Growing opposition to AGL Energy demerger

Wilson Asset Management Chairman Geoff Wilson says the company is “seriously considering voting ‘no'” on AGL’s plan to split into two companies – with shareholders set to vote on June 15.

“We haven’t said we’ll vote no at this point in time, we said that we’re seriously considering voting no, and we’re looking at it more from a financial perspective,” Mr Wilson told Sky News Business Editor Ross Greenwood.

He said reading through the explanatory memorandum AGL put out, it “just amazed” him how much money the split would cost.

“It’s $260 million to do the transaction, and they’re going to split one company into two, and it’s going to cost shareholders, or the owners of the company, an extra 35 million net per annum.”