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Western Wind Responds to Brookfield Renewable's Acquisition of a Stake in the Company

published: 2012-09-04 14:56

On August 29th 2012, Brookfield Renewable Energy Partners L.P.'s ("Brookfield Renewable") announced that it had acquired an aggregate of 10,727,506 common shares and 319,741 warrants of Western Wind Energy Corp. (the "Company" or "Western Wind"), pursuant to securities purchase agreements with a third-party institutional investor (the "Vendor") dated August 28, 2012 (the "Transaction"). Western Wind wishes to take the opportunity to react to this Transaction.

It is the Company's understanding that Brookfield Renewable acquired all outstanding shares previously held by Western Wind's largest institutional shareholder, Goodman & Company ("Goodman"). Though specifics of the transaction are not known, Brookfield Renewables has disclosed that the Vendor has a price protection mechanism in place to cover some or all of the value gain on a potential takeover of Western Wind.

The Company remains fully committed to the sales process led by Rothschild (the "Sales Process"). If Brookfield Renewable wishes to participate in the Sales Process, they will be subject to the same terms and conditions as any other bidder. Brookfield Renewable now owns 16% of shares outstanding, and although they are an important shareholder, they will not have preferential treatment in the Sales Process.

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