Australian (ASX) Stock Market Forum

ORG - Origin Energy

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Craton said:
Seems that AustralianSuper isn't the happy chappy.
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Yes, and they hold about 14% of ORG. With 75% of the vote required for the takeover to proceed, it looks dead in the water for now.

Glad I took the bird in hand and sold 60% of my holding on market.

I wonder if a deal might be done that gives Australian Super a stake in ORG's assets along side Brookfield?
 
Ferret said:
Yes, and they hold about 14% of ORG. With 75% of the vote required for the takeover to proceed, it looks dead in the water for now?
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now up to 15.03 per cent
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the vote is in 10 days time; if the takeover is approved by Origin shareholders at its scheme meeting, and the required court and regulatory approvals are obtained, a special dividend is expected to be paid on 23 January.

The dividend is part of the offer from Brookfield and EIG (and supported by Origin).

The proposed takeover's total cash payment to shareholders of approximately $9.531 per Origin share comprise scheme consideration of $6.20 per share, scheme consideration of $US1.86 per share and the fully franked special dividend of 39 cents per share.

That full franked special dividend is really an asset for Origin shareholders to access, not for the bidders' use to reduce the financing costs of their cash offer.
 
Ferret said:
I wonder if a deal might be done that gives Australian Super a stake in ORG's assets along side Brookfield?
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I understand Australian Super rejected Brookfield's offer for a seat at the table. The proposal requires 75% of the vote. AusSuper holding 15%, and possibly gaining proxies, if it receives the equivalent of 10% it may defeat the proposal or hold out for a much higher offer.
 
Ferret said:
Today's notice - Aus Super holding 16.50% as at 13/11/23.

And I'm sure they are still buying.
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once committed, yes. and you'd think as the holding increases, others would think the Brookfield offer would slip away and so others would take the 8.50ish on market now rather than hope for 9.53 later
 
Dona Ferentes said:
once committed, yes. and you'd think as the holding increases, others would think the Brookfield offer would slip away and so others would take the 8.50ish on market now rather than hope for 9.53 later
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This is my dilemma, take the 8.50 or risk losing it, i kind of support ASuper as Origin has some great assets and should be kept in Aust hands.
 
So_Cynical said:
This is my dilemma, take the 8.50 or risk losing it, i kind of support ASuper as Origin has some great assets and should be kept in Aust hands.
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What are their great assets? Not being funny and I don't hold, but as gas on the East coast is shaky and coal is completely on the nose, do they own a lot of transmission assets?
i'm just trying to work out what Asuper and everyone is getting excited about, I would have thought AGL had more assets and diversification ability. I sold out of them about 6 months ago, July 26 to be exact, I Just think the energy market is getting too weird.
 
sptrawler said:
What are their assets?
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Brookfield and EIG invited AusSuper to engage with the bidding consortium on an agreement that could have seen it retain a stake in Origin’s energy markets business equivalent to its [then] 15.03 per cent stake in the whole company, and accept cash for its interest in the integrated gas business.

Brookfield and EIG want to split Origin’s assets between them, with Brookfield taking the energy markets business, including power generation and retailing, and EIG taking its 27.5 per cent stake in the Australia Pacific LNG venture.
 
Dona Ferentes said:
Brookfield and EIG invited AusSuper to engage with the bidding consortium on an agreement that could have seen it retain a stake in Origin’s energy markets business equivalent to its [then] 15.03 per cent stake in the whole company, and accept cash for its interest in the integrated gas business.

Brookfield and EIG want to split Origin’s assets between them, with Brookfield taking the energy markets business, including power generation and retailing, and EIG taking its 27.5 per cent stake in the Australia Pacific LNG venture.
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And in the current climate of coal/gas generation is having to cede to renewables, which is causing huge maintenance and economical issues for coal generation, it would indicate they have a lot of embedded gas generation and good gas reserves?
Or else they have a large transmission line portfolio, there has to be something there to be valued at $10b, retailing is only in reality good will.
From snippets I've heard, it sounds as though AGL is further along the track of transitioning to renewables, but I haven't been following it recently.
 
Dona Ferentes said:
Brookfield and EIG invited AusSuper to engage with the bidding consortium on an agreement that could have seen it retain a stake in Origin’s energy markets business equivalent to its [then] 15.03 per cent stake in the whole company, and accept cash for its interest in the integrated gas business.

