AGL Energy’s Demerger Booklet Provides an Underwhelming Justification

Event-Driven

191 Views, 09 May 2022 20:18

EXECUTIVE SUMMARY

The IFA supported the demerger by stating that “in the absence of a fully priced takeover offer from a third party, the demerger is the most attractive course of action.”
IFA concedes that “it is not possible to form a definitive view” if the demerger will generate higher shareholder returns. The report is light on qualitative analysis.
Mike Cannon-Brookes continues to gain retail support for a NO vote at AGL Energy Ltd (AGL AU)'s 15 June scheme meeting. Our SoTP points to upside absent a demerger.

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