GLASS LEWIS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE WESTERN WIND
NOMINEES AND CONTINUATION OF SALE PROCESS
TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 68,427,401
VANCOUVER, Sept. 12, 2012 /CNW/ - Western Wind Energy Corp. - (the "Company" or "Western Wind") (TSX Venture Exchange - "WND")
(OTCQX - "WNDEF") provides an update on the previously announced
process to sell the Company and all of its assets. The Company also
reports that Glass Lewis & Co., a leading independent proxy advisory
firm, has recommended that shareholders of Western Wind vote the YELLOW
proxy in support of the current Board of Directors of Western Wind.
Update on Sale Process
Since early August, the Company has been working with Rothschild as its
lead financial advisor in connection with the sale process. PI
Financial Corp has also been engaged as a co-advisor on the sale.
In conjunction with the Company's current management team and Board of
Directors, Rothschild has structured and is managing a comprehensive
sales process with the goal of maximizing value for all shareholders.
The Company's current management and Board of Directors have worked
with Rothschild to review a long list of qualified parties in order to
identify the most likely acquirors. From that list, Rothschild has so
far contacted and provided summary marketing materials to over 50
potential acquirers in North America and abroad.
Jeff Ciachurski, CEO of Western Wind states "The sale process is
progressing well and has strong momentum. We are pleased to report that
the Company has either executed or is negotiating non-disclosure
agreements with 16 qualified buyers. Parties who have signed
non-disclosure agreements have been granted access to the data room and
are conducting detailed due diligence. These parties include three
leading US utilities with whom the current management team and Board of
Directors have had ongoing discussions from time to time before the
sale process was announced. We expect the process being led by current
management team and Board of Directors and Rothschild to result in a
robust auction for the Company and all of its assets".
The Company will be providing further updates on the sales process as
necessary or appropriate.
Details of Support from Glass Lewis
In its detailed report dated September 11. 2012, Glass Lewis concluded
that it expects the current Board of Directors and management to
possess greater knowledge of the Company and its assets, to be best
positioned to oversee the sale of the Company in a timely and efficient
manner, and that electing the dissident nominees could be disruptive to
this process. Glass Lewis also concluded that the current board is
best positioned to oversee the development of the Company's Yabucoa
Project, which the board considers an important asset that will
significantly increase the sale price of the Company, and to attend to
ongoing matters relating to the sale process.
The Glass Lewis report confirms that the proxy contest is centered
around which party is better positioned to oversee the sale process in
order to maximize shareholder value, and concludes that neither the
dissident's concerns or the dissidents level of ownership interest in
the Company warrant supporting the dissident nominees at this time.
Accordingly, Glass Lewis recommends that shareholders use the Company's
YELLOW proxy card to vote FOR the election of each of the current
members of the Board of Directors of Western Wind and DO NOT VOTE for
the election of the dissident nominees.
"We are pleased to receive the recommendation of Glass Lewis in support
of our current board," said Jeff Ciachurski, CEO of the Company.
"Western Wind has a strong board of directors committed to the sale of
the Company and a demonstrated record of success. Glass Lewis clearly
agrees with the Company that current management has a more intimate
understanding of the Company's assets and market position, is best
positioned to carry out the sale process and that changes to the board
would be disruptive to the sale process. Glass Lewis is one of the two
most prominent fully independent proxy advisory firms representing
institutional investors managing in the aggregate $15 Trillion dollars
*Permission to reference the Glass Lewis report was neither sought nor
obtained by the Company.
Western Wind urges shareholders to support the current Board of
Directors and the sale process currently underway. Vote only the YELLOW
proxy and ensure Western Wind receives it prior to Friday, September
21, 2012 at 10:00 a.m. (Vancouver Time). Please do not vote using the
dissident proxy. Western Wind's letters to shareholders, management information circular
and other proxy materials can be found on Western Wind's website: www.westernwindenergy.com. Please check the website regularly for current information regarding
the sale process and the shareholder meeting.
If you have any questions and/or need assistance in voting your shares,
please call Laurel Hill Advisory Group LLC at 1-877-452-7184 or via
email at firstname.lastname@example.org.
Rothschild is a worldwide financial advisory firm with a 200-year
history. With over 1,000 bankers based in 40 countries, the firm's
scale, global reach and local knowledge enable it to develop
relationships and deliver effective solutions to support clients
worldwide. Rothschild has been active in Canada for over half a century
and has a dedicated team of advisory professionals located in three
offices across the country. Rothschild has approximately 60 senior
bankers globally focused on the power, utilities and renewable sector.
ABOUT PI FINANCIAL
PI Financial Corp. is one of Canada's largest independent full service
investment dealers, providing a full range of investment products and
services for individual, corporate and institutional investors. PI
Financial Corp. is 75% employee-owned and 25% owned by National Bank
Financial, a subsidiary of National Bank of Canada. With its focus on
small to mid cap Canadian companies, PI Financial Corp. has expertise
in the mining, energy, technology, alternative energy, industrial,
transportation and consumer products sectors.
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 Toronto 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
This news release contains certain statements that may be considered
"forward-looking statements, such as references to the intended sale of
Western Wind and its assets. Forward looking statements are statements
that are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates", "believes",
"intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. The forward-looking statements in this press
release include statements regarding the intention of the Company to
complete the sale of the Company or its assets and the development of
the Yabucoa Project. The forward-looking statements included in this
press release are based on reasonable assumptions, including that the
Company will be able to successfully identify a prospective buyer,
negotiate the terms of sale and satisfy all conditions required to
complete the sale, and that the Company will be able to successfully
develop the Yabucoa Project as anticipated or at all. Factors that may
cause results to vary from anticipations include the risk that the
Company is not able to successfully develop the Yabucoa Project, that
the Company may not be able to successfully identify a buyer, negotiate
acceptable terms or obtain all applicable government, regulatory and
shareholder consents required to complete the sale, that the terms of
those consents may not be acceptable to the Company, or, assuming the
Company is able to successfully complete the sale, the Company is not
able to achieve expected results following such sale. Although Western
Wind believes the expectations expressed in the forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results may differ
materially from those contained in forward looking statements. Forward
looking statements are based on the beliefs, estimates and opinions of
Western Wind's management on the date the statements are made. Western
Wind undertakes no obligation to update these forward-looking
statements in the event that management's beliefs, estimates or
opinions, or other factors, should change, except as required by law.
SOURCE: Western Wind Energy
For further information:
Investor Relations Contact:
Tel: (416) 992-7227