The BC Supreme Court has appointed an independent chairman for an upcoming annual general meeting of Western Wind Energy Corp. (TSX-V:WND), which is fighting a proxy battle while in the midst of trying to find a buyer.
The Vancouver wind energy company's board of directors has been involved in a running battle with Savitr Capital LLC, a major shareholder, over its plans to find a buyer for the company.
At Savitr's request, the BC Supreme Court appointed an independent chairman for the company's AGM on September 25.
The court also dismissed a Western Wind petition for a temporary restraining order against Savitr for alleged trademark infringement. That side battle apparently arose out of from communications Savitr had with Western Wind shareholders.
The United States District Court for the Northern District of California likewise rejected Western Wind's application for a similar temporary restraining order.
Headquartered in Vancouver, Western Wind owns and operates wind and solar power facilities in California and Arizona. The company has been trying to find a buyer.
The company said in a press release Thursday that it has 56 interested buyers in North America and 19 abroad. Western is urging shareholders to support the proposed sale of the company by voting for the current board of directors at the AGM.
Savitr, meanwhile, is urging shareholders to vote for its proxies and gives assurances a new board would not hold up the sale.
"The goal of the independent Savitr nominees is to provide needed oversight to complete a sale process that yields the highest value for Western Wind's assets," Savitr said in a letter to shareholders.
"The new, independent board will have no incentive to cause any delays, unlike the current board and management. Like you, Savitr wants only the most efficient, certain and value-maximizing sale process."
