Western Wind Energy: Update To Brookfield Bid
Vancouver, British Columbia - Western Wind Energy Corp. 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
Jeffrey J. Ciachurski
President & Chief Executive Officer
Investor Relations Contact:
Tel: (416) 992-7227