After avoiding bankruptcy in 2017, Abengoa must continue to obtain new contracts in order to pay the 1,200 million debt. With the sale of 25% of the Yield would already be below the 1,000 million however many doubts assail ahead. And is that the judge's order last October in favor of the objection puts at risk the cash of the company, which had only provisioned about 150 million. At the end of 2017 the projects in execution would reach the figure of 1424 million euros and the accounts of the company would be the following:
The impugning ones ask for the money that they invested in their day in the signature and reject any other way. The money requested amounts to 400 million and Abengoa, even if it had all the capital, would not be willing to give it to them because it would leave those who did not agree to the restructuring plan. The list of objectors is the following:
If in 2017 the staff fired numerous employees when they terminated contracts and sold projects in 2018, people were hired again and now 14,000 employees are working for the firm.
This year, several projects have been achieved that I will discuss later, and also the collaboration agreement with the Canadian company Algonquin Power & Utilities, AAEGES, where Abengoa will work for Algonquin in projects worth more than 10,000 million euros.
In addition to the large divestments executed and planned such as Atlantica or A3T, real estate sales have been carried out, such as the former headquarters of Abengoa in Seville, still allowing for more savings since part of the sale the rent was paying money in maintenance of the building.
In 2018 there have been several contracts that I will comment now but the biggest contract to date is that of collaboration with the Shanghai Electric Group in the largest solar complex in the world in Dubai Abengoa, to which it will provide technology and from which will be a subcontractor, for the design, construction and commissioning of solar technology. Along with these contracts has the following projects:
Despite all the achievements of Abengoa these two years, it is in a very bad financial situation and the agreement of the objectors makes the price is stagnant.
Last year the current management proposed a counter-proposal in the shareholders' meeting that was not approved by lack of quorum, that is, because it did not have the minimum participation established in the bylaws of the company, which is a 50% of the shareholders.
Prior to this meeting the stock changed sharply both upwards and downwards. Finally there would be no contrasplit but the CNMV would approve the fourth decimal with the Spanish Stock Exchange, BME, so that the stock could move and not stagnate by decimals since they argued did not represent the quote since there was no free trade.
A month after the intelligent measurement of the Abengoa B shares, which were the ones that, according to them, gave them problems, they would remain stuck at 0.010 without any solution and without hardly changing since April.
After this measure Abengoa would reach its minimum price, being 1 cent for the B and 1.7 cent for the A, which would bounce quickly and be established in 3 centimos. From the chart it can also be seen that when the quote has oscillated, it was usually decided more by the B before the decimal change but after the descent and the changes in the Abengoa B would be minimal. Doing the opposite that was intended, kill the value.
After weeks with hardly any variation moving between the 0.035 maximum and the 0.027 minimum would come the announcement of opening a new minimum in the Spanish markets and set it in 0.1 cent of euro can lower Abengoa 10 times what is worth now in the bag. Although several companies affected in contribution quotas such as Urbas or Vertice would apply a split in their quotation to counter these measures, the Abengoa leadership was not willing and that is when Abengoa's minority shareholders, owners of a large part of the market, played a role. capital. The company claims that it is in the hands of 72% shares but it is not entirely true since the banks that control 26% have partners that control almost the rest, but have never used their vote in meetings because then it would reveal who is in league with who . In the following chart you can see if they remove the old minimum where the quote could go in the Abengoa A, being at the mercy of news and several doubts. I could get close to 1 cent and the total quote about 150 million easily.
To avoid this outcome it is essential that the holders of shares vote in favor of the SPLIT as indicated at the end of the thread. The two largest minority associations are the FMA and the UMA . In May of this year it would be the first meeting between the two associations and the company and information would be given already known by them, although there was some hope. But due to the latest developments on changing the rules of the game, a extraordinary meeting has been called at the end of September .
The meeting will therefore deal with the application of an extraordinary split to counteract the measure of the BME. This measure puts at risk the investment of hundreds of small shareholders who have placed their trust in a leading Spanish company that, having suffered the mismanagement of certain people in the past, has enormous potential for the future in the sector where it is investing. It is also a sector that ethically cares for nature and the environment, exploiting resources in a clean way.
In this meeting the three measures that are going to vote are:
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