Two of the country’s largest green energy providers will be at loggerheads this week over an attempt by Dale Vince, the founder of Ecotricity, to get on to the board of Good Energy, an Aim-quoted rival. Ecotricity snapped up 25 per cent of Good Energy last year and has requisitioned a general meeting to appoint Mr Vince and Simon Crowfoot, an Ecotricity executive, to the Good Energy board. Good Energy’s board has come out strongly against the proposal, likening it to a stealth takeover. Good Energy will write to shareholders detailing its concerns and urging them to vote against Ecotricity’s proposal next month. John Maltby, Good Energy’s chairman, said this month that having the “owner and senior management of a competitor on our board would be unworkable”. He claims that the presence of Ecotricity executives on the board represents a conflict o f interest. Ecotricity must win the support of investors representing 50 per cent of Good Energy’s shares. Mr Vince told The Sunday Telegraph: “We have the biggest stake in the company and are entitled to a presence on the board.”
Times 24th July 2017 read more »