Xinergy shareholders say ‘no’ to CEO stock options

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Xinergy shareholders on Wednesday endorsed management’s
nominees for the company’s board of directors, but defeated resolutions that
would have awarded CEO Matt Goldfarb options to buy more than a half-million
shares of company stock.

Goldfarb easily held onto his  board seat, but the 32.1 percent of
shareholder votes withheld from the CEO were easily the largest such “no” votes
for director candidates, according to a news release.

Directors Stephen Loukas and Jay Thornton were relected with
votes at 21.7 percent and 18 percent of withheld votes, respectively.

Two separate resolutions that would have given Goldfarb
stock options were rejected by shareholders.

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Xinergy’s annual shareholder meeting was held in Toronto on
Wednesday.

Last week, Xinergy reported that its first quarter results
was down sharply from a year ago. The company posted a 1Q loss $1.9 million, or
3 cents per share, compared to net income of $1.7 million, or 3 cents per
share a year ago.

The Knoxville-based company operates coal thermal and metallurgical coal
mines in eastern Kentucky, Virginia and West Virginia. Its customers include
utilities and industrial users.

The company’s stock trades under the symbol XRG on the
Toronto Stock Exchange.

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