NWF
23/12/2015 16:37
GENERAL
NOT PRICE SENSITIVE
REL: 1637 HRS NZ Windfarms Limited
GENERAL: NWF: Board Review
NZX Announcement
23 December 2015
For immediate release
Review of Board Composition
NZ Windfarms has initiated a process to review the composition of its Board.
Following the recent AGM, the number of directors was reduced to three. Since
that time, the remaining directors have determined that additional
appointments are required to provide a Board with wide shareholder support
and an appropriate mix of skills and experience.
The Company Chair, Derek Walker has advised the Company of his intention to
retire as a director in the new year once the review process has been
completed and new appointments have been made.
Mr Walker said that it had been his intention to retire at the end of his
current term, but had bought this forward to enable the changes to occur in
conjunction with the present review.
Under the Company's constitution and the NZX Listing Rules, the Board must
have at least two independent directors. Substantial security holders of the
Company have proposed director candidates who will be considered for
appointment as part of this process.
As reported at the AGM, the Company has made significant progress in a number
of areas including identification of design improvements to reduce failures
of critical components in its turbines, and the agreement with Windflow
Technology settling all outstanding matters between the two companies. The $1
million payment due from Windflow Technology as part of this settlement has
been now received by the Company. A number of other initiatives are underway
to identify further cost savings and improve Company performance.
ENDS
For further enquiries contact:
Derek Walker
Chairman
Ph (021) 428 461
NZ Windfarms Ltd
376 North Range Road
PO Box 20031
Summerhill
PALMERSTON NORTH 4448
NEW ZEALAND
Tel +64 6 280 2773
Email [email protected]
Web www.nzwindfarms.co.nz
End CA:00275701 For:NWF Type:GENERAL Time:2015-12-23 16:37:36
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