The Board of Management of ABO Wind AG has expressed its satisfaction with the General Meeting’s vote in favor of the change of form to a limited partnership with shares (KGaA). The Extraordinary General Meeting, which ran late into the evening of Friday October 27, saw 87.17% of the shares represented vote in favor of this change of legal form. This decision is accompanied by a name change to ABO Energy, reflecting the expanding technological horizon since the company was founded in 1996.
Reaction from the Management Board
Managing Director Alexander Reinicke commented: “We are delighted that so many shareholders have recognized the opportunities offered by this change of legal form and company name”. Despite vehement opposition from some private investor associations, a large majority of shareholders supported the proposal.
Results of the Annual General Meeting
Out of a total of 7,064,373 valid votes, 906,033 “against” votes were recorded (12.83%). However, due to objections raised by shareholders at the Annual General Meeting, the change of legal form cannot yet be submitted to the Commercial Register for registration. All voting results are available in German on the website (www.abo-wind.de/hauptversammlung).
Enlargement of the Supervisory Board
In addition to the change in legal form, the enlargement of the Supervisory Board was also on the agenda. Due to the growth of the company, which now regularly has over 500 employees in Germany, the company is now subject to the law on third-party participation. This means that one-third of the supervisory board must be made up of employee representatives. As a result, the Supervisory Board now has six members instead of five, responsible for overseeing management. This proposal was also adopted by a large majority, as was the election of the four shareholder representatives, Eveline Lemke, Maike Schmidt, Dr. Götterdämmer. Alexander Thomas and Martin Giehl, on the Supervisory Board.
Continuity with the founders
Once the change of legal form to KGaA has been registered in the Commercial Register, the company’s two founders, Dr. Jochen Ahn and Matthias Bockholt, will determine the direction of ABO Energy KGaA as shareholders of the parent company. The current members of the Management Board will continue to run the company as Managing Directors of the parent company, thus ensuring continuity. The management board also hopes to convince the shareholders who voted against the change of legal form of its usefulness in the months and years to come, by ensuring the company’s healthy development.
The transition from ABO Wind AG to ABO Energy KGaA represents an important turning point for the company. Despite some opposition, the majority of shareholders opted for this change of form, paving the way for new opportunities and continued growth. The decision to expand the Supervisory Board reflects the company’s commitment to employee participation and responsible governance.
