Western Wind Energy Corp V.WND

Brookfield

[Pinarcle]

 

January 28, 2013 78% of Western Wind's Independent Shareholders Demand a Higher Bid Price

Western Wind Energy Corp. -- (the "Company" or "Western Wind") (TSX Venture Exchange -- "WND") (OTCQX -- "WNDEF") wishes to comment on this morning's announcement from Brookfield Renewable Energy Partners L.P. and its indirect subsidiary WWE Equity Holdings Inc. (together "Brookfield"). Brookfield announced today that it was increasing its offer for shares of Western Wind to $2.60 per share (from $2.50) and extending its deadline for tendering until February 11, 2013. We have become aware that one statement in Brookfield's press release, while not inaccurate, was meant to confuse a number of shareholders and analysts. The passage reads "the [Brookfield] Offer already has support from approximately 44% of the common shares required to satisfy the minimum tender condition. " We remind shareholders that in order to qualify as a Permitted Bid under the terms of Western Wind's Shareholders Rights Plan, Brookfield must have 50% of the independent shareholders tender, other than itself, to its offer. The figure of 44% quoted today by Brookfield, refers to the level Brookfield claims it has reached under this requirement, that is, 44% of 50%, or 22% of independent shareholders needed. At 22%, either locked or verbally pledged in total, is less than half the number of shareholders required to qualify as a Permitted Bid. Therefore, 22% is the total position locked or pledged, with the remaining 78% supporting a higher price. We also remind shareholders that in order to take the Company private, a bidder needs to have tendered at least 90% of outstanding shares, a number requiring friends, family and insiders all to all tender.