TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 70,617,224
VANCOUVER, Feb. 12, 2013 /CNW/ - Western Wind Energy Corp. -- (the "Company" or "Western Wind") (TSX Venture Exchange -- "WND")
(OTCQX -- "WNDEF") wishes to comment on last night's announcement from
Brookfield Renewable Energy Partners L.P. and its indirect subsidiary
WWE Equity Holdings Inc. (together "Brookfield").
Brookfield acknowledged in a press release last night, that it had
failed to obtain the sufficient number of shares required under the
Rules for a Permitted Bid by an Insider, namely, acceptance by 50% of
independent shareholders of its bid of $2.60. Significantly, in its
press release, Brookfield deliberately omitted to state the number of
shareholders who had tendered to its bid, a fact that we believe
indicates that many shareholders decided to reject their offer and
confirms Brookfield's news release of January 28, 2013 where Brookfield
confirms only 22% of the shareholders have either tendered or may do so
in the future. This leaves more than 75% of shareholders who have said
"NO" to the Brookfield Offer. The Brookfield bid has been public
since November 23, 2012, with a nominal increase of $0.10 per share
made on January 28, 2013, sufficient time for shareholders to make an
Brookfield has previously stated, three times, that their bid was a
"final offer" and that "time is running out". Brookfield has now
extended its bid by ten days as a result of its huge failure to obtain
the required number of tendered shares.
The shareholders have spoken that this offer is inadequate and we
continue to urge Brookfield to listen to what the shareholders
require. We understand the frustration of some long-time shareholders
but we reiterate that Western Wind is in fact, for sale. Contrary to
statements made by Brookfield, Western Wind's management is fully
committed to a sales process that will maximize shareholder value.
Yabucoa is proceeding towards Financial Close and Brookfield does not
want our shareholders to receive any value for this asset or any other
As we have previously stated, Brookfield, as a large minority
shareholder and an insider making a hostile bid, has had the effect of
discouraging other potential bidders from proceeding because of its
ability to outbid potential bids, with its lower cost average. No
bidder wants to spend millions of dollars on following a process to
simply have Brookfield thwart any attempt. If this is in fact
Brookfield's last and final offer, Western Wind believes that a formal
publicized withdrawal of Brookfield's bid will unleash a true auction
for the Company. Alternatively, the door remains open for discussions
between Western Wind, its investment bankers and Brookfield, on ways to
increase shareholder value.
By rejecting Brookfield's bid, shareholders have sent a message about
the inadequacy of its offer and the unfairness of its tactics. As
columnist Tom Konrad, who writes for Forbes noted on February 4th,
2013, in a column entitled, Brookfield's Revised Offer for Western Wind Still Too Low, "C$2.50 a share was too low a price for Western Wind in 2011, and
C$2.60 is too low for a stronger Western Wind today."
ABOUT WESTERN WIND ENERGY CORP.
Western Wind is a vertically integrated renewable energy production
company that owns and operates wind and solar generation facilities
with 165 net MW of rated capacity in production, in the States of
California and Arizona. Western Wind further owns substantial
development assets for both solar and wind energy in the U.S. The
Company is headquartered in Vancouver, BC and has branch offices in
Scottsdale, Arizona and Tehachapi, California. Western Wind trades on
the TSX Venture Exchange under the symbol "WND", and in the United
States on the OTCQX under the symbol "WNDEF".
The Company owns and operates three wind energy generation facilities in
California, and one fully integrated combined wind and solar energy
generation facility in Arizona. The three operating wind generation
facilities in California are comprised of the 120MW Windstar, the 4.5MW
Windridge facilities in Tehachapi, and the 30MW Mesa wind generation
facility near Palm Springs. The facility in Arizona is the Company's
10.5MW Kingman integrated solar and wind facility. The Company is
further developing wind and solar energy projects in California,
Arizona, and Puerto Rico.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
President & Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements contained in this news release may constitute
forward-looking information under applicable Canadian securities
legislation. These statements relate to future events and are
prospective in nature. All statements other than statements of
historical fact may constitute forward-looking statements or contain
forward-looking information. Forward-looking statements are often, but
not always, identified by the use of words such as "may", "will",
"project", "predict", "potential", "plan", "continue", "estimate",
"expect", "targeting", "intend", "could", "might", "seek",
"anticipate", "should", "believe" or variations thereof.
Forward-looking information may relate to management's future outlook
and anticipated events or results and may include statements or
information regarding the future plans or prospects of the Company.
Forward-looking information is based on certain factors and assumptions
regarding, among other things, the outcome of a hearing before the OSC,
if such hearing occurs, the results of a valuation, if obtained by
Brookfield , and the availability of a financially superior offer,.
Several factors could cause actual results to differ materially from
those expressed in the forward-looking statements, including, but not
limited to: the outcome of a hearing before the OSC, if such hearing
occurs, the results of a valuation, if obtained by Brookfield, may not
be as anticipated by the Company, actions taken by Brookfield, actions
taken by the Western Wind Shareholders in relation to the Offer, the
possible effect of the Offer on the Company's business, the outcome of
the Company's previously-announced sale process, and the availability
of value-maximizing alternatives relative to the Offer. Additional
risks and uncertainties can be found in the Company's MD&A for the year
ended December 31, 2011 and the Company's other continuous disclosure
filings which are available at www.sedar.com.
Forward-looking statements and forward-looking information involve known
and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated.
Forward-looking information is subject to a variety of known and
unknown risks, uncertainties and other factors that could cause actual
events or results to differ from those reflected in the forward-looking
statements including, without limitation: the risk that the outcome of
a hearing before the OSC will not be in the Company's favor, the
results of the valuation, if obtained by Brookfield, will not be as
anticipated by the Company, the progress of Western Wind's sales
process, and, assuming the Company receives an expression of interest
from a prospective purchaser, whether a financially superior offer for
Western Wind emerges, whether the Company is able to successfully
negotiate a prospective sales transaction and whether the conditions of
any proposed transaction, including receipt by the Company of all
necessary approvals, are met.
The Company believes that the expectations reflected in the
forward-looking statements contained in this news release are
reasonable, but no assurance can be given that they will prove to be
correct. Actual results and future events may differ materially from
those anticipated and accordingly forward-looking statements should not
be unduly relied upon. Forward-looking statements contained in this
document speak only as of the date of this news release. Except as
required by applicable law, Western Wind disclaims any obligation to
update any forward-looking information.
SOURCE: Western Wind Energy
For further information:
Investor Relations Contact:
Tel: (416) 992-7227