Sept. 25 (Bloomberg) -- Western Wind Energy Corp. won a proxy fight with investor Savitr Capital LLC for control of the Canadian renewable-power developer that’s been for sale since July 29.
About 74 percent, or 30.7 million shares, who voted proxies before the company’s annual meeting supported management’s board nominees, Vancouver-based Western Wind said in a statement today. Twenty-six percent of proxies, or 11 million votes, were submitted in favor of Savitr.
“Based on preliminary voting results, it appears that management has prevailed,” Lawrence Casse, a Western Wind spokesman, said in a phone interview from Toronto. Proxies submitted represented a majority of the company’s 68.4 million shares, the threshold for management to succeed, he said. The proxies were verified by Computershare Investor Services Inc.
The company is battling Savitr Capital, a San Francisco-based fund that’s seeking to replace the board and gain control of the sale process. Savitr has said it manages 3.2 million shares, or 5 percent, of Western Wind, which develops and operates wind farms.
“We would like to thank all the shareholders who supported our efforts for true board independence, Andrew Midler, managing member of Savitr, said in a statement. ‘‘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.’’
Western Wind Chief Executive Officer Jeff Ciachurski said in an interview Sept. 12 that he expects a buyer to pay between C$3.75 and C$4.50 a share for the company.
Western Wind fell 2.4 percent to C$2.44 at the close in Toronto.
To contact the editor responsible for this story: Reed Landberg at email@example.com