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.
Win a few. Lose a few.
Only the long term counts.
