Abengoa's dwindling stock fuels capital raise doubts

jueves 20 de agosto de 2015 10:20 GYT

* Market cap slumps ahead of cash call

* Analysts say more capital needed

* Sources believe margin call triggered

By Robert Smith

LONDON, Aug 20 (IFR) - Abengoa's share price has slumped to new lows, heaping pressure on the troubled Spanish energy outfit's proposed right issue and increasing concerns around margin debt.

The company's B shares fell by nearly 50% to 1.044 in the two days after Abengoa announced the shock 650m capital raise on August 3, a move the company's CEO had ruled out just days before.

The stock has continued to bleed value, closing at just 0.77 on Wednesday.

The company's market capitalisation is now just 760m, making a 650m rights issue even harder to achieve, particularly as Abengoa is yet to announce any underwriting commitments from banks.

To make matters worse, some analysts and investors now say that 650m is not enough to the plug the gap in Abengoa's balance sheet.   Continuación...