AGL Energy Limited (ASX: AGL) announced that it has determined to withdraw the proposal to separate AGL Energy into AGL Australia and Accel Energy through a demerger. The company believes that the Demerger Proposal would have been supported by most shareholders, both retail and institutional. But, having stated opposition from a small number of investors, including Grok Ventures, the company expects that the Demerger Proposal will not receive sufficient support to meet the 75% approval threshold for a scheme of arrangement.
Due to these circumstances, the AGL’s Board considers that it is in the best interests of shareholders of the company to withdraw the Demerger Proposal. AGL energy announced that Chairman Peter Botten will resign from the board upon the appointment of a replacement independent Chairperson. The AGL's board has also agreed that Graeme Hunt will also resign from the role of Chief Executive Officer and Managing Director.
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