Good Energy Group PLC Requisition of General Meeting (5508K)
July 10 2017 - 1:00AM
UK Regulatory
TIDMGOOD
RNS Number : 5508K
Good Energy Group PLC
10 July 2017
Good Energy Group PLC
("Good Energy" or the "Company")
Requisition by Ecotricity of General Meeting
Good Energy announces that it has received a notice pursuant to
section 303 of the Companies Act 2006 from Ferlim Nominees, acting
on behalf of Ecotricity Group Limited ("Ecotricity"),
requisitioning a general meeting of the Company's shareholders (the
"Requisition") to consider the appointment of two Ecotricity
representatives as directors.
Ecotricity is a direct competitor of Good Energy, owned entirely
by its founder and chief executive officer Dale Vince. Within the
last 12 months, Ecotricity has become the largest single
shareholder in Good Energy with 4,169,948 shares, representing
25.30% of Good Energy's issued share capital.
The Requisition proposes that Dale Vince, and Simon Crowfoot,
managing director of Ecotricity's Electric Highway division, be
appointed as non-executive directors of Good Energy. The
appointments will be proposed as Ordinary Resolutions, which will
be passed if more than 50% of the votes cast at the general meeting
are in favour, including those to be cast by Ecotricity.
The board of Good Energy (the "Board") believes that the
appointment of representatives from a direct competitor as
non-executive directors would present significant conflicts of
interest that would work against the best interests of Good
Energy's shareholders as a whole, as well as Good Energy's
customers and other stakeholders.
Accordingly the Board does not welcome Ecotricity's proposal to
appoint Dale Vince and Simon Crowfoot as non-executive directors of
Good Energy and will be writing to shareholders in due course with
a detailed response and with a unanimous recommendation to vote
AGAINST the resolutions.
John Maltby, Chairman of Good Energy, commented:
"Having the owner and senior management of a direct competitor
on our board would be unworkable. There can be no reasonable
expectation that any representative of Ecotricity would put the
interests of Good Energy shareholders, customers and other
stakeholders before those of Ecotricity.
The proposed appointments, if implemented, would significantly
curtail the ability of Good Energy's board to operate and consider
any commercial matter in a unified way, creating unnecessary
administrative, financial and competitive penalties for the
Company.
This action by Ecotricity is regrettable and we will be writing
to shareholders setting out our position and the importance of
voting against Ecotricity's proposal."
In accordance with section 304 of the Companies Act 2006, the
Board intends to call a general meeting within 21 days of the
receipt of the Requisition and to provide for such meeting to be
held on a date not more than 28 days after the date of the notice
of such meeting.
Shareholders are advised to take no action at this time. Further
announcements will be made in due course.
Enquiries:
+44 (0) 1249
Good Energy Group PLC 766 795
Juliet Davenport, Chief Executive Officer
Denise Cockrem, Chief Financial Officer
Stephen Rosser, Company Secretary
+44 (0)
7970 174
Smithfield Consultants 353
Alex Simmons
+44 (0) 121
Arden Partners plc 423 8900
Steve Douglas
+44 (0) 207
Investec Bank plc 597 4000
Jeremy Ellis
Sara Hale
Notes to editors:
-- Good Energy is a fast-growing green energy company,
generating and selling 100% renewable electricity and green gas to
households and businesses across the UK.
-- An AIM-listed PLC, and founder member of the Social Stock
Exchange, its purpose is to support change in the energy market,
address climate change and boost energy security.
-- The Company has been awarded 4 out of 5 stars by Which? for
customer service in 2016 and 2017, and has been voted the best
energy company for customer service by users of
MoneySavingExpert.com for three consecutive polls.
-- As at 31 December 2016, Good Energy had over 71,400 renewable
electricity customers and 44,100 carbon neutral gas customers. It
also provides Feed-in Tariff administration services to over
133,000 sites, bringing the total number of customers to
248,500.
-- Good Energy is the owner of Delabole Wind Farm, the UK's
first commercial onshore wind farm and owns and operates Hampole
Wind Farm, near Doncaster. The Company also owns and operates seven
solar farms.
-- Good Energy received an average customer advocacy of 45. A
net promoter score is an index ranging from -100 to 100 that
measures the willingness of customers to recommend a company's
products or services to others. It is used as a proxy for gauging
the customer's overall satisfaction with a company's product or
service and the customer's loyalty to the brand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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