Western Wind Energy Corp. (TSX-V:WND) has announced victory over investment fund manager Savitr Capital LLC in a proxy vote yesterday.
Western Wind has announced that a majority of its shareholders voted for the Western Wind-endorsed slate of directors yesterday, defeating a dissident slate put forward by Savitr Capital.
Western Wind and Savitr Capital have been battling over who should lead the company forward since Western Wind announced plans to sell the company and Savitr Capital, in response, nominated five new candidates for Western Wind's board.
As the battle has progressed, Western Wind has touted the success of its efforts to sell the company.
Around midday yesterday, Western Wind announced preliminary results of the vote: approximately 74% of proxies favoured management nominees and approximately 26% of proxies supported the dissident slate. Later in the evening, Western Wind confirmed the victory of the management slate.
"We thank all shareholders for their support during this proxy context," said Jeff Ciachurski, president and CEO of Western Wind. "We look forward to continuing and completing the sale process."
In a statement responding to Western Wind's win, Savitr Capital managing member Andrew Midler thanked shareholders that had supported the dissident slate.
"We would like to thank all the shareholders who supported our efforts for true board independence at this critical time for Western Wind," he said. "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."
