Toronto Stock Exchange (Venture) Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 60,125,811
VANCOUVER, Nov. 15, 2011 /CNW/ - Western Wind Energy Corp. -- (Toronto Venture Exchange -- "WND") (OTCQX -- "WNDEF"), is pleased to
announce that a letter to shareholders recorded on the NOBO list (Non
Objecting Beneficial Owners) will be issued today. For the purposes of
timely, fair and full disclosure, Western Wind Energy will issue the
full contents of the Letter, in this News Release.
Letter to the Shareholders of Western Wind Energy
Western Wind Energy Corp. is updating its shareholders and stakeholders
on recent events that may have a negative effect on the value of the
Western Wind Energy share price and influence future decisions and
actions of Western Wind Energy shareholders going forward.
On November 9, 2011 Western Wind Energy received a letter from a proxy
solicitation agent requiring that we release to them, a list of the
Western Wind Energy shareholders. While the reason they have requested
the list is not known, such firms often represent companies that may
seek to take control of management of a company by way of a proxy
contest or other means. The possibility of a looming proxy contest has
resulted in the Western Wind Energy sending you this letter, setting
out some of the consequences surrounding a proxy battle and potential
negative impact to the Western Wind Energy shareholders.
A proxy battle is different from a takeover bid. In a takeover bid, the
bid is either successful and all shareholders walk away with
compensation in exchange for their shareholdings or the bid is not
successful because the shareholders declined the bid.
In a proxy battle, a small group of shareholders (the "Dissidents")
claiming to have the best interest of the shareholders in mind, look to
nominating an alternate slate of directors. The Dissidents, do not
offer any compensation to the shareholders. Instead, the Dissidents
often propose that if their alternate slate is elected, they will bring
a greater value to a Company's shareholders. This is rarely the case.
Western Wind Energy's management is confident and proud to say that
there is not another alternate management team or board group that can
offer any material performance improvement over the current management
and board of Western Wind Energy. Much of the heavy lifting needed to
make Western Wind Energy a long-term success - the present construction
of 160 megawatts in clean energy capacity to be sold under long-term
sales contracts at very favourable rates - has already happened under
current Management. In the near future, Western Wind Energy will begin
to reap the benefits of these efforts.
And the market believes in us. Western Wind Energy has seen its share
price increase by over 400% since March 2009. This growth has happened
against a backdrop of uncertain and volatile equity markets - and in
particular, in the pure renewable energy space, which has seen almost
all public companies, both big and small, experience significant
declines in their share prices.
Western Wind Energy is currently being led by a dedicated and successful
management team. The management team is supported by an
entrepreneurial and growth minded board of directors. The Board
operates with Corporate Governance, Compensation, Audit and Corporate
Disclosure committees. The majority of the Board is independent.
The head office of Western Wind Energy is an extremely lean operation
with only nine employees (we believe our renewable energy peers have
significantly larger head office staff often up to 40 employees for the
same megawatts). Management comprises individuals who have been in the
wind energy industry since the industry's inception back in 1980. The
knowledge and expertise of the entire staff (which includes five
chartered accountants and two lawyers) is further accentuated by what
we believe to be excellent market intelligence through the
relationships and contacts developed throughout the industry.
Western Wind Energy prizes itself with running a fastidious and
efficient operation where a small staff is motivated by their passion
of renewable energy and are rewarded by bonuses, based upon success,
that constitute a small percentage of the net present value of projects
that are added to the Company.
In essence, we believe that a dissident group would be hard pressed to
bring in a better board or management team as the market indicates none
exist. We also believe that any proxy contest has the potential to
plunge the Western Wind Energy into seas of uncertainty and affect its
share price and management's time is diverted to deal with the
dissidents and away from advancing Western Wind's business plan. We
believe a dissident group would be hard-pressed to re-create the unique
high growth track record of current management.
It is the goal of management to continually grow the assets of the
Company at a rate that is consistent with our proven track record and
humble beginnings of less than $1 million in assets in 2000 to over
$340 million in assets in 2011. With our projects coming on-line this
year, we expect to see significant revenues from those projects in 2012
and the hard work of Management coming to fruition for the benefit of
the Company and the shareholders
The Management and Board of Western Wind Energy hereby advises all
shareholders to carefully consider the statements of any dissident
group or their agents and think about whether the statements of these
dissidents are truly accurate, given the success achieved already, by
Western Wind Energy and the future success, that only the current team
ON BEHALF OF THE BOARD
About Western Wind Energy Corp.
Western Wind Energy Corp. (OTCQX: WNDEF; TSX.V: WND ) trades in the United States on the OTCQX
under the symbol "WNDEF" and on the Toronto Venture Exchange under
"WND". Western Wind is a vertically integrated renewable energy
production company that currently owns over 500 wind turbines and a
solar field with 165 MW of rated capacity either in production or in
construction in the States of California and Arizona. Western Wind
further owns substantial additional development assets for both solar
and wind energy in California, Arizona, Ontario, Canada; and in the
Commonwealth of Puerto Rico.
Western Wind is in the business of owning and operating wind and solar
energy generating facilities. Management of Western Wind includes
individuals involved in the operations and ownership of utility scale
wind energy facilities in California since 1981.
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.
Certain statements in this press release constitute "forward-looking
statements" under applicable securities laws, which involve known and
unknown risks, uncertainties and other factors that may cause actual
results to be materially different from any future results, performance
or achievements expressed or implied by such statements. Words such as
"expects", "anticipates", "intends", "projects", "plans", "will",
"believes", "seeks", "estimates", "should", "may", "could", and
variations of such words and similar expressions are intended to
identify such forward-looking statements. These statements are based on
management's current expectations and beliefs and actual events or
results may differ materially. There are many factors that could cause
such actual events or results expressed or implied by such
forward-looking statements to differ materially from any future results
expressed or implied by such statements. Such factors include, but are not limited
to, the state of the Company's business activities and various factors
discussed in the Company's annual report and annual information
contained in the Company's 20F Annual Report filed with the United
States Securities and Exchange Commission and securities regulators in
Canada. Forward -looking statements are based on current expectations
and the Company assumes no obligation to update such information to
reflect later events or developments, except as required by law.
SOURCE Western Wind Energy
For further information:
Investor Relations Contact:
Telephone: (416) 992-7227