shareholder support and would now undertake a strategic review of its operations” after previously stating that with the Demerger the company hoped to create “two industry leading companies that will advance Australia’s new energy future, enabling a responsible transition of Australia’s energy system towards decarbonisation”
The board required 75 per cent approval from shareholders for the proposed Demerger to go ahead. As a result of the decision not to proceed with the Demerger, the CEO, chairman and 2 other board members will resign from their positions.
The AGL Demerger vote was due to take place at an upcoming General and Scheme Meeting to be held in Sydney 15 June 2022.
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Summary: AGL Energy, Australia, Demerger vote to form AGL Australia and Accel Energy cancelled.