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Abengoa Plans to Reshape Share Structure to Improve Flexibility

Abengoa SA, a Spanish engineering and renewable-energy company, said it planned to reshape its share structure to give it greater financial flexibility for growth including a U.S. stock listing.

Abengoa called an extraordinary shareholders’ meeting for next month to authorize the issue of new class B shares that it will offer in exchange for existing class A or B shares, the company said in a filing to regulators today. Abengoa will also ask investors to approve the class B shares trading in the U.S., the Seville-based company said.

The B stock can attract new investors as Abengoa targets growth, Chief Executive Officer Manuel Sanchez Ortega said today on a webcast for analysts. The plan entails distributing four new B shares for each A or B share that investors currently hold, the company said.

Class B shares “are a familiar instrument on international markets and, in particular, in the United States of America, where Abengoa has an increasing presence both in the development of its business and on the capital markets,” the company said.

The new class B shares share the same dividend rights as class A shares but carry one vote compared to 100 votes for the class A shares, the company said. Abengoa said it would give investors five years to opt to convert A shares into B shares and the transaction will only go ahead if it is approved by the majority of class A stockholders other than its controlling shareholder.

The extraordinary shareholders’ meeting will take place on Sept. 30, Abengoa said. The company has no plans for a capital increase, Sanchez Ortega said.

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