Mr. Jeffrey Ciachurski reports
UNSOLICITED TAKE-OVER BID AT $2.50
Western Wind Energy Corp. is not pleased to report that Algonquin Power and Utilities has made an unsolicited bid. Management and the Board of Directors is of the opinion that this is an extremely low-ball bid to purchase 100% of the common shares of Western Wind Energy for $2.50 per share, either all cash or a combination of cash and Algonquin common shares.
Western Wind Energy has conducted two major independent valuations by both DAI Consulting and Deloitte regarding our major assets. The DAI Report values Western Wind Energy, on a fully diluted basis, at over $5.06 per share and the Deloitte Report is extremely consistent in its asset valuations of Western Wind.
A large US-based corporation, with a substantial US tax appetite, is the only entity that can offer the full value to the Western Wind shareholders, based on the DAI and Deloitte reports. This is due to the fact that there is over $300 million of tax shield available to a large taxable, US entity.