Finavera Reports Results of Annual General and Special Shareholder Meeting
VANCOUVER, June 18, 2013 /CNW/ - Finavera Wind Energy Inc. ('Finavera') (TSX-V: FVR) is pleased to announce the results of its Annual General and Special Shareholder Meeting on June 14, 2013.
Shareholders voted in favour of all items of business. A total of 9,480,551 or 23.91% of the issued common shares as of the record date for the meeting were voted, as follows:
Regarding the Asset Sale Resolution authorizing the sale the Company's interest in the Tumbler Ridge Wind Energy Project and the Meikle Wind Energy Project to Pattern Renewable Holdings Canada ULC, shareholders voted 9,385,001 shares or 98.99% in favour of the transaction, meeting the required hurdle of 66.67% of shareholders voting at the meeting to approve the transaction.
Regarding the election of directors:
Director Votes by Ballot in Favour Votes by Ballot Withheld
Tom Anderson 7,287,351 (76.9%) 2,193,200 (23.1%)
Jason Bak 7,155,961 (75.5%) 2,324,590 (21.5%)
David Lamont 7,254,351 (76.5%) 2,226,200 (23.5%)
Hein Poulus 7,253,551 (76.5%) 2,227,000 (23.5%)
Shareholders also voted 99.63% in favour of setting the number of Directors at four, voted 75.68% in favour of the Company's Stock Option Plan and voted 99.92% for the appointment of KPMG LLP as auditors of the Company.
Jason Bak, CEO stated, "Shareholders have voted overwhelmingly in support of the Directors and the transaction to sell two of our wind projects to Pattern Energy. We are completely aligned with Pattern Energy to progress these projects to operation and will continue to provide Pattern with ongoing support in order to facilitate the key milestone of construction financing."
Bak continues, "Finavera will be in the enviable position of being debt free with cash reserves in a market with a number of cash starved opportunities. We have embarked on a review of various revenue generating acquisitions with
I didn't see any news of that sort but I might have missed it on the website. How can a special dividend be issued by a 13 cent stock which isn't making any money? An acquisition? Maybe Apple or Google? Should be able to get them cheap. If there is an acquisition I sure hope it is accretive since we need something positive on the earnings side.