AGL Energy Withdraws offer to Acquire Potential Interest in Vocus Group

  • May 31, 2019 AEST
  • Team Kalkine
AGL Energy Withdraws offer to Acquire Potential Interest in Vocus Group

Australia’s leading energy company, AGL Energy Limited (ASX: AGL) has confirmed today, i.e. 31st May 2019, that it has withdrawn a non-binding indicative offer to acquire a potential interest in Vocus Group Limited (ASX: VOC), a specialist fibre network services provider in Australia.

In response to a media report provided on Friday, 31st May 2019, the company informed that it has withdrawn its non-binding indicative offer as it was not able to agree due diligence terms that were acceptable to AGL Energy Limited.

At the time of unveiling its half-year results, AGL Energy indicated that it is looking for growth opportunities to meet the needs of increasingly connected customers as energy and data value streams continue to converge. And for the past few months, AGL has been assessing investment opportunities to support this strategy.

Currently, Vocus Group also has an offer from EQT Infrastructure, which is seeking to acquire all of the shares in Vocus at a price of $5.25 per share in cash, subject to a number of conditions.

As per AGL Chairman, Graeme Hunt, the fundamentals of AGL’s business are strong, and its strategic priorities position the company to transform and grow in line with the evolving needs of the customers and markets it serves.

Damien Nicks Appointed as CFO

In another announcement on ASX, AGL Energy Limited has announced the appointment of highly experienced Damien Nicks as Chief Financial Officer. Mr Nicks joined AGL in March 2013 and has been serving as Interim CFO since August 2018. In his 24 years of local and international experience, Mr Nicks held various senior level roles in big companies like Linfox Logistics, Smorgon Steel, Cantor Fitzgerald and Deloitte.

AGL’s Financial Performance For Period Ended 31 December 2018

For the first half of FY19, AGL reported a statutory profit after tax of $290 million, down 53% on the prior corresponding period (pcp), reflecting a negative movement in the fair value of financial instruments. The company reported an underlying profit after tax of $537 million, up 10% on pcp, reflecting the benefit of higher market prices for wholesale electricity.

H1 FY19 Results (Source: Company Reports)

The financial performance for the period reflected the company’s disciplined portfolio management amidst challenging operating conditions. The strength and flexibility of the company’s portfolio have enabled it to deliver strong returns for shareholders.

Stock Performance

Now, let’s have a glance at the company’s stock performance and the returns it has posted over the past few months. The stock is trading at a price of $20.540, down by 0.629% during the day’s trade with a market capitalisation of ~$13.56 billion as on 31st May 2019 (AEST 03:30 PM). The counter opened the day at $20.450 and reached the day’s high at $20.650 and touched a day’s low of $20.365, with a daily volume of 1,746,426. The stock has provided a YTD return of 1.82% and also posted returns of 9.89%, -2.27% and -7.02% over the past six months, three and one-month period, respectively. Its 52-week high and low price stands at $23.300 and $17.440, with an average volume of 2,060,974.


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