Vancouver-based Western Wind Energy Corp. is fighting back after a group of shareholders yesterday nominated an alternative slate of directors.
The shareholder group, represented by investment manager Savitr Capital LLC, announced the dissident slate in response to management’s announcement that it would put the company up for sale.
This morning, Western Wind issued a news release casting doubt on the credentials of one of the proposed directors Savitr has put forward.
Western Wind stated that proposed director William Bennet is director and chairman of Reservoir Capital Corp. (TSX-V:REO), which has seen its stock slide significantly since early 2011.
“A stock going from $1.26 to $0.29 per share with a loss of $0.16 per share, for the nine-month period [ending January 31, 2012] alone, is hardly a showcase of success,” said Jeff Ciachurski, Western Wind president and CEO, in a statement.
Ciachurski claimed this is evidence that the alternate slate of directors doesn’t have a publicly disclosed track record to match that of the current board.
