Source: Reuters
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • AGL Energy (AGL) is set to dispatch its scheme booklet for its demerger following approval from the Supreme Court of New South Wales
  • The court ordered a meeting of AGL Energy shareholders be assembled to consider and vote on the proposed demerger of AGL Australia
  • Each AGL Energy director intends to vote any shares they hold to be in favour of the demerger resolutions
  • The directors also unanimously recommended shareholders vote in favour of the resolutions to be considered at the scheme meeting, as well as during a preceding general meeting
  • AGL Energy was down 1.37 per cent, trading at $8.31 per share

AGL Energy (AGL) is set to dispatch its scheme booklet for its demerger following approval from the Supreme Court of New South Wales.

The court ordered that a meeting of AGL Energy shareholders be assembled to vote and consider the proposed demerger which would see two separately listed companies formed, Accel Energy and AGL Australia.

Additionally, the Australian Securities and Investments Commission (ASIC) has registered the scheme booklet.

AGL directors unanimously recommended that shareholders vote in favour of the resolutions to be considered at the scheme meeting, and at a preceding general meeting.

Each AGL energy director intends to vote any shares they hold to be in favour of the demerger resolutions.

The scheme booklet is expected to be dispatched to shareholders soon, ahead of the general meeting.

The news comes after AGL downgraded its FY22 earnings guidance after an outage at its coal-fired power station in Victoria.

Previously, the energy stock expected underlying earnings before interest, tax, depreciation and amortisation (EBITDA) for FY22 to be between $1.275 and $1.4 million. This has now been updated to between $1.23 million and $1.3 million.

AGL Energy was down 1.37 per cent, trading at $8.31 at 3:38 pm AEST.

AGL by the numbers
More From The Market Herald

" Security Matters (ASX:SMX) looks at listing on the NASDAQ

Security Matters (ASX:SMX) is looking to list on the Nasdaq in the US as it seeks…

" Champion Iron (ASX:CIA) announces potential re-domicile to Canada

Iron ore company Champion Iron (ASX:CIA), has proposed to re-domiciliation from Australia to Canada.
Venture Minerals (ASX:VMS) - Managing Director, Andrew Radonjic

" Chalice Mining (ASX:CHN) completes first stage of JV with Venture Minerals (ASX:VMS)

Chalice Mining (ASX:CHN) completes the first stage of its joint venture with Venture Minerals (ASX:VMS) on…

" Chalice Mining (ASX:CHN) receives WA Government approval for Julimar drilling

Chalice Mining (ASX:CHN) receives WA Government approval for low impact drilling at its Julimar Project.