Business & Finance / 03 May 2022
Cannon-Brookes’ next go at AGL
It’s the Atlassian co-founder/rich-lister Mike Cannon-Brookes second strike at AGL in 3 months – this time he’s bought 11.28% of gas and electricity generator/retailer AGL through his family’s investment firm Grok Ventures. It makes him the company’s biggest shareholder and puts some heft behind his bid to stop the company from splitting into 2 divisions with power generation separated from the retailing arm. Writing to AGL yesterday, Cannon Brookes said he believes there’s a better future for the company “that delivers cheap, clean and reliable energy for customers” and “creates opportunities for AGL and value for its shareholders along the way.” He will vote against the demerger when it’s put to shareholders on 15 June “and will actively encourage all AGL shareholders to do the same” – it needs 75% approval to happen. He’s launched a website to help spread the word. It was a tough day for Australia’s largest electricity generator – it told investors yesterday that its profit for the year will be down by $100 million.
Know someone who'd be interested in this story? Click to share...
The Squiz Today
Your shortcut to being informed, we've got your news needs covered.
Also Making News
Get the Squiz Today newsletter
Quick, agenda-free news that doesn't take itself too seriously. Get on it.