Following the agreement signed this Wednesday by Abengoa and its creditors with the shareholders' leadership, by which Gonzalo Urquijo was initialed as Executive Chairman of the Spanish multinational Abengoa Abenewco, 55% of its minority shareholders have rejected such an agreement after joining the AbengoaShares platform, a group of shareholders of the Spanish multinational of those affected and harmed by the company's third refinancing plan.
This Friday, through a telematic consultation, lMinority shareholders have expressed their rejection of the new relocation of Urquijo, which was announced with a statement to the National Securities Market Commission (CNMV).
This dispute suggests the division of minority shareholders, however, it is considered that the result of the vote is due to a "Moral value before legal", since they allege that AbengoaShares does not have legal personality.
The platform has 1,350 shareholders and 55% of them renounce the agreement reached, that is to say, 742 minority shareholders do not accept Urquijo's relocation. In this sense, sources in the sector have assured that from this moment "the roads are divided."
The ‘no’ of the majority of the shareholders is due to their rejection of the formula agreed with Abengoa, by which 60 million securities would be issued, called PIV (Participations in the Increase in Value), which implies the right to receive 12% of the increase in the capital value of the multinational, as reported by the CNMV. The requirement is that you have to have the opportunity to first liquidity event and with a reference value of 270 million of capital of this investee company.
The Spanish multinational defined the agreement as a liquidity event, that is, "the acquisition of shares by an investor who now own more than 50% of the capital through a sale, a capital increase or other acquisition title such as structural modifications "or through a second way that would be based on" the consummation of a public offer for sale (IPO) in a stock market in which transfers 25% or more of the shares of Abengoa Abenewco 1".