Western Wind Mails Directors' Circular and Advises Shareholders to Take No
Action at This Time
VANCOUVER, British Columbia, December 10, 2012
VANCOUVER, British Columbia, December 10, 2012 /PRNewswire/ --
TSX.V Symbol: " WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 69,820,125
Western Wind Energy Corp. - (the "Company" or "Western Wind") (TSX Venture
Exchange - "WND") (OTCQX - "WNDEF") announces that it has mailed its
directors' circular (the "Directors' Circular") in response to the offer (the
"Offer") from WWE Equity Holdings Inc., an indirect subsidiary of Brookfield
Renewable Energy Partners L.P. ("Brookfield Renewable") to Western Wind
shareholders to purchase all of the issued and outstanding shares of Western
Wind (the "Western Wind Shares") for $2.50 per Western Wind Share.
The Directors' Circular contains no recommendation of the Western Wind board
of directors (the "Board of Directors") as to whether Western Wind
shareholders should accept or reject the Offer, but urges shareholders to TAKE
NO ACTION until there is further communication from the Board of Directors in
a supplemental directors' circular, which will be sent to shareholders at
least seven days before the scheduled expiry date of the Offer.
The previously-announced auction process being led by Rothschild (Canada) Inc.
is progressing as planned and as part of that process, the Board of Directors
is currently in discussions with potential buyers.Some of the initial
expressions of interest received imply a value for the Company significantly
greater than that offered by the Offeror, although there is no guarantee that
a superior proposal will surface. As a result, the Board of Directors does not
believe they will be in a position to make a recommendation with respect to
the Offer until they have concluded discussions with third parties and have
assessed the Offer against any alternative transactions that may result from
those discussions. Though invited, Brookfield Renewable chose not to
participate in the auction process.
While it is impossible to predict whether any offers or transactions will
emerge from discussions with third parties, these discussions demonstrate that
Western Wind and its assets are attractive to other parties in addition to
Tendering Western Wind Shares to the Offer before the Board of Directors and
the Special Committee have had an opportunity to fully explore all available
strategic alternatives may preclude the emergence of a financially superior
proposal or an alternative transaction.
The Offer is currently open until January 28, 2013, and there is no need for
Western Wind shareholders to do anything immediately.
Western Wind urges shareholders to TAKE NO ACTION in response to the Offer at
this time and suggests they DO NOT TENDER their Western Wind Shares to the
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
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 value of a
potential sale of the Company based on expressions of interest received from
auction participants, alternative sales discussions with third parties and
potential transactions resulting from such discussions. The forward-looking
statements included in this press release are based on reasonable assumptions,
including that the expressions of interest and discussions with third parties
may result in a higher potential sales price and that the Company will be able
to successfully negotiate and complete a sale with a third party. Factors that
may cause results to vary from anticipations include the risk that the Company
may not be able to successfully negotiate a sale on terms more favourable than
pursuant to the Offer and even if it is able to negotiate such a sale, that
may not be able to satisfy applicable conditions, including receipt of
requisite approvals, or complete the transaction. Although Western Wind
believes the expectations expressed in the forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future
outcomes 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.
For further information:
Investor Relations Contact:
Lawrence Casse AlphaEdge Tel:+1(416)992-7227 Email:
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