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Abengoa's minority shareholders, disappointed with the rescue plan

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A group of shareholders minority of Abengoa, which integrates about 1,000 investors and, considers, groups 10% of the current capital, sees the restructuring plan presented this Wednesday by the executive president of the company "disappointing", Gonzalo urquijo.

It's a statement, Juan Ignacio Navas, managing partner of Navas & Cusí, an office that groups the interests of these investors, considers that the plan "has been presented with absolute opacity and in its explanation, questions from shareholders have not been allowed."

The representative of these minority investors regrets that the bond conversion will take place next December "when today its mandatory conversion date is 2024."

In his opinion, this measure "benefits the banks and funds and deliberately engulfs" the current shareholders of Abengoa SA, to whom the maintenance of 2.7% of Abenweco 1 is presented as an act of generosity after an accumulated dilution 99% in five years by successive plans. "

Furthermore, it considers it "unacceptable" for Abengoa SA to dilute its position first, up to 3.5% of AbenewCo 1, the subsidiary leading the restructuring. Once the dilution is carried out, that position would remain at 2.7%.

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