SGP board wins proxy fight and makes concession to dissidents

In Canada, Sierra Geothermal Power Corp. said that Exploration Capital Partners 2005 Limited Partnership withdrew its proposal that Sierra increase the size of its board of directors from six to thirteen. The action came during a shareholder meeting held January 26. However, in a meeting held immediately afterwards, SGP’s board decided to increase the number of its directors from six to eight, and the board agreed to fill the new vacancies with one nominee from each of Exploration Capital and Skyberry Holdings. SGP President and CEO Gary Thompson said that more than 86% of the shares voted.