Announcement • Dec 07

Bidders Reportedly Down Pens on Origin, Regroup in 2024

While expectations are that Brookfield Corporation (TSX:BN) and EIG Global Energy Partners may well deliver a reworked takeover bid to buy Origin Energy Limited's (ASX:ORG) after shareholders rejected the $16 billion offer in a vote, it's understood that there won't be any further action before Christmas. Advisers are understood to have downed pens for now, and won't be putting anything further to the board in 2023. But should the share price fall in the new year, there's an expectation by many in the market that the suitors will be back, with the target simply too attractive to walk away from without a fight. To succeed, there needs to be support from 75% of the shares voted. The argument from the Brookfield and EIG camp is that while the deal was rejected, the majority of investors were in favour of the transaction. AustralianSuper, which holds 17.5%, was in the minority in its opposition to the transaction. Origin announced on November 23 that the suitors had put an alternative offer to shareholders, where if they voted against the buyout proposal, a new takeover at $9.08 per share would be on offer, on the condition that it won 50.1% shareholder approval. As part of that deal, shareholders would also vote on splitting the company. The offer would involve a return of $5.25 a share from a sale of the Energy Markets unit to Brookfield. The remaining part of the business - Origin's stake in the Queensland's APLNG upstream energy business - would be worth $3.83 per share through the takeover bid undertaken by EIG, equating to about $6.6 billion. To get the board's ear, the bidders would probably need to lift the condition of the deal being subject to financing, clarify the cost of the tax leakage from asset sales and pay out dividends along the way, compensating shareholders for the time taken for the transaction to play out. Most importantly, the money would need to increase. Some suggest the consortium may only need to lift its offer by about 10c-15c a share, rather than offer the same amount that was on the table for the scheme of arrangement. But all this, of course, assumes the current Origin Energy directors remain in their roles in 2024. Some may opt to move on rather than work for AustralianSuper, which can call the shots due to its dominance on the register. And then there's the possibility of the country's super fund itself opting for a change, given its differing views on the company's value to directors. Azure Minerals It's all quiet right now on SQM's proposal to buy Azure Minerals, because the Chilean lithium powerhouse is awaiting approval to buy the business from the Foreign Investment Review Board. That's due before Christmas, say sources, when the transaction will go unconditional.

Announcement • Dec 06

Brookfield Global Transition Fund I managed by Brookfield Asset Management Inc. (TSX:BAM.A) along with MidOcean Energy, LLC, GIC Private Limited and Temasek Holdings (Private) Limited cancelled the acquisition of Origin Energy Limited (ASX:ORG) from The Vanguard Group, Inc., Australian Super Pty Ltd and others.

