TSX.V Symbol: "
Issued and Outstanding:
Nov. 26, 2012
Western Wind Energy Corp.
- (the "Company" or "Western Wind") (TSX Venture Exchange - "WND") (OTCQX - "WNDEF") today responds to a press release issued on
November 23, 2012
by Brookfield Renewable Energy Partners L.P. ("Brookfield"), which announced
intention to make an offer to acquire all of the outstanding common shares of Western Wind for cash consideration of
per share (the "Brookfield Offer").
July 30, 2012
, the Company announced that it would be seeking a buyer for the Company and its assets, and that the board of directors of the Company (the "Board") had established a special committee (the "Special Committee"). On
August 10, 2012
, the Company announced that it had engaged Rothschild (
) Inc. ("Rothschild") as its lead financial advisor to manage and structure a comprehensive and efficient auction process, with PI Financial Corp. ("PI Financial") engaged as a co-advisor.
Several days after acquiring its interest in the Company, representatives of
visited the Company and raised the prospect of the Company entering into a bilateral agreement to sell the Company to
with customary deal protections, including the right of
to match other offers. Rather than have
potentially stifle the auction process, the Company instead invited
to join that process. Despite several attempts to accommodate their requests,
refused to sign a customary non-disclosure and standstill agreement that was entered into by other auction participants.
did not return direct calls from the Company and subsequently attended the AGM on
September 25, 2012
together with members of the dissidents and their advisors.
October 24, 2012
, the Company announced that the auction process was progressing as planned, with a limited number of bidders having been invited to conduct a second round of very extensive due diligence, as well as the addition of new participants as the proxy battle caused at least 8 weeks of delay in the auction process due to the uncertainty caused by a proxy battle.
The Company would like to highlight that some of the initial expressions received from auction participants that are currently conducting due diligence in the second round of the process, would imply a value significantly greater than that which
intends to offer.
There is no guarantee that any of the initial expressions of interest received by the Company will result in a formal offer being made or a binding agreement being entered into at this time.