UK-based activist investor Snowcap has doubled down on its opposition to the proposed split of AGL Energy, highlighting the task ahead for AGL’s board to secure investor backing for the demerger amid an intensifying campaign by its main critic, tech billionaire Mike Cannon-Brookes.
A spokesman for Snowcap, which hit the headlines in February when it released a letter to the AGL board urging it to abandon the demerger backed by a 67-page presentation, said its views remained largely unchanged after reviewing the documentation for the restructuring and holding talks with AGL.
