AGL 0.23% $8.64 agl energy limited.

For those with an interest in AGL's Corporate Conv

  1. 635 Posts.
    AGL is down today due to having gone ex. dividend (27c)
    BUY rating is maintained by a number of brokers.
    The uptrend channel on the chart is looking good.
    Long term 'buy & hold'. Good defensive stock.
    Yield 5%+
    Positive changes to current shareholding limitation should boost the stock price further.
    Any comments, please.
    PS. I hold AGL instalment warrants : AGLIGH

    Company Announcement
    Applies for Corporate Conversion Order

    HOMEX - Sydney

    The Australian Gas Light Company (AGL) has lodged its application
    with the New South Wales Minister for Energy, the Hon Kim Yeadon MP,
    to issue a conversion order, to convert AGL into a modern body
    corporate, in accordance with the enabling legislation passed by the
    NSW Parliament in May 2002.

    AGL has made the application for a conversion order as the four
    conditions to the conversion process specified in the resolution
    passed at the Special General Meeting of Proprietors on 3 July 2002,
    have now been satisfied. The last condition to be satisfied related
    to the receipt of a letter from the New Zealand Government confirming
    its intention to pass legislation to ensure no adverse NZ
    consequences would arise as a result of the corporate conversion
    process. That letter was received on 20 September 2002.

    The corporate conversion process means that on the conversion day,
    AGL is converted into a modern form of body corporate, with a modern
    constitution, and will be registered under the Corporations Act.
    AGL's outdated scaled voting mechanisms and shareholding limitation
    will be removed with effect from the conversion day.

    The enabling legislation passed by the NSW Parliament in May 2002
    also ensures that the shareholding limitation continues to apply
    until the conversion day, and additional enforcement provisions were
    also introduced as part of that legislative package. AGL is required
    to report to the Minister any suspicious movements in its share
    register in the period up to the conversion day.

    To be legally effective, the conversion order needs to be issued by
    the Minister for Energy and published in the NSW Gazette. This has
    not yet occurred and until this occurs, the conversion day will not
    become certain. AGL will advise accordingly when this occurs and
    anticipates this will occur in the near future.

    AGL's Annual General Meeting, scheduled for 15 October 2002, will in
    no way be affected by the corporate conversion process, and will
    proceed as planned.


    Jane McAloon, Group Manager External Affairs 0419 447 384

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