SYDNEY: Infigen Energy Limited announced the renewal of the boards of Infigen Energy Limited and Infigen Energy RE Limited as responsible entity of Infigen Energy Trust.
The change in composition of the Board occurs within the context of the friendly off-market takeover offer for Infigen by Iberdrola Renewables Australia Pty Limited at 92 cents per Infigen Stapled Security.
From today the Board will be comprised of seven directors including Independent Chairman, Len Gill, Independent Director, Emma Stein, Managing Director, Ross Rolfe, and the four appointees of Iberdrola: Mr David José Mesonero Molina, Mr Sergio Hernández de Deza, Ms Regina Reyes Gallur and Mr Felipe Castresana.
Iberdrola’s voting power in Infigen was 72.76%. Accordingly, Iberdrola has both effective control of Infigen and, under the Bid Implementation Agreement between Iberdrola and Infigen, dated 17 June 2020, the entitlement to appoint the majority of directors to the Board, subject to there being two independent directors until Iberdrola acquires all of the Infigen Stapled Securities.
A protocol has been adopted by the Board to manage confidential information and issues of conflict, should they arise.
Independent Chairman Len Gill said: “We are very pleased to welcome the Iberdrola appointees to the Infigen Board. The Iberdrola appointees bring a wealth of experience in renewables, development, energy markets, energy innovation, corporate finance, and risk management. Under Iberdrola’s stewardship, we anticipate a future of accelerated growth and ongoing sustainability leadership.”
“On behalf of the incoming Board, our Security Holders, the management team and our broader stakeholders, I would like to thank Mr Mark Chellew, Ms Karen Smith-Pomeroy and Ms Sylvia Wiggins for their guidance, insights and judgement throughout our strategic transformation into the utility of the future. Mark Chellew’s long term approach to Infigen’s people strategy, Karen Smith-Pomeroy’s engagement on our energy risk management framework, and Sylvia Wiggin’s expert oversight of our financial strategy and capital structure have all been critical to the success of our strategy.”
Leave a Reply