Good Energy shareholders have vetoed demands from rival green energy supplier Ecotricity to ditch its chairman and prevent the sale of its wind and solar farms.
Chippenham-based Good Energy called a general meeting after it received a requisition notice on Christmas Eve from Ecotricity, which is owned by Gloucestershire businessman Dale Vince.
Ecotricity, which has a 25% stake in its competitor, had triggered a vote on an ordinary resolution to remove Will Whitehorn from office.
It had also brought a special resolution to direct Good Energy’s Board not to dispose of the company's generation assets without shareholder approval.
On Friday (February 11) Good Energy said neither of the requisitioned resolutions had received sufficient support from its shareholders to be passed, showing “a lack of support” for Ecotricity’s proposals.
The AIM-listed company said that it had received 58.3% of votes against removing Mr Whitehorn - compared to 41.7% in favour - while 57.2% had rejected Ecotricity’s resolution on the generation portfolio sale, compared to 42.8% who backed it.
Good Energy recently announced a deal worth up to £24.5m had been reached to sell its 47.5MW renewable portfolio to investment firm Bluefield Solar Income Fund (BSINF).
The company said the move was part of a strategic shift towards energy and mobility services, driven by further investment in its electric vehicle (EV) mapping platform Zap Map.
Good Energy chief executive Nigel Pocklington said an “overwhelming majority” of shareholders had backed the board’s vision for the company.
Mr Pocklington said: “In our view, this result represents a huge endorsement of our strategy - helping individuals and companies play a part in the clean energy transition. With this process behind us, that’s what we plan to focus on delivering.”
Mr Vince was unhappy with the way the issues were put before shareholders and said: “The board should now consider their positions. They barely have the support of half of all shareholders. That’s untenable.”
BusinessLive contacted Good Energy regarding Mr Vince's comments, with Mr Pocklington responding that shareholders had "clearly demonstrated" support for the board and its strategy.
Last year Ecotricity made an unsuccessful offer to acquire Good Energy for 400p a share, as part of a proposed buyout worth around £70m, including the shares it already owns.
Mr Vince, the chairman of League Two football club Forest Green Rovers, previously criticised Good Energy's plans to sell its generation portfolio, and claimed it would lead to share prices being worth “substantially less” than Ecotricity’s offer.
Good Energy has said the move will allow it to capitalise on the “rapidly growing” UK EV driver market, of which is said its subsidiary Zap-Map has a 70% share with more than 320,000 registered users.
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