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    BAM.A   CA1125851040

BROOKFIELD ASSET MANAGEMENT INC.

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Delayed Toronto Stock Exchange  -  10:20 2022-07-07 am EDT
59.48 CAD   +2.29%
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Mike Cannon-Brookes seeks two AGL Energy board seats if demerger vote fails

05/27/2022 | 03:40am EDT

May 27 (Reuters) - Tech billionaire Mike Cannon-Brookes is seeking two seats on AGL Energy's board, if the Australian power producer's plan to split into two companies fail.

In the letter addressed to AGL Chair Peter Botten on Friday, Cannon-Brookes reiterated that the demerger was a 'deeply flawed' plan and expressed his intention to appoint two nominees for Grok Ventures - a vehicle he owns - on the board of AGL.

"We intend to engage directly with you and your fellow AGL Directors in relation to board and management renewal. We want to ensure that AGL has the talent, capital, capability and oversight that is required to embrace the opportunity presented by decarbonisation," according to the letter.

Cannon-Brookes, the co-chief executive officer of software firm Atlassian and a vocal climate activist, gained an 11.3% stake in AGL earlier this month by converting a part of his derivatives-based holding in the company, having failed in a takeover attempt with Brookfield Asset Management earlier this year.

The letter follows an announcement from Australian pension fund HESTA, which joined the tech billionaire in opposing the demerger, saying it does not see the split supporting decarbonisation targets laid out by the Paris climate agreement.

Shareholders are set to vote on June 15 on AGL's demerger plan. The split will form AGL Australia, which will be the country's top energy retailer, and Accel Energy, the country's top power producer.

Accel will inherit AGL's coal-fired power plants and the mantle of Australia's largest carbon emitter, according to government data.

(Reporting by Tejaswi Marthi in Bengaluru; Editing by Rashmi Aich)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AGL ENERGY LIMITED 1.09% 8.36 Delayed Quote.34.69%
ATLASSIAN CORPORATION PLC 2.28% 212.54 Delayed Quote.-45.49%
BROOKFIELD ASSET MANAGEMENT INC. 2.24% 59.48 Delayed Quote.-23.45%
SEAGATE TECHNOLOGY HOLDINGS PLC 3.45% 74.07 Delayed Quote.-36.69%
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Financials (USD)
Sales 2022 83 493 M - -
Net income 2022 - - -
Net Debt 2022 142 B - -
P/E ratio 2022 13,9x
Yield 2022 1,26%
Capitalization 69 863 M 69 863 M -
EV / Sales 2022 2,53x
EV / Sales 2023 2,46x
Nbr of Employees 180 000
Free-Float 80,1%
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Number of Analysts 12
Last Close Price 44,51 $
Average target price 62,04 $
Spread / Average Target 39,4%
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Managers and Directors
James Bruce Flatt Chief Executive Officer & Director
Nicholas Goodman Chief Financial Officer & Senior Managing Partner
Frank J. McKenna Chairman
Dominic Dodds Managing Director-Technology
Lori A. Pearson Chief Operating Officer & Senior Managing Partner
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