Mirvac resignations continue, Dalrymple Bay signs 10-year agreement and AGL resists leading shareholder

Mirvac Group (ASX: MGR) confirmed on Tuesday that chief executive officer Susan Lloyd-Hurwitz would be joining chairperson John Mulcahy as the latest board members to depart the property giant.

Following 10 years in the leadership position, Ms Lloyd-Hurwitz’s retirement from the board is scheduled for 30 June 2023, six months after Mr Mulcahy’s planned departure on 1 January next year.

The search has begun for Ms Lloyd-Hurwitz’s replacement, but she has provided a long window will help aid a smooth leadership transition.

“It was not an easy decision,” she said.

“However, it is the right time to hand over to the next leaders of Mirvac to guide the group through its next phase.”

Mr Mulcahy also said it was the right time to ‘hand the baton over to the next generation of leaders of Mirvac’.

“I have served on the board since 2009, and chair from 2013, and during this time the group has made significant progress on its strategy,” he said.

Mirvac previously announced its non-executive director Rob Sindel will become Mr Mulcahy’s successor.

Pushpay Holdings

Donor management systems provider Pushpay Holdings’ (ASX: PPH) share price improved by around 5% early this week amid media speculation a takeover move was imminent.

Pushpay released an announcement addressing the speculation, but didn’t confirm the identity of the buyer. However, media reports suggest Australian private equity BGH Capital made an offer valuing Pushpay at more than $1.2 billion (NZ$1.36 billion).

In its announcement, New Zealand-based Pushpay said it “received a revised indicative non-binding proposal and is continuing to assess whether there is the potential for a transaction that is in the best interests of shareholders as a whole.”

The company is in a trading halt and noted the timeline and likelihood of the takeover is still up in the air.

Back in May, Pushpay confirmed it was weighing up a combined buyout offer from two of its shareholders, BGH Capital and Sixth Street Partners.

BGH Capital and Sixth Street hold a combined 20.34% stake in the award-winning company.

Dalrymple Bay Infrastructure

Dalrymple Bay Infrastructure (ASX: DBI) has reached an agreement on pricing and commercial terms for 10 years, until 2031, with its existing customers at the Dalrymple Bay Terminal.

Under the agreement, the terminal infrastructure charge for users will increase by 23% and 28% to $3.02 per tonne and $3.18/t in FY2022 and FY2023, respectively – in-line with inflationary pressures. The terminal infrastructure charge will continue to increase annually with inflation through to 2031.

Dalrymple Bay Infrastructure chief executive officer Anthony Timbrell said the company was pleased to finalise the ongoing negotiations.

“The successful completion of the commercial negotiations with our customers under the light-handed regulatory framework approved by the Queensland Competition Authority in 2021 is great news for all stakeholders,” he said.

“The agreements are the result of a comprehensive negotiation process and the first to be settled under the new negotiate-arbitrate regime.”

Mr Timbrell said the deal would give the company “significant cash flow certainty” for the next 10 years and assist “transition planning” moving forward.

Dalrymple Bay anticipates the annual dividend will reach $0.201 cents per share in quarterly distributions, which is 10% higher than FY2022.

Mineral Resources

Perth-based Mineral Resources (ASX: MIN) has unveiled expansion plans for its two WA lithium mines, during an investor tour of the assets from 9 to 11 October.

Mineral resources chief executive officer Chris Ellison said the potential in its operations was clear.

“We are pleased to report 164 million tonnes of ore reserves and more than 310Mt of mineral resources, across the Mt Marion and Wodgina deposits,” he said.

“The high quality and scale of these tier one assets in Western Australia underpin Mineral Resources’ position as a leading global lithium producer.”

“Significant opportunity exists to further expand the mineral endowment at both operations through near mine exploration activities,” he added.

The company plans to build a 50,000 tonne a year lithium hydroxide plant in Western Australia for US$650 million (A$1.3 billion).

The plant would be built at the Wodgina lithium mine in the Pilbara, where Mineral Resources and partner Albemarle are ramping up production to deal with the soaring demand.

Mineral Resources also told analysts that it expects to finalise the revised terms of its joint venture with Albemarle within the coming weeks.

AGL

Energy giant AGL (ASX: AGL) has confirmed it’s willing to stand by its decision to go against a board overhaul from leading shareholder Mike Cannon-Brookes.

Mr Cannon-Brookes’ investment firm Grok Ventures has nominated four candidates for the AGL board — former energy regulator Kerry Schott, sustainability expert Christine Holman, Tesla’s Mark Twidell and board chairperson John Pollaers.

AGL was receptive of Mr Twidell’s nomination, but urged more influence was not needed on the board beyond that.

Current AGL chairperson Patricia McKenzie said the company will stand behind its decision.

“We’re quite prepared to stand behind that recommendation,” she said.

“We have to continue to have an independent board of directors that represents 100% of the shareholders, and 88% of those are not Grok.”