(Bloomberg) -- Billionaire Mike Cannon-Brookes is behind block trades in shares of AGL Energy Ltd., converting part of his derivatives-based stake ahead of a key vote on the Australian utility’s planned breakup.

Three blocks of shares in AGL totaling 53.8 million traded for A$467.4 million ($327 million) Tuesday afternoon were a conversion of derivatives that Cannon-Brookes’ Grok Ventures investment arm had purchased previously, the person said, requesting anonymity as they were not authorized to speak publicly. 

Atlassian Corp.’s founder controls about an 11% stake in the company, which he is using to oppose plans for a demerger in order to press for more aggressive climate action. The block trades give Cannon-Brookes voting rights over the shares ahead of a scheduled June 15 vote on the demerger.

The identity of the buyer was first reported by the Australian Financial Review. Grok declined to comment.

The transaction represents nearly 8% of AGL’s outstanding shares, according to data compiled by Bloomberg.

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