ABO Wind AG, a prominent German renewables developer listed on ETR:AB9, is set to undergo a significant transformation as it changes its legal form and rebrands itself as ABO Energy. This strategic move received the green light from the majority of its shareholders during an extraordinary meeting on October 27.
An overwhelming 87.17% of the votes at the extraordinary shareholder meeting supported the company's transition into a partnership limited by shares, commonly known as KGaA, as confirmed by ABO Wind in an announcement on Monday. However, it's worth noting that the transition faced opposition from 12.83% of the votes cast, leading to the adjustment that the legal form change has not yet been officially entered into the commercial register.
The adoption of this new legal structure is designed to safeguard the influence of the company's founders, Jochen Ahn and Matthias Bockholt, even in the face of potential future capital increases that could dilute their families' existing majority stake, currently standing at approximately 52%.
Notably, activist investor Enkraft Capital GmbH expressed its disapproval of the legal transition, citing concerns related to ABO Wind and its minority shareholders.
The change in the company's name to ABO Energy reflects the substantial technological progress made since its inception in 1996, highlighting its evolution in the renewables sector.
In addition to the legal restructuring and rebranding, the company's shareholders have also given their approval for the inclusion of a sixth seat on the supervisory board. This newly designated seat will be reserved for an employee representative, a move aimed at acknowledging the growing workforce within the organization.