Sierra Geothermal Power sees end of proxy fight
Alexander Richter
27 Jan 2010
Following a proxy fight with some shareholders, Sierra Geothermal Power Corp. announces that Exploration Capital Partners 2005 Limited Partnership withdrew its proposal that Sierra increase the size of its Board of Directors from six to thirteen.
In a release by the company, “Sierra Geothermal Power Corp. (TSX VENTURE: SRA) announces that, during a shareholder held January 26, Exploration Capital Partners 2005 Limited Partnership withdrew its proposal that Sierra increase the size of its Board of Directors from six to thirteen. As a result, Mr. Alfred Sorensen, the Chairman of the shareholder meeting, terminated the meeting.
Sierra is also pleased to announce that its Board of Directors, at a meeting held immediately following the termination of the shareholder meeting, has decided to increase the number of its directors from six to eight. The Board has agreed to fill these newly created vacancies by appointing one nominee from each of Exploration Capital and Skyberry Holdings.
Gary Thompson, SGP’s President and Chief Executive Officer, said “The results of today’s vote are a win-win for Sierra Geothermal shareholders and an endorsement of the current management team and Board. The expanded Board intends to accelerate the pursuit of strategic alternatives with the objective of maximizing value for all shareholders.” He added, “I want to personally thank shareholders for voting. There was an outstanding turnout with more than 86% of our shares voted.”
The Chair of the Special Committee of Sierra’s Board of Directors, Rita Theil, said “We see this as a very positive step in our effort to maximize value for all of our shareholders and we are excited at the possibility that we can work together with Exploration Capital and Skyberry Holdings towards that common goal. We continue to be open to all strategic options, including project level partnerships, a merger involving Sierra and others or an outright sale of the Company.”
In this regard, the Special Committee has instructed its financial advisor Jacob Securities Inc., to initiate and manage a formal process. The details regarding the formal process will be made available in due course.”
Source: Company release via Sys-Con
