AGL Energy investors have little choice but to support the costly, drawn-out process of splitting into a green retail operation and a coal-fired power rump. The alternative’s too awful to contemplate.
AGL Energy shareholders are staring down the barrel of a corporate disaster if they don’t support the proposed split of their company into a “green” retail and renewables business called AGL Energy Australia, and a coal-fired generator, Accel Energy.
Full-year financial results released on Thursday were worse than the market expected, with underlying earnings before interest, tax, depreciation and amortisation down 18 per cent to $1.66 billion, and a forecast for a decline in earnings of almost 30 per cent in 2022.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
