Western Wind Energy Corp. – Further bid update

Western Wind Energy Corp. – Further bid update

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”) wishes to let its shareholders
know that the news release issued today by Algonquin Power and
Utilities (“Algonquin”) regarding its Takeover Bid Letter is
misleading.

Western Wind Energy received a three-page take-over bid letter dated
October 11, 2011 stating, amongst other things, that it has solicited
numerous large shareholders to support a $2.50 share bid and in fact,
one shareholder holding 18.6%, has entered into a lock-up agreement
with Algonquin to support that bid. Further, the letter threatens
management that “it must create an independent committee, to consider
the Algonquin share bid proposal and failing to do so would be
considered a failure to our shareholders.” We have filed the Algonquin
bid letter with the TSX and IIROC.

Western Wind Energy’s management is fully aware that all share bid
proposals, absent a formal hostile Offering Memorandum issued to the
public, is subject to all parties’ approval. What Algonquin is
objecting to is that we have rejected their proposal several weeks ago,
to their independent advisor, who, together with Algonquin, has been
actively locking up certain shareholders and soliciting this proposed
transaction to selected shareholders and not the public at large. We
have clearly stated to Algonquin through its advisor, that the
Management and Board cannot support any bid below that of the
independent valuators.

Algonquin has gone beyond any type of casual approach to discuss a
takeover bid. By Algonquin going out and locking up a major
shareholder, and continually soliciting large shareholders without the
rest of the shareholders’ knowledge, is contrary to the public’s
interest.

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

Be the first to comment

Leave a Reply