Abengoa’s minority shareholders appeal the annulment of the Board and promise to inject 30 million into the company

Abengoa’s minority shareholders appeal the annulment of the Board and promise to inject 30 million into the company

The group led by Clemente Fernández considers this decision “contrary to law and void of legal content.”

Abengoa poster at its headquarters in Seville.

The minority shareholders of Abengoagrouped in AbengoaShareshave filed this Tuesday an appeal for reconsideration against the resolution that provisionally suspended the Extraordinary General Meeting on March 4, confirming the information published by Invertia on Tuesday.

The group led by Clemente Fernandez considers this decision “contrary to law and void of legal content” and “contrary to the interests of the shareholders of Abengoa SA”.

All the items on the agenda concern corporate issues and not equity issues, so “we believe that the meeting should be held normally as it does not interfere in any way with the creditors’ bankruptcy process, requested voluntarily. by the current council.

“In addition, it restores the minimum number of 3 directors, as stated in the statutes, an irregularity not covered since the resignation of jordi sarria last January 4. In any case, once the competition any financial decisionis subject to the approval of the bankruptcy administrator”, they add.

They also indicate that the request by the presiding council for Juan Pablo Lopez-Bravo to suspend the holding of the meeting, it was carried out when the majority of the shareholders had already cast their vote, “the board being fully aware that he was going to be dismissed”.

30 million

“They have used the bankruptcy situation to try to paralyze a meeting that was convened long before the bankruptcy application was submitted, and thus prevent them from being dismissed from their positions, not for the good of the company,” they add.

Minorities warn that TerraMar Capital, fund chosen by the board of Abengoa, intervenes in bankruptcy proceedings. 100% of their actions have ended in the dismantling and subsequent liquidation of the companies in which they have intervened. “His way of acting, “stalking horse offer”, a way of getting hold of the assets before they reach a judicial auction. Jobs, and therefore the company, are in danger”.

For its part, Abengoa Shares commits to inject 30 million direct into the company, and attract synergistic funds for Abengoa and its future, “also extending a hand to the Government to participate in the salvation of the company (of which it is a 3% shareholder) and of their jobs through the participation of SEPI”.

Ellsworth Weber