On August 29, 2023, Enkraft Capital GmbH announced that it is stepping up pressure on ABO Wind AG to abandon a plan for a legal form change claiming it is not in favor of the German renewable?s developer and its minority shareholders. Enkraft Capital stated that at the beginning of June, the Company said it was considering a change of legal form into a partnership limited by shares, which is abbreviated in German as KGaA and this will give the Company more opportunities in the capital market as it needs more fresh capital to finance projects. Enkraft Capital expressed that since the announcement, the Company has lost nearly a quarter of its market capitalization with its share price in Frankfurt plunging about 24% to EUR 50.20 (USD 54.27) as of the early afternoon on August 29.

According to Enkraft's managing director Benedikt Kormaier, the announcement of the planned change of legal form is responsible for the drop. More specifically, he estimates that the management team's adherence to the plan alone has destroyed around EUR 146 million in value up until now. In a letter to ABO Wind's management and supervisory boards, seen by Renewables Now, Kormaier says that the share price decline is solely attributable to the announcement as there has been no further negative corporate news that could have influenced the share price since then.

According to Kormaier, the goal behind this move is to preserve the interests of the major shareholders -- the Ahn and Bockholt families at the expense of all other shareholders. In addition, Kormaier is hinting that Enkraft is ready to explore all possible legal paths to look into any potential wrongdoing or possible breaches of duty by the board members that might have harmed the company and its shareholders.