Brookfield Global Transition Fund I managed by Brookfield Asset Management Inc. (TSX:BAM.A) along with MidOcean Energy, LLC, GIC Private Limited and Temasek Holdings (Private) Limited submitted a non-binding privatization proposal to acquire Origin Energy Limited (ASX:ORG) from The Vanguard Group, Inc., Australian Super Pty Ltd and others for AUD 16.4 billion on August 8, 2022. Brookfield Global Transition Fund I managed by Brookfield Asset Management Inc. (TSX:BAM.A) along with MidOcean Energy, LLC has entered into a Scheme Implementation Deed to acquire 100% stake in Origin Energy Limited (ASX:ORG) from The Vanguard Group, Inc., Australian Super Pty Ltd and others for AUD 16.4 billion on November 2, 2023. Consortium significantly increases cash consideration to best and final proposal of AUD 9.53 per share. Brookfield Global Transition Fund I managed by Brookfield Asset Management Inc. (TSX:BAM.A) along with MidOcean Energy, LLC has entered into a Scheme Implementation Deed to acquire 100% stake in Origin Energy Limited (ASX:ORG) from The Vanguard Group, Inc., Australian Super Pty Ltd and others for an enterprise value of AUD 18.7 billion on March 27, 2023. Brookfield Global Transition Fund I managed by Brookfield Asset Management Inc. along with MidOcean Energy, LLC submitted a non-binding privatization proposal to acquire Origin Energy Limited from The Vanguard Group, Inc., Australian Super Pty Ltd and others for AUD 15.5 billion on November 9, 2022. The Consortium’s Proposal is at a price of AUD 9.00 per share which values Origin at an enterprise value of AUD18.4 billion. Under the proposed transaction, Brookfield Renewable and its institutional partners would acquire Origin’s energy markets business and MidOcean would acquire Origin’s Integrated Gas division. The price payable under the Indicative Proposal would be reduced by the amount of any dividend paid by Origin prior to implementation of the proposed scheme of arrangement, however, if implementation occurs later than May 15, 2023, the offer price under the Indicative Proposal would then increase by AUD 0.03 per month. The Indicative Proposal follows an earlier indicative proposal from the Consortium to acquire Origin for AUD 7.95 cash per share on August 8, 2022 (equivalent to AUD 7.79 cash per Origin share following the announcement and payment of the H2 2022 dividend of AUD 0.165 cents per share). On September 18, 2022, the Consortium made a further proposal to acquire Origin at an indicative price of AUD 8.70 to AUD 8.90 per share. Origin has entered into a confidentiality and exclusivity agreement with the Consortium. Under the terms of the agreement, either party can terminate the exclusivity provisions after five weeks and four days with one week’s notice. As of March 27, 2023, the Consortium has submitted a revised conditional and non-binding proposal, the revised Proposal is at a price of AUD 8.912 cash per share. Transaction is subject to completing due diligence and Consortium can conduct due diligence to enable it to put forward a binding proposal. Due diligence is expected to complete within eight weeks. Transaction is also conditional upon the Consortium will enter into a binding scheme implementation agreement on mutually agreed terms with Origin, approvals by the Australian Competition and Consumer Commission and Foreign Investment Review Board and Origin board and shareholder approvals. if the Consortium makes a binding offer at AUD 9.00 cash per share, then it is the current intention of the Origin Board to unanimously recommend that shareholders vote in favour of the proposal, in the absence of a superior proposal. On November 10, 2022, the Board notes that there is no certainty at this stage that the Indicative Proposal and engagement between Origin and the Consortium will progress to a binding proposal for consideration by shareholders. At this stage, shareholders do not need to take any action. Transaction expects intervention by Prime Minister Anthony Albanese in the domestic gas market, saying it understands the federal government is under huge pressure to deliver price relief for local users. Brookfield bid for Origin Energy may have to ringfence its transmission company AusNet Services - or in the worst case sell its stake - to win the approval of the competition watchdog if the deal gets the nod from the board and shareholders. The Board will continue to update shareholders. As of November 24, 2022, the transaction us under review of ACCC. As of December 21, 2022, Origin has agreed to extend the Consortium’s exclusivity to January 16, 2023, to enable it to finalize its due diligence with a view to signing binding transaction documents as soon as possible thereafter. As of January 17, 2023, Origin has agreed to extend the Consortium’s exclusivity to January 24, 2023. As of February 22, 2023, the due diligence has been completed. As of March 10, 2023, the binding deal is expected to be finalised in the next week. On April 14, 2023, Brookfield and EIG have started the formal process to seek approval from the competition watchdog to make a filing to the Australian Competition and Consumer Commission. The ACCC will provide feedback during the initial process and Brookfield and EIG will then have 10 business days to submit their formal application. A consortium comprising Brookfield Renewable Partners together with its institutional partners and global institutional investors GIC and Temasek, and MidOcean Energy (MidOcean), an LNG company formed and managed by EIG, has lodged its application for merger authorization with the Australian Competition and Consumer Commission in relation to its proposed acquisition of Origin Energy. The consortium expects the ACCC will advise its decision after 90 days following a process of seeking industry and other stakeholder feedback on the Proposed Transaction. The consortium's application sets out the consortium's view as to why the authorization application should be approved. As of September 21, 2023, EIG Partners has offered an undertaking to the competition regulator that it would not share sensitive information about LNG marketing. ACCC again delayed the date for its ruling on whether to allow the takeover by Brookfield and EIG. It secured approval from the bidders last Friday to defer the decision by two weeks until October 12, 2023. As on October 10, 2023, Australian Competition and Consumer Commission has conditionally approved the acquisition. The transaction remains subject to the satisfaction of outstanding conditions, including additional regulatory approvals by the Foreign Investment Review Board, National Offshore Petroleum Titles Administrator and certain other foreign investment approvals. As of October 13, 2023, the transaction has been approved by the Australian Competition and Consumer Commission. The supreme court has approved the distribution of scheme booklet and convening of scheme meeting. The scheme meeting will be held on November 23, 2023. The scheme is expected to be effective on November 28, 2023. As of November 21, 2023 The Origin Board continues to unanimously recommend that shareholders vote in favor of the Scheme. Barrenjoey Advisory Pty Limited and Jarden Australia Pty Limited acted as financial advisor and Rebecca Maslen-Stannage, Mia Harrison-Kelf, Danielle Farrell, Linda Evans, Stephanie Panayi, Gila Segal, Elizabeth Charlesworth, Gabby Heron-Cartwright, Robert Merrick, Mary-Rose Bright, Kwok Tang of Herbert Smith Freehills acted as legal advisor to Origin Energy. JPMorgan acted as financial advisor to Brookfield Global and MidOcean Energy, LLC in transaction. White & Case LLP acted as legal advisor to MidOcean Energy. JPMorgan's the sixth investment bank involved in Origin Energy's deal. Citi, MUFG and UBS acted as financial advisor of Brookfield Global in transaction. Grant Samuel as the independent expert and pricewaterhousecoopers acted as tax advisor to origin. Brookfield Global Transition Fund I managed by Brookfield Asset Management Inc. (TSX:BAM.A) along with MidOcean Energy, LLC, GIC Private Limited and Temasek Holdings (Private) Limited cancelled the acquisition of Origin Energy Limited (ASX:ORG) from The Vanguard Group, Inc., Australian Super Pty Ltd and others on December 4, 2023. While the scheme will not proceed, it was supported by many Origin shareholders. Importantly, this process has made clear the confidence all shareholders have in Origin’s business, assets and people, and its strategic positioning for the energy transition.

