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AGL to stop paying special dividend to preserve A$500 mln cash
AGL expects investment grade credit ratings for both companies
AGL s shares drop 10%
June 30 (Reuters) - Australia s AGL Energy (AGL.AX) said on Wednesday it expects to split into a bulk power generator and a carbon-neutral energy retailer by June 2022 and would stop paying special dividends to shore up the two companies balance sheets.
Investors gave a thumbs down on the plan, sending AGL s shares 10% lower by the end of the day, following an initial drop of 4% after the company announced the dividend cut and warned it still expected a material step-down in earnings next year.