Western Wind CEO strikes back at board changes proposed by Savitr Capital
August 01, 2012 - 5:39 AM
VANCOUVER - The CEO of Western Wind Energy Corp. (TSXV:WND) is striking back at recently proposed board changes at the company.
Savitr Capital, which has investors with significant shares in the company, has announced a desire to nominate five new directors at the company's annual shareholder meeting in September.
Savitr said Tuesday that it and major shareholders in the company are dissatisfied with Western Wind's performance and have lost confidence in management and the board of directors' ability to sell the company.
Andrew Midler, a director nominee and managing member of Savitr Capital, had said concerned shareholders had assembled a "solid new board" that would focus on a full strategic review "with a view to maximizing shareholder value through a credible sale process.''
On Wednesday, however, Western Wind president and CEO Jeff Ciachurski issued a statement saying the board proposed by Midler had no publicly disclosed track record to match the abilities of the company's current board.
Ciachurski focused in particular on one of the proposed alternate directors, who he said was found to be a director and chairman of the audit committee of a company called Reservoir Capital Corp (TSXV:REO), which has seen a decline of 77 per cent in trading price over the course of a year.
Ciachurski, who was speaking on behalf of the company's current directors, said the Western Wind needs to take a closer look at public information available on Midler's slate of nominees.
Vancouver-based Western Wind is a renewable energy production company what owns and operates wind and solar generation facilities in California and Arizona.
News from © The Canadian Press, 2012