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Western Wind Energy Corp V.WND



TSXV:WND - Post by User

Post by yankee12on Aug 07, 2012 8:44am
335 Views
Post# 20189181

a little unnecessary, no?

a little unnecessary, no?

The Financial Post reports in its Saturday edition that for something "ultra-bizzare," check developments surrounding Western Wind Energy, which last week put itself up for sale. The Post's Barry Critchley writes the sale was a compromise between chief executive officer Jeff Ciachurski's desire to build the company and complaints about "unregulated market participants trading the stock price down." Mr. Ciachurski stands to receive a bonus that increases with the offer price. In 2010, he earned $3.2-million on a company with a market cap of $150-million. Mr. Critchley notes that on July 31, Savitr Capital said it wanted to nominate five directors at the Sept. 25 annual meeting. Savitr launched a proxy fight because it "has become increasingly dissatisfied with the company's performance, and has lost confidence in management and the board of directors." Also on July 31, Western Wind responded to what it called "the hysterical and dishonest news release issued by Andrew Reuben Midler," one of the five nominees and Savitr's founder. Not mentioned by Mr. Critchley is that Western Wind in July was trading at $1.20, about where it was in October last year when Mr. Ciachurski said he was offered $2.50 by Algonquin Power.

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