Toronto Stock Exchange (Venture) Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 59,780,539
VANCOUVER, Oct. 1, 2011 /CNW/ - Western Wind Energy Corp. - (Toronto Venture Exchange - "WND") (OTCQX - "WNDEF"), Western Wind
Energy Corp. would like to report that on September 29, the Company, on
behalf of its shareholders, has notified the Investment Industry
Regulatory Organization of Canada ("IIROC") of the obvious
pre-conditioned trading activity that has been occuring for the past
several months. The main complaint from shareholders is the copious
amounts of matched trades occuring on a daily basis, with the emphasis
being on downward price trading after real-time market orders.
This trading occurs almost daily, and also after significant positive
material news announcements. The large number of very small trades on
a daily basis are uniquely matched as equal buy/sell amounts. On an
arm's length basis, it is highly unlikely, if not impossible, for
individual purchase and sell orders to be coincidentally matched and
timed by independent and arm's length Buyers and Seller's.
In the Company's complaint to IIROC of this trading pattern, the Company
informed IIROC, that it has been made aware in the past few days, that
a certain party would like to make a take-over bid of certain or all of
the assets of the Company. The suggested offer price to the Company is
above the current market price but below the independent valuation
amount that was announced on August 8, 2011.
After recently receiving this information, and reflecting upon the
numerous complaints by the Company's shareholders of this obvious and
dubious trading activity, the Company feels that it is in the public's
interest to acknowledge and report these events. It is in Management's
direct knowledge that a certain sub-set of market participants have
recently acquired a substantial position of the Company's shares.
Responsibility for down-trading and match trading the share price to
condition Management or the public into accepting the take-over offer
can easily be determined by the numerous tools and resources available
to IIROC. Some of these market participants have different named
entities but ultimately, have mind and control within the same
It is not in the public's interest, nor the interest of Western Wind
shareholders, whether retail or large institutional reporting
shareholders, to have certain market participants take on a large
recent share position, and use this position to pre-condition the
market, at any time, or within the time-frame of a potential take-over
offer, whether implied or inferred.
The take-over candidate was confirmed by a known TSX-V member. Western
Wind has asked IIROC to pass its findings to the British Columbia
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, and 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. Such statements in this news
release include, but are not limited to, the Company's discussion
concerning the Offer. 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