Good Energy has set a date for a showdown with rivals Ecotricity over its bid for two seats on the green energy supplier’s board.
Good Energy announced today (14 August) a general meeting will be held on 6 September, when shareholders will vote on whether or not to appoint Ecotricity founder and chief executive, Dale Vince, along with the managing director of its electric highways division, Simon Crowfoot, as non-executive directors on the Good Energy board.
Ecotricity is now the largest single shareholder in Good Energy and owns 25.3 per cent issued share capital.
The firm launched the surprise bid last month when Vince warned Good Energy “faces some clear challenges that we are equipped to assist with”.
But a letter from Good Energy’s chairman, John Maltby, sent to shareholders today, calls on them to vote against the proposal.
The letter states that the Good Energy board “views Ecotricity as a direct competitor with a track record of seeking to undermine” the supplier.
“Ecotricity has been an aggressive competitor of Good Energy since our founding more than 18 years ago, launching legal action against us in our early days of operation, and regularly attacking our management and business model through the press and other regulatory means,” the letter adds.
“Ecotricity has actively campaigned against Good Energy to our customers, partners and shareholders, and is now seeking to further disrupt our business by trying to put its own executives on to your board.”
Speaking last month, the Ecotricity founder and chief executive said: “As the largest shareholder in Good Energy, we have the most to lose if the business does not succeed. And, of course, board representation for such a significant shareholder is quite normal on the AIM market.
“We believe that we can bring deep sector knowledge and strategic ability to the board of Good Energy for the benefit of all its shareholders.”