October 15 (Renewables Now) - Grenergy Renovables SL (BME:GRE) has called for an extraordinary shareholder meeting to be held mid-November seeking to adopt a number of changes to the company structure as it prepares to jump to the continuous market of the Spanish stock exchange (BME) by the end of the year.
The Spanish renewables developer and independent power producer (IPP) has been trading its shares on the Alternative Stock Market MAB, a BME sub-market dedicated to small-cap companies, since July 8, 2015. Its stock was then priced at EUR 1.38 (USD 1.52) apiece for 22.7 million shares issued for the market debut.
The morning trading session on Tuesday saw Grenergy shares rise to fetch EUR 10 in the early afternoon, up 4.38% from last night’s close, with market capitalisation standing at EUR 232.85 million.
Per yesterday’s notice to its shareholders, Grenergy is seeking approval to pull all shares from MAB and request admittance to trading in the main market. Also on the agenda are several changes to internal policies and good governance practices to get the company meet the BME listing rules. Among them is the proposal to appoint Rocio Hortiguela, the CEO of Madrid-based renewables developer and engineering company Entiba Energy SL, as an independent director to have one-third of women on the board.
The company closed the first half of 2019 with a 192% surge in net profits to EUR 8.8 million. According to its latest financial report, Grenergy has a secured pipeline of wind and solar projects reaching 1,482 MW between Spain, Colombia, Argentina, Chile, Mexico and Peru.
(EUR 1.0 = USD 1.101)