Friday, January 15

Abengoa minority shareholders question the plan: they disfigure the opacity of the rescue

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The lack of liquidity waves negotiations to time trial they are not the only headaches for Abengoa. The group chaired by Gonzalo Urquijo grows dwarfs despite having signed a historic rescue plan last week. Now are the Minority shareholders who raise their voices against the Sevillian company.

About 800 shareholders of the energy company have mobilized to add shares that reach approximately 10% of the capital stock. The afflicted they doubt the restructuring plan and regret the lack of transparency in the presentation of accounts.

“It has not yet presented the accounts for 2019 and the CNMV seems to have no intention of lifting the suspension of the share price until this element is corrected,” the shareholders have stated. “The intention of the Council is force the dissolution of Abengoa thus liquidating the investors and to the historic Andalusian entity “.

To all this is added, according to the complaint, that the Spanish company “has not provided any information” about the identity of suppliers of the 153 million On which the settlement or not of Abengoa SA depends, the nature of these debts and the percentage of suppliers adhering to the reduction offered in this regard.

In his opinion, 96% adhesions required by the Council may be a ratio “technically impossible to meet”, so it has asked the Council to seek alternatives that compensate for lower adherence of that ratio.

Avoid liquidation of the parent company

Among the petitions, they require the Council to use the new lines of financing to avoid the liquidation of the parent company and that it broadens the participation of investors where the assets are located. “It is what the shareholders believe in and for which they have supported and continue to do so to the company” they point out since they see a position of the company “unacceptable”. 2.7% in the capital of Abenewco 1.

“The liquidation of the parent company Abengoa SA would represent a patrimonial loss for the State itself, since the Secretary of State for the Economy holds a position of more than 3 million euros in the currently listed company. There would be the paradox that the State would obtain an economic loss in the rescue of society“, the minority agree.

It should be remembered that the borrowing entity of the new financing and line of guarantees will be Abengoa Abenewco1 OR (Abenewco 1), an entity that has been the head of all the group’s operating companies since 2017. The operation will also imply that, before the end of this year, all convertible instruments are converted into shares of Abenewco 1 and the breakdown of the current economic group, headed by Abengoa, SA

Abengoa and its future

Once the agreements were signed, the consent process and the accession period started which has an initial period of duration until September 11. Until then, it will be drawn up the necessary documentation for the closing of the operation.

Once the accession period has concluded, the necessary majorities have been reached and the consents obtained, the fulfillment of the preceding conditions and proceed to signature of the documents and issuance of the new instruments and the first tranche of financing will be disbursed.

In December the conversion of instruments into shares and breakdown of the economic and fiscal group. With this, finally, the second tranche of financing.

Meanwhile and for the moment, the group sevillian engineering and renewable energy plans to add more suppliers while trusting close agreements “instrumentally” achieved, as in the case of the Junta de Andalucía.

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