GARNETT — An Arizona financier who controls nearly a third of the shares of East Kansas Agri-Energy has announced a bid to take control of the company. Scott Brittenham, who is CEO of Clean Energy Capital, which is EKAE’s largest shareholder, said he wants to reconstruct the company’s board of directors and write a strategic blueprint to guide future operations of the Garnett ethanol plant. Brittenham said he’s asking other shareholders to kick all but two directors off the present board. He blames the present board for what he calls a series of financial and strategic missteps that led to the Garnett plant’s shutdown last year. The board failed to anticipate and adjust to changing market conditions, leading to the production shutdown in October, Brittenham said. “The current board may have been adequate for the start of East Kansas, but changing market conditions now demand different skill sets on the board,” he said. “The plant shut-down could have been averted through clearer vision, sound business decisions and better policymaking by the board. The new directors we’re recommending have the risk management and ethanol industry experience necessary for tackling the challenges that have mounted.” There has been no public response from other board members. His takeover proposal will be considered at an Aug. 7 shareholder meeting in Lawrence.
Thursday, July 11, 10 a.m.
