From Thompson Rueters
WND Western Wind says dissident Middler only serves self
Canada StockWatch
12:53 PM Eastern Daylight Time Jul 31, 2012
Western Wind Energy Corp (TSX-V:WND) Shares Issued 62,731,056 Last Close 7/30/2012 $1.78 Tuesday July 31 2012 - News Release
Mr. Jeffrey Ciachurski reports WESTERN WIND RESPONDS TO POTENTIAL PROXY BATTLE BY SAVITR CAPITAL Western Wind Energy Corp. is responding to the hysterical and dishonest news release issued by Andrew Reuben Middler.
According to the shareholders' list dated June 30, 2012, Savitr Peak Energy Master Fund Ltd. ("Savitr") is based in the Grand Cayman Islands, BWI, and is a holder of 1,040,000 shares. Unlike the Western Wind shareholders who have to pay taxes and report our beneficial ownership to regulators and authorities with a verifiable residence in North America, Asia or Europe, Savitr chooses to own and manage its shares in a jurisdiction where the real owners and obligations to taxing authorities and securities regulators is not even credible.
Mr. Middler has a long history, as reported in his biographies, published throughout the internet, of being a specialist in "shorting" equities in the marketplace. He claims to be a "friend" of Western Wind but in written correspondence with Western Wind's CEO, he wants Western Wind to liquidate its major Windstar asset to a tax equity investor whom, in the current market, is demanding effective rates of return of between 20% - 70%, leaving Western Wind with almost nothing for its achievement and destroying $200 million of net asset value. All of this so Western Wind can pay Andrew Reuben Midler's Cayman Island company a special dividend or repurchase his shares.
Andrew Reuben Midler is interested in only one party and this is himself and his offshore fund.
Further in Andrew Reuben Midler's news release, is a statement of "conflict of interest." Greenbriar is an independent residential land development company and has never had any similar business interests with Western Wind. Western Wind generates electricity and Greenbriar works on residential subdivisions. However, Mr. Midler wants to invite two "so called" parties as independent directors to the Western Wind Board of Directors, who are in the exact same business as Western Wind. The only difference is that those two parties have never built a successful renewable energy company that has grown from several hundred thousands of dollars to over $400 million in assets. The renewable energy companies involved with the two proposed directors are not even in the same league or order of magnitude as Western Wind. Some have questionable history regarding their performance. Mr. Midler also proposes other directors who are career beaurocrats. We all know the outcome of that story.
Andrew Reuben Midler refers to Western Wind receiving $87 million in cash grants and not paying off the corporate loans. He is fully aware that those cash grant receipts were tied to the mandatory repayment of bank loans and vendor loans at the project level.
He further grossly misleads everyone in his news release by not stating that the high interest corporate loans were obtained by Western Wind from the same hedge funds that Andrew Reuben Midler claims to be representing. Further, commissions and fees
on those loans were paid by Western Wind to his business relationships.
Western Wind has many more facts that will only serve to embarrass the proponents of this "proxy battle." We remain committed to reserve our rights to hold these facts confidential until the Board of Directors deems it necessary to release.
Western Wind is committed to complete the sale process. We cannot pay a fee to an M & A firm until we select the final two candidates. Again, this validates the hysterical nature of Midler's news release. We have received many proposals and will adhere to the selection. We will constantly keep our shareholders apprised of the sales process and our progress. As soon as the M & A firms have been chosen, we will disseminate a news release.
Andrew Reuben Milder is only serving the needs of his offshore trading fund. All of the banks and vendors that we are currently in late stage negotiations with regarding Yabucoa and our parent company will withdraw in the event of a proxy battle. Negotiations with US Treasury will be destroyed. Andrew Reuben Midler is causing irrevocable damage to the shareholders of Western Wind Energy.
Please review his website immediately at https://savitrcapital.com and you will see that there is NO DISCLOSURE on his firm, his trading history, his ownership structure, his financial statements and tax payments.
Please understand his true intentions as none of this information exists on his website.
Copyright © 2012 Thomson Financial News. All Rights Reserved.
Category Codes:
Americas(R=AMR), Canada(R=CA), North America(R=NAMR), Corporate News Release(T=CORP)
Companies:
WESTERN WIND ENERGY CORP.(WND-V)