TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 70,462,806
VANCOUVER, Jan. 28, 2013 /CNW/ - Western Wind Energy
Corp. -- (the "Company" or "Western Wind") (TSX Venture
Exchange -- "WND") (OTCQX -- "WNDEF") wishes to comment on this
morning's announcement from Brookfield Renewable Energy Partners
L.P. and its indirect subsidiary WWE Equity Holdings Inc. (together
"Brookfield").
Brookfield
announced today that it was increasing its offer for shares of
Western Wind to $2.60 per share (from
$2.50) and extending its deadline for
tendering until February 11,
2013.
We have become aware that one statement in
Brookfield's press release, while
not inaccurate, was meant to confuse a number of shareholders and
analysts. The passage reads "the [Brookfield] Offer already has support from
approximately 44% of the common shares required to satisfy the
minimum tender condition. "
We remind shareholders that in order to qualify
as a Permitted Bid under the terms of Western Wind's Shareholders
Rights Plan, Brookfield must have
50% of the independent shareholders tender, other than itself, to
its offer. The figure of 44% quoted today by Brookfield, refers to the level Brookfield claims it has reached under this
requirement, that is, 44% of 50%, or 22% of independent
shareholders needed. At 22%, either locked or verbally
pledged in total, is less than half the number of shareholders
required to qualify as a Permitted Bid. Therefore, 22% is the total
position locked or pledged, with the remaining 78% supporting a
higher price.
We also remind shareholders that in order to
take the Company private, a bidder needs to have tendered at least
90% of outstanding shares, a number requiring friends, family and
insiders all to all tender.
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 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.
SOURCE Western Wind Energy