Western Wind update on OSC hearing and sales process
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 30th.
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.
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