Majority of Western Wind shareholders reject Brookfield bid
Friday, Feb 15, 2013
VANCOUVER, Feb. 14, 2013 /PRNewswire/ - 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".
SOURCE Western Wind Energy