Good afternoon. My name is Scott Perkins, and I am the Chair of Origin Energy Limited. Welcome to our shareholders here in Sydney, those joining us online, and all of my Origin colleagues. Before commencing today's formal proceedings, I would like to acknowledge the Gadigal people of the Eora Nation, the traditional custodians of this land, and pay my respects to their elders, past and present. I would like to note the participation at today's meeting of the Origin Board of Directors, with the exception of Mr. Greg Lalicker, who has an apology. Members of Origin's executive leadership team are also seated in the front row. Please note that this scheme meeting is being webcast live, and a copy of its recording will also be available on the Origin website after the meeting.
This scheme meeting has been convened pursuant to an order of the Supreme Court of New South Wales, made on the eighteenth of October, twenty twenty-three. I will take the notice convening this meeting as read. The purpose of this scheme meeting is for Origin shareholders to vote on the proposed acquisition of all of the shares in Origin, involving the Brookfield Asset Management consortium of investors and EIG by way of a scheme of arrangement. However, as announced to the ASX earlier today, Origin intends to open this scheme meeting and immediately adjourn it. This is because yesterday evening, the board received a non-binding and indicative revised proposal from the consortium to amend the current scheme. In addition, the federal government has announced today its intention to expand its Capacity Investment Scheme and National Energy Transformation Partnership.
This represents a potential source of significant new generation supply into, and a meaningful intervention in, the National Electricity Market. While the impacts on Origin of the expanded CIS cannot be determined at this point, the board has concluded that shareholders should be given the opportunity to consider this development in the context of the scheme. There are a range of conditions attached to the revised proposal, including finalizing amendments to the consortium's funding arrangements, updates to regulatory approvals, and entry into revised legal documentation. While the alternative transaction may present an additional opportunity for shareholders to receive cash value for their shares, the board notes that the transaction appears inferior to the existing scheme. The board has significant reservations as to the complexity, conditionality, and differing value, and potential adverse tax outcomes to Origin and shareholders.
Nevertheless, the board has a responsibility to fully assess this revised proposal so it can provide an informed view about its merits or otherwise to you, our shareholders. As advised to the ASX, in light of the board's duty to inform shareholders and give due consideration to options available to enhance shareholder value and consider other developments, including the federal government's announcement, the board has decided to adjourn the scheme meeting. Adjournment of the scheme meeting will provide the board with time to carefully assess the terms of the revised proposal and consider its merits for Origin shareholders.
Therefore, as it is now 2:00 P.M., the appointed time for the holding of the scheme meeting, and as there is a quorum of shareholders, I will now proceed to open and adjourn this meeting to Monday, the fourth of December, 2023, at a time and venue to be advised to the ASX. On behalf of the board and management, I would like to thank shareholders for their patience, and I personally would like to extend an apology for the inconvenience the adjournment has caused, especially for those shareholders who have traveled to attend this meeting in person. However, I hope that you'll understand that in the context of these late developments, outside of Origin's control and the directors' duties to our shareholders, the board is faced with no option but to adopt this course of action.
Given no formal business will be considered at today's meeting, it's not appropriate for me to take questions at this time. I understand that shareholders will have many questions relating to the scheme, which I look forward to addressing at the resumed meeting on the 4th of December, 2023. Shareholders, including their representatives, attorneys, and proxy holders, as at the scheme meeting record date of 7 P.M. on Tuesday, the 21st of November, 2023, will be entitled to attend, ask questions, and vote at the resumed meeting. The ASX announcement of the resumed meeting on the 4th of December, 2023, will also include the details of the updated proxy deadline. Shareholders who wish to maintain a proxy they have already submitted do not need to take any action. I now declare the scheme meeting adjourned. Thank you.