AGL

Billionaire Atlassian Corp. founder Mike Cannon-Brookes' personal office is attempting to buy as much as 11.5% of Australian utility AGL Energy Ltd. after ...

AGL says it's determined to go ahead with the merger despite the purchase, which has made Cannon-Brookes the company's largest single shareholder.

“AGL is currently the single largest contributor to carbon emissions in Australia and the demerger will entrench a position that is inconsistent with limiting climate change,” Cannon-Brookes said. The Accel Energy part of AGL would also be a “significant risk of becoming a stranded asset given its meaningful coal exposure,” the letter said. The renewed bid for AGL will probably become a talking point in the election campaign. “We firmly believe the proposed demerger is a flawed plan that will fail to achieve these goals. “A future that delivers cheap, clean and reliable energy for customers. That may keep one unit offline until August.

We'll send you a myFT Daily Digest email rounding up the latest AGL Energy Ltd news every morning. Australian tech billionaire and climate activist Mike Cannon- ...

Mike Cannon-Brookes steps into market to become biggest shareholder in AGL, vowing to stop its demerger and fast-track its exit from coal.

“We believe there are better and more value accretive alternatives if the company is kept together, driving new investment to help AGL transition its coal assets. And because of the absence of many professional funds managers, the vote was seen as hard to call. “We firmly believe the proposed demerger is a flawed plan that will fail to achieve these goals. “We can change it by 2030 in a meaningful, meaningful, meaningful way. It has launched a new website Keep It Together Australia to push the cause among small shareholders. “A future that delivers cheap, clean and reliable energy for customers.

Billionaire Atlassian founder Mike Cannon-Brookes' personal office has bought an 11.28 per cent stake in AGL Energy after the firm previously rejected a ...

That proposal is set to go before shareholders for approval at a vote in mid-June. It is understood Grok will issue a statement on Tuesday. Adding a stake in AGL will give Mr Cannon-Brookes an opportunity to oppose the company’s alternative strategy, which is to demerge its electricity retailing business from the bulk of its power generation assets.

Atlassian co-founder Mike Cannon-Brookes has wasted no time in becoming an activist shareholder after taking an 11.3% stake in energy giant AGL.

We’re calling on fellow shareholders to vote AGAINST the demerger, and for the people of Australia to support a brighter future.” Several weeks on, he’s been forced to buy in at a premium with AGL shares currently sitting at $8.62 on Monday’s close. The plan has to be approved by a minimum of 75% of AGL shareholders. Brookfield is not part of this play. “Decarbonisation is one of Australia’s biggest economic opportunities and a vital challenge the world needs to solve. The campaign includes a website and slick video with Cannon-Brookes appealing to AGL shareholders to vote against the demerger at a meeting scheduled for June 15.

Mike Cannon-Brookes is on a tear with climate investments. Now he has succeeded in taking part ownership of one of Australia's top energy companies.

In October, Cannon-Brookes and his wife, Annie, made a "green pledge," committing to spend over $1.5 billion on climate initiatives by 2030. "We believe this exposure to coal-fired power generation is inconsistent with your proposal that AGL A [Australia] will be a leader in sustainability." Cannon-Brookes and his friend from the University of New South Wales, Scott Farquhar, founded Atlassian in 2002. But Cannon-Brookes remains one of the world's wealthiest people. "The demerger makes no sense, or cents. We believe it destroys value for everyone — shareholders, employees, Australia and the planet," he wrote in a tweet on Monday. He urged other AGL Energy investors to vote against the proposal.

Tech billionaire Mike Cannon-Brookes is on a collision course with the board of the nation's biggest electricity generator over its planned demerger, ...

AGL told shareholders the demerger will create the "potential to maximise growth in the value of shares by giving each company the freedom to pursue individual strategies and growth initiatives". "We believe it destroys value for everyone - shareholders, employees, Australia and the planet." "The demerger makes no sense, or cents," he tweeted.

