Update Western Wind Energy Corp. - Update To Brookfield Bid
PR Newswire
TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 70,475,306
VANCOUVER, Jan. 22, 2013 /PRNewswire/ - Western Wind Energy Corp. - (the "Company" or "Western Wind") (TSX Venture Exchange - "WND")
(OTCQX - "WNDEF") states that during the past few days we have met with
representatives of Brookfield for the purpose of discussing an increase
in the Offer above $2.50 a share. We came to that meeting at the
request of Brookfield with the understanding that they were prepared to
consider an increase in the offer. While we made progress on this
front, a revised offer was not presented by the time that our
directors' circular was required by law to be distributed.
Today, a representative of Brookfield made an indication to our
financial advisor that they were prepared to offer $2.50 cash plus the
entire Yabucoa Project to be spun out into a new public company for the
benefit of the existing Western Wind shareholders. No formal binding
offer has been made or accepted. While we believe that the total value
of this bid is in the right direction of where this value should be,
additional discussions will still need to be held with Brookfield
should they and we wish to pursue a revised offer. As a consequence of
the recent events and the existing process, the Board will send out a
new Directors' circular rejecting the current Brookfield proposal that
was submitted on November 26, 2012 expiring on January 28, 2013.
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
"SIGNED"
Jeffrey J. Ciachurski
President & Chief Executive Officer