Western Wind update on OSC hearing and sales process
VANCOUVER, Feb. 8, 2013
TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 70,617,224
VANCOUVER, Feb. 8, 2013 /PRNewswire/ - Western Wind Energy Corp. - (the
"Company" or "Western Wind") (TSX Venture Exchange - "WND") (OTCQX - "WNDEF")
would like to report on the Ontario Securities Commission Order and clarify
what was not reported in Brookfield's News Release, issued earlier today.
This morning the Ontario Securities Commission dismissed Western Wind's
application to compel Brookfield to provide a valuation in connection with its
"current" bid for Western Wind. No reasons were given by the Commission, in
issuing its order. If Brookfield pursued a new bid for Western Wind, we will
immediately seek a hearing with the OSC, that its new bid should not be exempt
from valuation requirements. Western Wind continues to believe there is an
issue of merit that should be explored at a full and comprehensive hearing.
If this is in fact Brookfield's last and final offer, Western Wind believes
that the expiry of Brookfield's bid will unleash a true auction for the
company. We are hoping that Brookfield lives up to its two public news
releases and promises, where it emphatically states "this is our best and
final offer." Western Wind will be looking for a public confirmation from
Brookfield, that it will withdraw its bid and never again bid for Western
Wind, if its minimum tender condition is not satisfied by February 11, 1013.
Such a complete withdrawal will allow Western Wind to continue with a normal
sales process, which has never been given a reasonable opportunity to be
freely pursued since the launch of the sales process on July 30^th.
The past six months has had four months of either a proxy war or hostile bid
and the remaining two months of Brookfield buying its Western Wind position
and indicating to everyone in the sales process, that it would not follow the
Western Wind believes that Brookfield's presence as an insider and its actions
have inhibited an auction for the company. Brookfield needs to make it clear
to shareholders that it is done and gone.
Management contends that a normal sales process will provide Western Wind
stakeholders a better opportunity to achieve the true value of their
investment in Western Wind.
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 exercise of the Option and value that might
be derived from the Master PPA, 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 ability to
exercise the Option and realize value from the Master PPA, 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 Company will not be able to exercise the Option
or obtain any value from the Master PPA, 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
Investor Relations Contact:
Tel: (416) 992-7227
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