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Peace breaks out as firms put energy into making love, not war

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Written by: Andrew Merrell | Posted 30 August 2017 7:25

Peace breaks out as firms put energy into making love, not war

Peace has broken out between Green Energy and Ecotricity after the owners of both firms appear to have used their energy to settle their differences.

What had all the hallmarks of a messy battle between two of the country’s biggest names in the green energy sector - Juliet Davenport and Dale Vince – appears to be resolved.

Earlier this month we reported how Ecotricity-founder, Mr Vince, who also owns Forest Green Rovers Football Club, was at a centre of a controversial bid to muscle his way onto the board of the rival firm owned by Ms Davenport.

Mr Vince, a former new age traveller whose firm is now a major Stroud employer, had bought a 25 per cent stake in Wiltshire-based Good Energy, run by polo-playing Juliet Davenport, who also lives in Stroud.

And in a bold move he requested a meeting with the company to discuss a place on its board for himself and one other non-executive director, Simon Crowfoot.

The move drew a public rebuke from Good Energy, and also pulled into the frame potentially one of the biggest energy firms in the UK, Gloucester-based Tidal Lagoon Power, which happens to be owned by Ms Davenport’s husband.

“Having the owner and senior management of a direct competitor on our board would be unworkable.

“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,” said Good Energy’s chairman John Maltby.

It was thought Mr Maltby’s job of halting Ecotricity’s bid to win more than 50pc of the votes cast would be a challenge - some 60 per cent of shares of Good Energy are held by its energy customers.

A meeting date was indeed set for a showdown, but now the waters are – we are told – calm again with both sides issuing a joint statement.

“The board of Good Energy announces that following notification from Ecotricity Group Limited Good Energy and Ecotricity have agreed not to proceed with the requisitioned general meeting of the Company's shareholders regarding the proposed appointment of Dale Vince and Simon Crowfoot as non-executive directors of Good Energy.

“Ecotricity has therefore withdrawn its notice under section 303 of the Companies Act 2006 requisitioning the general meeting.

“The board therefore recommends the indefinite adjournment of the general meeting scheduled for 3pm on Wednesday, 6 September, 2017. Ecotricity has confirmed its support for that recommendation. Accordingly, the general meeting will not proceed.”

John Maltby, chairman of Good Energy, said: “We seek a constructive dialogue with Ecotricity, as we do with all of our shareholders, and see this as a positive step.

“We hope very much that we can put this matter behind us and would like to thank our customers, shareholders, and other stakeholders for their support.”

 

 

 

 

 

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