The Chairman of Origin Energy Limited (Origin) Mr Gordon Cairns today announced the Company is withdrawing from the 2015 Notice of Annual General Meeting Resolution 8 and Resolution 9 proposing the grant of equity incentives to Mr Grant King and Ms Karen Moses. The withdrawal of these resolutions will not affect the validity of the proxy form attached to the Notice of Annual General Meeting or any proxy votes already submitted.
The Board, Mr King and Ms Moses’ decision follows the Company’s announcement of a $4.7 billion suite of capital initiatives on 30 September 2015 to strengthen the Company’s balance sheet and maintain an investment grade credit rating. The initiatives include a 4 for 7 fully underwritten pro rata renounceable entitlement offer to raise approximately $2.5 billion.
Following the recently announced Entitlement Offer, we believe the decision to not proceed with the resolutions is appropriate.
About Origin Energy
Origin Energy (ASX: ORG) is the leading Australian integrated energy company with market leading positions in energy retailing (approximately 4.3 million customers), power generation (approximately 6,000 MW of capacity owned and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe). To match its leadership in the supply of green energy, Origin also aspires to be the number one renewables company in Australia.
Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing Australia’s biggest CSG to LNG project based on the country’s largest 2P CSG reserves base.