Brookfield and EIG want to split Origin’s assets between them, with Brookfield taking the energy markets business, including power generation and retailing, and EIG taking its 27.5 per cent stake in the Australia Pacific LNG venture.
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Just had a left field thought, could someone be going in to bat for the Govt? To stop a rogue 'green' raider getting control and the ultimate say over whether a coal generator stays on, or stays off?

Now that would be an interesting situation, when you have a Govt wanting coal shut down and have set emission targets and someone who owns the biggest coal generator agrees and says they are going to shut it down no ifs or buts.

OMG what a mess. :roflmao:

Just my thoughts and just thinking out loud, as I may want to buy, but as @IFocus would say ye Nah.
 
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TRADING HALT REQUEST

Origin Energy Limited (Origin) requests a trading halt in the securities of Origin (ASX Code: ORG) effective from 1:45pm today, 4 December 2023.

For the purposes of Listing Rule 17.1, Origin provides the following information: (a) the trading halt is requested as a meeting of Origin shareholders is being held today at 2.00pm to consider the proposed acquisition of Origin by way of Scheme of Arrangement;

(b) Origin requests that the trading halt remain in place until Origin makes an announcement to the market on the outcome of the Scheme meeting. The announcement is expected to be on the afternoon of Monday 4 December 2023 and the trading halt will cease at that time; and (c) Origin is not aware of any reason why the trading halt should not be granted nor is it aware of any other information necessary to inform the market or ASX about the trading halt.

If you have any queries please do not hesitate to contact me. Yours sincerely Helen Hardy Company Secretary
 
Results of the Scheme Meeting Origin Energy Limited (Origin) today held the Scheme Meeting at which shareholders were asked to vote on the proposed acquisition of Origin involving the Brookfield-led consortium of investors (Brookfield) and EIG, by way of a Scheme of Arrangement (Scheme).

Results of the Scheme Meeting The resolution to approve the Scheme (Scheme Resolution), as set out in the Notice of Scheme Meeting included in the Scheme Booklet released to ASX on 19 October 2023, was not approved by the requisite majorities of Origin shareholders with:

1. 68.92% of the votes cast by Origin shareholders in favour of the Scheme Resolution;
and 2. 77.83% of Origin shareholders present and voting at the Scheme Meeting in favour of the Scheme Resolution.

The results of the Scheme Meeting are attached to this announcement.

Origin Chairman Scott Perkins said, “Shareholders turned out in significant numbers to have their say on the future of the Origin. Throughout this process, the Board has focussed on ensuring all Origin shareholders recognise that their vote is important.

“While the scheme will not proceed, it was supported by many Origin shareholders. Importantly, this process has made clear the confidence all shareholders have in Origin’s business, assets and people, and its strategic positioning for the energy transition.
“We look forward to the continuing support of our shareholders as we focus on delivering on our strategic priorities, accelerating investment in cleaner energy and storage and pursuing our ambition to lead the energy transition,” Mr Perkins said.
 
divs4ever said:
Results of the Scheme Meeting Origin Energy Limited (Origin) today held the Scheme Meeting at which shareholders were asked to vote on the proposed acquisition of Origin involving the Brookfield-led consortium of investors (Brookfield) and EIG, by way of a Scheme of Arrangement (Scheme).

Results of the Scheme Meeting The resolution to approve the Scheme (Scheme Resolution), as set out in the Notice of Scheme Meeting included in the Scheme Booklet released to ASX on 19 October 2023, was not approved by the requisite majorities of Origin shareholders with:

1. 68.92% of the votes cast by Origin shareholders in favour of the Scheme Resolution;
and 2. 77.83% of Origin shareholders present and voting at the Scheme Meeting in favour of the Scheme Resolution.

The results of the Scheme Meeting are attached to this announcement.

Origin Chairman Scott Perkins said, “Shareholders turned out in significant numbers to have their say on the future of the Origin. Throughout this process, the Board has focussed on ensuring all Origin shareholders recognise that their vote is important.

