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AGL Energy Provides Update on Demerger, Dividend Actions and Earnings Guidance

30 Jun 2021  |  08:52:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Update on demerger, dividend actions and earnings guidance

AGL Energy confirmed its intention to undertake a demerger to create two energy businesses with separate listings on the Australian Securities Exchange. Under the demerger proposal, the Company will become Accel Energy, an electricity generation business focused on the accelerating energy transition. Accel Energy will demerge a new entity, AGL Australia, a multi-product energy-led retailing and flexible energy trading, storage and supply business. AGL Australia will retain the AGL brand. It reported to terminate Special Dividend Program for remainder of FY 2021 and FY 2022 and underwrite the DRP on ordinary dividends until demerger. The Company FY 2021 earnings guidance is confirmed within previously provided range.

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