Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,501.65 -12.72 -0.08%
S&P 500 1,875.39 -4.16 -0.22%
NASDAQ 4,126.97 -34.49 -0.83%
Ticker Volume Price Price Delta
STOXX 50 3,192.67 16.70 0.53%
FTSE 100 6,702.43 27.69 0.41%
DAX 9,589.00 44.81 0.47%
Ticker Volume Price Price Delta
NIKKEI 14,404.99 -141.28 -0.97%
TOPIX 1,164.90 -8.91 -0.76%
HANG SENG 22,542.30 32.66 0.15%

Majority of Western Wind Shareholders Reject Brookfield Bid



         Majority of Western Wind Shareholders Reject Brookfield Bid

  PR Newswire

  VANCOUVER, British Columbia, February 14, 2013

VANCOUVER, British Columbia, February 14, 2013 /PRNewswire/ --

TSX.V Symbol: " WND" OTCQX Symbol: "WNDEF" Issued and Outstanding: 70,617,224

Western Wind Energy Corp.  -- (the "Company" or "Western Wind") (TSX Venture
Exchange -- "WND") (OTCQX -- "WNDEF") wishes to comment on yesterday's
announcement by Brookfield Renewable Energy Partners L.P. and its indirect
subsidiary WWE Equity Holdings Inc. (together "Brookfield"). 

Yesterday, Brookfield acknowledged in a press release, that it had received
38.8% of the independent shareholders, who wish to tender to the Brookfield
bid.  Although Brookfield failed to provide verification of this, through CDS
receipts, the vast majority of Western Wind's shareholders have declined to
accept the Brookfield bid.  At least 61.2% have voted to support current
management in seeking a higher price, through a full auction.

In this regard, Western Wind has been informed that the lock-up agreements
that Brookfield currently have in place with certain "event driven" hedge
funds, will expire on February 21, 2013.  This expiry can vastly diminish the
remaining minority support Brookfield currently has, and turn the current
majority support for Western Wind, from a vast majority to a super majority.

Western Wind is inviting those hedge funds with the soon-to-be expiring lock
up agreements, to lock up in favour of a thorough and robust sales process
with Western Wind and prohibit Brookfield from any further disruptions to the
sales process.  In addition, Western Wind will be inviting those hedge funds
who are willing to lock up with management, to join our Independent Special
Committee, and offer a complete and transparent participation in the sales
process.

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

"SIGNED"

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 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 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  http://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 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.

For further information: Investor Relations Contact: Lawrence   Casse
AlphaEdge Tel:  +1-(416)-992-7227 Email:  alphaedgeinc@gmail.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement