Western Wind Mails Supplementary Directors' Circular And Makes No Recommendation To Shareholders As To Whether To Accept Or Reject The Brookfield Offer
On the other hand, Western Wind is an independent renewable energy production company that owns and operates wind and solar generation facilities with 165 net megawatts of rated capacity operating in the states of California and Arizona. Western Wind also owns substantial development assets for both solar and wind energy in the United States. See "Western Wind". On January 2, 2013, Western Wind announced progress towards bringing the Yabucoa project in Puerto Rico to a financial close, which will create value for Shareholders. In addition, as part of the recent "fiscal cliff" package, the United States Congress approved an extension to a certain federal tax credit for wind power. In the latter months of 2012, the uncertain fate of the wind tax credit resulted in depressed valuations of companies in the wind power industry. Shareholders who sell their Shares now, either in the market or by accepting the Offer, will forego any opportunity to realize the value created by the Yabucoa project, which could be significant, as well as Western Wind's other projects including any benefit of the extended federal tax credits for wind power.
In the view of the Special Committee, the decision of a Shareholder to accept or reject the Offer will be based on the Shareholder's individual circumstances, appetite for risk and hope of return. Accordingly, the Special Committee concluded that the Board of Directors could not usefully make a recommendation to Shareholders, but should instead strive to provide Shareholders with all of the relevant information to allow them to make that decision for themselves.
The Board of Directors adopted the conclusions of the Special Committee and determined that it would not make a recommendation to Shareholders whether to accept or reject the Offer.
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