The AGL Energy board's push to demerge the company with the 75 per cent approval of shareholders is facing a fresh hurdle after a billionaire bought up ...

AGL told shareholders the demerger will create the “potential to maximise growth in the value of shares by giving each company the freedom to pursue individual strategies and growth initiatives”. “We will be voting against the upcoming flawed merger,” Mr Cannon-Brookes posted on Twitter on Monday night. Tech billionaire Mike Cannon-Brookes is on a collision course with the board of the nation’s biggest electricity generator over its planned demerger, which he says makes no sense and is “flawed”.

Australian tech billionaire Mike Cannon-Brookes buys shares in coal-powered energy company AGL, vowing to create "a better future" that moves towards ...

"We fundamentally believe there can be a better future for AGL. A future that accelerates the transition to net-zero and a future that creates opportunities for AGL and value for its shareholders along the way." AGL has stated that it is "committed to delivering the demerger" which it considers is "in the best interest of shareholders." "AGL is currently the single largest contributor to carbon emissions in Australia and the demerger will entrench a position that is inconsistent with limiting climate change.

Mike Cannon-Brookes says AGL's board needs to be held accountable for the sharp decline in the power giant's share price under its watch, declaring it may ...

Cannon-Brookes’ push to fast-track the closure of AGL’s coal-fired power stations has reignited a political debate about the pace of the clean energy transition. While coal still accounts for about two-thirds of Australia’s electricity, the uptake of renewables has been rising to record levels. The board on Monday reiterated its position that the demerger would unlock significant value for shareholders and was “on track to be completed by the end of next month”. So let’s go and make some really exciting things happen.” “Let’s just think about how good this board is at predicting the future – and they didn’t see renewables coming despite being the largest energy retailer in the country.”Mike Cannon-Brookes “This is a board that owns 0.02 per cent of the company and has presided over roughly a 70 per cent decrease in shareholder value in five years,” he said.

A push by the AGL Energy board to demerge the company with the 75 per cent shareholder approval is facing a potential hurdle after a billionaire bought ...

"I'm a big believer in AGL's future and the huge possibilities of the economic transition that we are heading to in terms of decarbonisation." AGL Energy told shareholders the demerger will create the "potential to maximise growth in the value of shares by giving each company the freedom to pursue individual strategies and growth initiatives". "The price of wind and sun hasn't changed at all as a result of (that) instability," he said. "I'm a big believer in AGL's future and the huge possibilities of the economic transition that we are heading to in terms of decarbonisation." AGL Energy told shareholders the demerger will create the "potential to maximise growth in the value of shares by giving each company the freedom to pursue individual strategies and growth initiatives". "The price of wind and sun hasn't changed at all as a result of (that) instability," he said.

Tech billionaire Mike Cannon-Brookes is on a collision course with the nation's biggest electricity generator and carbon emitter...

The Atlassian co-founder has attacked the track record of AGL's board and the “very poor” demerger proposal, and said he was in it for the long haul to help ...

My expectation is to be on the shareholder register for a very long time.” But he said it was not part of a strategy to revisit the $5.5 billion takeover approach his Grok Ventures made with Brookfield earlier this year. But AGL’s board on Tuesday doubled down on the plan to split the company between coal power-focused Accel Energy, and retailer AGL Australia, despite Mr Cannon-Brookes’ move. Connect with Angela on I’m making it very clear that there are other options here than the only one being presented by the board.” Mr Cannon-Brookes said the size of his stake in AGL was dictated by several factors, including the desire to take a meaningful position aligned with shareholders, the timing of the demerger vote and the size of his investment, at about $650 million.

Australia's largest power generator vows to go ahead with demerger after tech billionaire buys 11% stake in company.

“We’ve got a pathway,” he said. “That’s disastrous for electricity prices,” Hunt said. “The company has been working on this restructuring and looking at other alternatives for over a year,” he said. “But by his admission, he does not have a plan,” Hunt said. A combined AGL would be better able to manage their exits, including for the thousands of employees affected, he said. “And that requires keeping the company together.”