(Boursier.com) — Ruby dropped almost 3% to 30.7 euros the day after a General Meeting which promised to be eventful after the arrival of shareholders with an activist profile at the table. Finally, the shareholders, who represented 63% of the capital and voting rights, approved all the resolutions proposed or approved by the Management, including the renewal of the mandate of the chairman of the supervisory board and the appointment of new members.
The votes of shareholders do not allow us to envisage a revolution within Rubis, affirms Oddo BHF. The changes in governance are significant (ie entry to the Supervisory Board of R. Sämann, Isabelle Muller, M. Delville, B. Luc and I. Muller), but the scenario of takeover of the Board by activists is ruled out. , at least until the next general meeting. All this is negative for the stock price in the short term because there was a bit of speculation in recent weeks, underlines the analyst. The question of the massive investments planned in renewables over the coming years (Capex budget = 400 ME per year) could arise even more in the event of a victory for the far right in the next legislative elections in France.
The broker maintains its ‘ESG not recommended’ opinion on Rubis due to uncertainties over its governance, and the difficulty of its diversification towards clean energies. He nevertheless notes that the AGM was the opportunity for a comprehensive presentation on CSR issues, and the affirmation of the company’s strong conviction in the need to invest in clean energies (notably via Photosol) .
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