Caltex Australia has left some investors unconvinced that it can unlock value for shareholders through a raft of new initiatives as it awaits news whether its spurned Canadian suitor will return to the table to improve its $8.6 billion takeover bid.

The fuels and convenience retailer, which has knocked back a $34.50-a-share offer from Alimentation Couche-Tard, used an investor briefing to announce a $136 million sale of petrol stations and a hybrid raising of up to $500 million that would help fund share buybacks.