Western Wind Energy Corp. – Unsolicited take-over bid @ $2.50

Western Wind Energy Corp. – Unsolicited take-over bid @ $2.50

PR Newswire

Toronto Stock Exchange (Venture) Symbol: “WND”
OTCQX Symbol: “WNDEF
Issued and Outstanding: 59,780,539

VANCOUVER, Oct. 11, 2011 /PRNewswire/ – Western Wind Energy Corp. – (Toronto Venture Exchange – “WND”) (OTCQX – “WNDEF”), Western Wind
Energy Corp. (“Western Wind Energy”) is not pleased to report that
Algonquin Power and Utilities (“Algonquin”), has made an unsolicited
bid. Management and the Board of Directors is of the opinion that this
is an extremely low-ball bid to purchase 100% of the common shares of
Western Wind Energy for $2.50 per share, either all cash or a
combination of cash and Algonquin common shares.

Western Wind Energy has conducted two major independent valuations by
both DAI Consulting and Deloitte regarding our major assets. The DAI
Report values Western Wind Energy, on a fully diluted basis, at over
$5.06 per share and the Deloitte Report is extremely consistent in its
asset valuations of Western Wind.

A large US-based corporation, with a substantial US tax appetite, is the
only entity that can offer the full value to the Western Wind
shareholders, based on the DAI and Deloitte reports. This is due to
the fact that there is over $300 million of tax shield available to a
large taxable, US entity.

Algonquin is clearly not in a position to offer anywhere near a price
that can internally utilize both the tax shield and offer Western Wind
Energy shareholders, the best value.

Upon review of the Algonguin balance sheet, it is evident that Algonquin
has raised almost $900 million in equity but yet, has lost over $400
million
of that, as reflected in the its balance sheet, as a deficit.

Western Wind Energy, on the other hand, has started with less than $1
million
in capital, with a $0.35 per share IPO price and has
consistently outperformed and outgrown Algonquin, in leap and bounds.
Western Wind Energy is at the cusp of going on-line in three months,
with its flagship, 120 MW Windstar Project, which means sigificant
returns for the shareholders, well above the Algonquin offer.

Western Wind Energy’s management strongly recommends that its
shareholders ignore Algonquin’s low ball offer and for all shareholders
to clearly study and analyze the Algonquin financial statements.

About Western Wind Energy Corp.

Western Wind Energy Corp. (OTCQX: WNDEF; TSX.V: WND) trades in the United States on the OTCQX
under the symbol “WNDEF” and on the Toronto Venture Exchange under
“WND”. Western Wind is a vertically integrated renewable energy
production company that currently owns over 500 wind turbines and a
solar field with 165 MW of rated capacity either in production or in
construction in the States of California and Arizona. Western Wind
further owns substantial additional development assets for both solar
and wind energy in California, Arizona, and Ontario, Canada; and in the
Commonwealth of Puerto Rico.

Western Wind is in the business of owning and operating wind and solar
energy generating facilities. Management of Western Wind includes
individuals involved in the operations and ownership of utility scale
wind energy facilities in California since 1981.

ON BEHALF OF THE BOARD OF DIRECTORS
“SIGNED”
Jeffrey J. Ciachurski
President & Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

Certain statements in this press release constitute “forward-looking
statements” under applicable securities laws, which involve known and
unknown risks, uncertainties and other factors that may cause actual
results to be materially different from any future results, performance
or achievements expressed or implied by such statements. Words such as
“expects”, “anticipates”, “intends”, “projects”, “plans”, “will”,
“believes”, “seeks”, “estimates”, “should”, “may”, “could”, and
variations of such words and similar expressions are intended to
identify such forward-looking statements. Such statements in this news
release include, but are not limited to, the Company’s discussion
concerning the Offer. These statements are based on management’s
current expectations and beliefs and actual events or results may
differ materially. There are many factors that could cause such actual
events or results expressed or implied by such forward-looking
statements to differ materially from any future results expressed or
implied by such statements. Such factors include, but are not limited
to, the state of the Company’s business activities and various factors
discussed in the Company’s annual report and annual information
contained in the Company’s 20F Annual Report filed with the United
States Securities and Exchange Commission and securities regulators in
Canada. Forward-looking statements are based on current expectations
and the Company assumes no obligation to update such information to
reflect later events or developments, except as required by law.

SOURCE Western Wind Energy

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