Total Shareholder Yield	5.7%
Future Dividend Yield	5.3%
Dividend Growth	13.8%
Next dividend pay date	02 Oct 26
Ex dividend date	02 Sep 26
Dividend per share	n/a
Payout ratio	66%

Segment	Dividend Yield
Company (ORG)	5.1%
Market Bottom 25% (AU)	2.7%
Market Top 25% (AU)	6.2%
Industry Average (Electric Utilities)	3.5%
Analyst forecast (ORG) (up to 3 years)	5.3%

Data	Last Updated (UTC time)
Company Analysis	2026/09/14 16:50
End of Day Share Price	2026/09/14 00:00
Earnings	2026/06/30
Annual Earnings	2026/06/30

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Uwan Minogue	Barrenjoey Markets Pty Limited
Cameron Needham	BofA Global Research
Suppata Srisuk	Bualuang Securities PCL

Origin Energy Dividends and Buybacks

Dividend criteria checks 3/6

Key information

Recent dividend and buyback updates

Final dividend of AU$0.30 announced

Origin Energy Limited Announces Fully Franked Final Dividend for the Six Months Ended June 30, 2026, Payable on October 2, 2026

First half dividend of AU$0.30 announced

Origin Energy Limited Announces Fully Franked Ordinary Dividend for the Six Months Period Ended December 31, 2025, Payable on March 27, 2026

Final dividend of AU$0.30 announced

First half dividend increased to AU$0.30

Recent updates

MD, CEO & Executive Director recently sold AU$6.3m worth of stock

Final dividend of AU$0.30 announced

Origin Energy Limited Announces Fully Franked Final Dividend for the Six Months Ended June 30, 2026, Payable on October 2, 2026

Full year 2026 earnings: EPS exceeds analyst expectations while revenues lag behind

New major risk - Revenue and earnings growth

Origin Energy Limited, Annual General Meeting, Oct 14, 2026

ORG: Balanced Energy Transition And Stable Margins Will Support Re Rating Potential

ORG: Smart Gas Upgrade And Stable Margins Will Support Re Rating Potential

Origin Energy Upgrades Gas Network With Smart Meter Rollout Across Australia

ORG: Updated Guidance And Margin Outlook Will Support Balanced Future Expectations

