* EGM votes to sack management * EGM permits company to return cash to shareholders * Shares rise 13 percent to 5.95 euros
(Adds cash return, background)
VIENNA, Nov 14 (Reuters) - Rebel shareholders voted to sack the management of Meinl International Power on Friday in the second extraordinary general meeting in as many days and allowed the company to return excess cash to shareholders.
Under the proposal made by the rebel shareholders and approved by the general meeting, Meinl Power can use share buybacks as well as a special dividend to return cash to shareholders.
The shareholder meeting appointed a new management board which rebel shareholders had put forward. The decision came a day after they dismissed the old board's proposals to bring in a new investor in a first meeting on Thursday.
Meinl Power raised 600 million euros ($749 million) in an initial public offering last year, but has invested only a small part of it in power and energy projects so far.
Its shares suffered when corporate governance concerns grew last year around its sister company Meinl European Land, since sold to outside investors and renamed Atrium European Real Estate.
Meinl Power shares, traded only once a day in a single auction on the Vienna stock exchange, rose 13 percent to 5.95 euros on Friday.
That is still 40 percent less than what they were sold at in the IPO and below the net asset value per share of the company, which still has liquid assets of 436 million euros, or 7.27 euros per share.
Adjusted for cash Meinl Power has already committed for investments, its liquid assets stand at 295 million euros. (Reporting by Christian Gutlederer, writing by Boris Groendahl, editing by Will Waterman)