“While the scheme will not proceed, it was supported by many Origin shareholders. Importantly, this process has made clear the confidence all shareholders have in Origin’s business, assets and people, and its strategic positioning for the energy transition.
“We look forward to the continuing support of our shareholders as we focus on delivering on our strategic priorities, accelerating investment in cleaner energy and storage and pursuing our ambition to lead the energy transition,” Mr Perkins said.
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It will be interesting to see how that works out for shareholders. :xyxthumbs
 
sptrawler said:
It will be interesting to see how that works out for shareholders. :xyxthumbs
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i lost patience with them in December 2017 ( and took the $9.45 a share )

they have done nothing to endear me since ( they were originally to become a 'core holding ' just like AMP and WOW , just as well i admitted errors and changed that plan )

but gee those loyal shareholders ( the 30% who voted to stay ) had better start shaking up the business

nearly 70% have declared their weak hands
 
divs4ever said:
i lost patience with them in December 2017 ( and took the $9.45 a share )

they have done nothing to endear me since ( they were originally to become a 'core holding ' just like AMP and WOW , just as well i admitted errors and changed that plan )

but gee those loyal shareholders ( the 30% who voted to stay ) had better start shaking up the business

nearly 70% have declared their weak hands
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All these energy companies have had take over offers and then struggled to get back to the offer price, but promise they are going to improve then don't.
Just look at the long term graphs on the asx google link, none of them have done much, considering the inflated price of their products, so is it because of bad contracts, bad management, or an uncertain industry?
I mean can someone tell me where this goes from here, when apparently fossil fuel is on the nose, is it just blind faith or does someone know something that the graphs aren't showing?
They seem to be the same price as they were in 2008 and they have sold a lot of their product, is there something I'm not seeing, apart from blue sky dreaming?

SANTOS
Screenshot 2023-12-04 170223.jpg


Screenshot 2023-12-04 170359.jpg
 
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sptrawler said:
All these energy companies have had take over offers and then struggled to get back to the offer price, but promise they are going to improve then don't.
Just look at the long term graphs on the asx google link, none of them have done much, considering the inflated price of their products, so is it because of bad contracts, bad management, or an uncertain industry?
I mean can someone tell me where this goes from here, when apparently fossil fuel is on the nose, is it just blind faith or does someone know something that the graphs aren't showing?
They seem to be the same price as they were in 2008 and they have sold a lot of their product, is there something I'm not seeing, apart from blue sky dreaming?

SANTOS
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View attachment 166663
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well the theory is essential infrastructure is 'a safe haven ' ( there will always be demand .. in theory )

now maybe some believe in the plan for smug ( 👀 OOPS smart ) cities and their one zillion nefarious uses of electricity at the tax-payers expense ( paying for you own jail , but telling you it is security )

meanwhile 'the gold-plated wires' game goes on making a few obscenely rich ( namely the creative accountants )
 
divs4ever said:
well the theory is essential infrastructure is 'a safe haven ' ( there will always be demand .. in theory )

now maybe some believe in the plan for smug ( 👀 OOPS smart ) cities and their one zillion nefarious uses of electricity at the tax-payers expense ( paying for you own jail , but telling you it is security )

meanwhile 'the gold-plated wires' game goes on making a few obscenely rich ( namely the creative accountants )
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I did have a quick flutter on AGL at $6 something and jumped out at around $12, but IMO a risky game.
IMO the Eastern States electricity market is a quagmire of confusion, driven by a blind belief in an ideology, looking for a sponsor. :nailbiting:
 
sptrawler said:
I did have a quick flutter on AGL at $6 something and jumped out at around $12, but IMO a risky game.
IMO the Eastern States electricity market is a quagmire of confusion, driven by a blind belief in an ideology, looking for a sponsor. :nailbiting:
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well my Ausnet ( or whatever they changed to ) , got taken-over ORG well you know the story there , AGL i had some personal interactions before inheriting shares so they were No. 2 on my AVOID list starting out ( just above DJS who ripped off my widowed mum ( and YES i do hold grudges for more than 40 years )

however i am doing OK on the NZ power companies ( GNE , MCY and MEZ ) and they are relatively safe as the NZ government owns more than 50% of each , even Jacinda couldn't wreck them ( and they use some renewable energy sources to boot )

i suppose it is too late to fix the Oz power industry , the rot has gone structural
 
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