Alinta Ltd has updated investors on its merger plans with AGL Ltd.
Alinta Ltd has updated investors on its merger plans with AGL Ltd.
All significant commercial agreements have been completed, primarily:
o merger implementation agreement
o transaction implementation deed
o relationship deed
The formation of a Transition Steering Committee - comprised of management from both Alinta and AGL, focused on the development of action plans to ensure a smooth separation of the AGL Infrastructure business from AGL Energy. This committee has been meeting regularly for the past several weeks and is focusing on business elements such as finance, human resources and IT.
- Submission of the Scheme Booklet for both companies to ASIC by the end of July.
- Anticipated approval of the Scheme Booklet by ASIC by mid-August.
- Extraordinary General Meetings of both companies to approve the Schemes targeted for first week of October.
- Final Court approval to be sought immediately after the EGMs.
- Implementation of transition action plans and initial synergies/cost saving initiatives to follow thereafter.
In addition, Alinta's half year financial results will be released on 16 August, with an east coast roadshow conducted over 16-17 August. At this time, Alinta will release updated earnings guidance to reflect full effect of the Alinta-AGL transaction.
Key Current Activities
- The Scheme Booklets for both companies are in advanced stages of preparation with work continuing, including finalisation of financial forecasts post Scheme implementation.
- Discussions between Alinta and ACCC to finalise necessary undertakings and until these discussions are complete it is not appropriate for Alinta to provide comment on their status.