BRITISH COLUMBIA

Preliminary results suggest Western Wind Energy management nominees have won

09/25/2012 12:54 EDT | Updated 11/25/2012 05:12 EST
VANCOUVER - Preliminary voting results suggest shareholders of Western Wind Energy Corp. (TSX:WND) have rejected a dissident slate of nominees to its board.

The company, embroiled in a fight with Savitr Capital, said Tuesday that the management slate of nominees garnered 74 per cent of the proxy votes ahead of the shareholder meeting.

Roughly 26 per cent were submitted in favour of the dissident slate.

The company said final voting results would be made available after the shareholder meeting.

Western Wind, which is looking to sell its operations, owns and operates wind and solar generation facilities in California and Arizona.

Savitr Capital had raised concerns about the board's ability to deliver on the sale.

The investment firm thanked shareholders who supported its efforts Tuesday.

"We believe that acting to protect shareholders from a highly dilutive transaction and then pushing for broad oversight of a true and credible sale process will benefit all holders of Western Wind shares," said Andrew Midler, managing member of Savitr.

Two major proxy advisory firms that advise such fund managers had come to different conclusions, with Glass, Lewis & Co. supporting the incumbents and ISS favouring the dissident nominees put forward to take over the board.

Western Wind has repeatedly said that the highest bid for the company will be presented to shareholders, for their approval.

The company has said more than a dozen potential buyers have been given access to a data room, which has been set up to facilitate the sale process.

Last year, Algonquin Power and Utilities (TSX:AQN) offered $2.50 in cash or a combination of cash and shares for Western Wind stock. But that offer was quickly rebuffed and Algonquin later withdrew it.

Western Wind shares were down two cents at $2.48 in trading on the TSX Venture Exchange on Tuesday.