Something is wrong here: PNE share – shareholders are now in demand

At first glance, without necessity, the wind power project developer, who is increasingly also operating wind farms on his own account, is planning to change the statutes. The Supervisory Board is to be expanded from six to seven members. The background: These days the investment agreement is between Morgan Stanley Infrastructure partners and the management. The investment company was not even able to achieve 40 percent of the votes in the 2019/20 takeover attempt. In the agreement, the influence was then limited to two mandates on the supervisory board. Now the additional mandate with a man of his own, namely with Marc vant Noordende, be occupied. For a change in the statutes, however, is a three-quarters majority of the votes present at the AGM. Registering for the virtual meeting is easy. The shareholders thus have the option of blocking the amendment to the Articles of Association.

If the holding company expands its influence on the executive bodies, there is a risk that the shareholders will lose their wages: there is a risk of delisting. In the case of a delisting, only the average price of the share over the past three months has to be paid. And it’s still there at the moment under ten euros and, according to industry experts, far below the value of the power plant park and the projects, which are more likely to result in a public sale Direction 20 euros could orient. The intrinsic value of PNE has increased dramatically as a result of the rise in the price of electricity and CO2. Once a wind turbine has been calculated with an electricity price of five cents, the cash value increases many times over at an electricity price of ten or fifteen cents. The shareholders shouldn’t make it too easy for the major shareholder to skim the cream for themselves.

Our columnist Jrg Lang has been dealing with the topic of equities since 1988.

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