AUSTRALIA'S B&B WIND PARTNERS TO CHANGE NAME TO INFIGEN
SYDNEY, Apr 29, 2009 (AsiaPulse via COMTEX) -- Babcock & Brown Wind Partners Group (BBW) (ASX: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 was 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 Australian stock exchange within days, BBW chairman Graham Kelly told the meeting.
The meeting also approved new incentive plans for company 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," Dr Kelly said.
A motion to approve the participation of managing director Miles George in the performance rights and options plan was passed also.
The approval of the new name and pay incentives structure finalises the separation of BBW from failed parent Babcock & Brown, a process begun by the renewable energy provider late last year.
The debt-laden former financial house Babcock & Brown was placed into voluntary administration in March.
Dr Kelly told Wednesday's meeting that BBW 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 (earnings before interest, tax, depreciation and amortisation) margins."
Mr George reaffirmed full-year distribution guidance of at least nine cents per security.
He also indicated the company was looking to offload 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.
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