abengoa sa-unspon adr (ABGOY) Key Developments
Abengoa SA - Special Call
Sep 24 15
To address the package of strategic measures approved by its board of directors, which is aimed at reducing corporate leverage, improving the liquidity position of the company and strengthening its corporate governance
Abengoa To Raise €1.6 Billion Through Disposals
Sep 24 15
Abengoa SA (CATS:ABG) announced plans to raise €1.6 billion through disposals by the end of 2016.
China Huaneng Group and Abengoa S.A. Signs Cooperation Framework Agreement in Madrid
Sep 24 15
On September 24, China Huaneng Group and Abengoa S.A. signed a Cooperation Framework Agreement in Madrid. Vice President Mr. Sun Zhiyong signed the agreement on behalf of the Company. Under the agreement, both sides will seek cooperation in areas of solar photovoltaic, concentrating solar power (CSP), as well as conventional energy. Both parties will also strengthen high-level reciprocal visits, technical and professional exchanges at various levels. The signing of the agreement will be conducive to facilitating the Company's clean energy technology R&D, enhancing the Company’s international cooperation, and boosting the Company's international business operations.
The Law Offices of Vincent Wong Announces Class Action Lawsuit Against Abengoa, S.A
Sep 16 15
The Law Offices of Vincent Wong announced that a class action lawsuit has been commenced in the USDC for the Southern District of New York on behalf of investors who purchased Abengoa, S.A. securities between October 13, 2013 and August 2, 2015. The complaint alleges that Abengoa and certain of its former and current executive officers and directors have misrepresented the liquidity of the company's balance sheet. On July 31, 2015, the company announced it would lower its free cash flow guidance and a plan to divest itself of EUR 400 million in assets. Despite this statement, Defendant Santiago Seage maintained that 'the company has no plan to tap the capital markets in any manner.' Then on August 3, 2015, contrary to this statement, Abengoa announced a share issuance plan to raise EUR 650 million, along with an asset divestiture totaling EUR 500 million. Upon this news, Abengoa shares plunged over $5 per share, or 46% to a close of just $6.00 on August 4, 2015.
Abengoa Wins Project to Construct A Power Transmission Line in UAE
Sep 11 15
Abengoa has been selected by Abu Dhabi Transmission & Despatch Company (Transco) to construct a 400/220 kV power transmission line with a total length of 23 km. Abengoa will be responsible for the construction, procurement and commissioning of the transmission line, which will connect the junction point in Al Fayah and the Shamkha substation, in the emirate of Abu Dhabi. The construction phase of the project will last for 16 months. Abengoa has been present in the Middle East, and more specifically the UAE, for more than 10 years, where it has constructed other transmission and distribution projects such as the Fujairah transmission line for Transco, as well as the 100 MW Shams-1 STE plant, which is already operational.