ORG: Updated Guidance And Margin Outlook Will Support Measured Fair Value View

ORG: Updated Guidance And Margin Outlook Will Support Measured Fair Value View

ORG: Updated Production Guidance And Margin Assumptions Will Support Fair Value Outlook

ORG: Updated Production Guidance And Stable Margins Will Support Fair Value Outlook

MD, CEO & Executive Director recently sold AU$3.5m worth of stock

First half dividend of AU$0.30 announced

First half 2026 earnings: EPS in line with expectations, revenues disappoint

New major risk - Dividend sustainability

Origin Energy Limited Announces Fully Franked Ordinary Dividend for the Six Months Period Ended December 31, 2025, Payable on March 27, 2026

Origin Energy Limited Updates Production Guidance for the Fiscal Year 2026

ORG: Slower Revenue Assumptions And Stable Margins Will Support Fair Value Outlook

ORG: LNG Output Guidance And Margin Assumptions Will Steady Future Expectations

Origin Energy Limited's (ASX:ORG) Business And Shares Still Trailing The Market

ORG: LNG Volumes And Stable Margins Will Shape Future Market Expectations

ORG: Forward LNG Output And Profit Margins Will Guide Market Expectations

Origin Energy Limited to Report Q3, 2026 Results on Apr 30, 2026

Does Origin Energy (ASX:ORG) Have A Healthy Balance Sheet?

ORG: Future LNG Production Guidance And Evolving Margins Will Shape Outlook

ORG: Rising Dividend And Modest Margin Improvement Will Support Future Stability

Flat Residential Electricity Demand And Rising Costs Will Erode Profits

Is Now The Time To Put Origin Energy (ASX:ORG) On Your Watchlist?

MD, CEO & Executive Director recently sold AU$687k worth of stock

MD, CEO & Executive Director recently sold AU$2.0m worth of stock

Price target increased by 7.1% to AU$11.91

Final dividend of AU$0.30 announced

Shifting To Renewables Will Increase Costs And Compress Future Margins

Now 22% overvalued after recent price rise

Origin Energy Limited, Annual General Meeting, Oct 15, 2025

Insufficient new directors

Now 20% undervalued after recent price drop

Shifting To Renewables Will Increase Costs And Compress Future Margins

First half dividend increased to AU$0.30

First half 2025 earnings: EPS exceeds analyst expectations

Origin Energy Limited Provides Production Guidance for the Fiscal Year 2025

Now 25% undervalued

Now 20% undervalued

Now 21% undervalued after recent price drop

MD, CEO & Executive Director recently sold AU$1.9m worth of stock

Upcoming dividend of AU$0.28 per share

Origin Energy Limited Announces Changes to Its Board

Final dividend of AU$0.28 announced

Origin Energy Limited Announces Ordinary Fully Paid Dividend for the Six Months Ended June 30, 2024, Payment Date of September 27, 2023

New minor risk - Earnings quality

Full year 2024 earnings: EPS misses analyst expectations

Now 22% undervalued after recent price drop

MD, CEO & Executive Director recently sold AU$2.0m worth of stock

Origin Energy Limited Announces Chief Financial Officer Changes

Insufficient new directors

Origin Energy Limited (ASX:ORG) acquired Walcha Energy.

Origin Energy Limited Announces Retirement of Lawrie Tremaine as Chief Financial Officer at the End of July 2024

Origin Energy Limited to Report Q1, 2025 Results on Oct 31, 2024

Bidders Reportedly Down Pens on Origin, Regroup in 2024

Origin Vows to Go Green, Bid or No Bid

Australian Super Rejects a Seat at The Transaction Table

Brookfield, EIG Reportedly Planning to Launch Hostile Bid for Origin

Australian Super Pty Ltd Rejected The Opportunity to Join Brookfield and EIG.

Origin Energy Shareholder Rejects Fresh Brookfield $10.5 billion Bid

Upcoming dividend of AU$0.20 per share at 4.6% yield

Origin Energy Limited Announces Ordinary Fully Paid Dividend for the Six Months Ended June 30, 2023, Payment Date of September 29, 2023