Ecotricity bids to remove Good Energy chairman and force strategy turnaround

William Whitehorn

Ecotricity has made moves to remove the chairman of its renewable energy rival Good Energy as a director, and to reverse its decision to sell its electricity-generating assets.

Last October Chippenham-based Good Energy saw off a hostile takeover bid from its Stroud-based rival, which owns 25.1 percent of Good Energy’s shares.

This morning (Friday) Good Energy published a Notice of Requisitioned General Meeting to shareholders. The notice reveals that on Christmas Eve the company received a requisition notice from Ecotricity requiring the board to convene a general meeting of shareholders for the purpose of considering two resolutions:

1. an ordinary resolution to remove William Whitehorn from office as a director of the company, and
2. a special resolution to direct the board not to dispose of the company’s generation assets without shareholder approval

The second resolution follows an announcement on November 26 that Good Energy would step away from the production of renewable energy and sell its portfolio of renewable energy assets – valued at £56.8 million – in what it called a “strategic shift” in direction.

This morning, Good Energy urged shareholders to vote against both resolutions.

The requisitioned general meeting will be held on 11 February 2022 at the offices of strategic communications firm SEC Newgate, 14 Greville Street, London.

CEO Nigel Pocklington and Rupert Sanderson, CFO, will host a live presentation for investors on January 26.