Western Wind update on OSC hearing and sales process
Monday, Feb 11, 2013
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 expected protocol.
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.
SOURCE Western Wind Energy