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April 29, 2009 – 1:49PM

Babcock & Brown Wind Partners Group (BBW) shareholders have approved the company’s name change, finalising its separation from its troubled parent.

At an extraordinary general meeting on Wednesday, shareholders approved a motion for the company to become known as Infigen Energy.

Infigen is derived from the words infinite and generation, reflecting the infinite availability of fuel sources such as wind and BBW’s core function of generating renewable energy, the company said.

BBW operates 41 wind farms in the Asia Pacific, Europe and North America.

The company will begin trading under the new name on the ASX within days, chairman Graham Kelly told the meeting.

The meeting also saw the approval of new incentive plans for the company’s executives, who became directly employed by BBW on January 1.

“The directors’ goal is to reinforce the objective of creating sustainable value for securityholders by aligning executive remuneration with that objective,” Mr Kelly said.

A motion to approve the participation of managing director Miles George in the performance rights and options plan was also passed.

The approval of the new name and pay incentives structure finalise the separation of BBW from Babcock & Brown, a process begun by the renewable energy provider late last year.

The debt-laden Babcock & Brown was placed into voluntary administration in March.

Mr Kelly told the meeting the company was “well advanced” in terms of transferring its IT systems, while a move to a new premises would be completed by the end of June.

The company signed an in-principle agreement with B&B on Tuesday to acquire all of its Australian and New Zealand wind energy assets.

“BBW commences its new life independent of B&B in a very strong position,” Mr George said.

“We have long-term revenue contracts and our costs are highly predictable, ensuring high and stable EBITDA margins.”

Mr George reaffirmed full year distribution guidance of at least nine cents per security.

He also indicated the company was looking at offloading its remaining European assets.

“We have indicated that our remaining European assets are non-core to the business and we are currently reviewing proposals from advisers to assist us to maximise the realisable value of these assets,” he said.

At 1301 AEST BBW shares were down two cents to $1.25.

http://news.brisbanetimes.com.au/breaking-news-business/babcock–brown-wind-becomes-infigen-20090429-amv7.html

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