Brookfield Renewable Prevails at Ontario Securities Commission
HAMILTON, BERMUDA, Feb 8, 2013 (Marketwire via COMTEX) --
All amounts in Canadian dollars unless otherwise indicated
Brookfield Renewable Energy Partners L.P. (TSX:BEP.UN) ("Brookfield Renewable") and WWE Equity Holdings Inc. (the "Offeror") today announced that the Ontario Securities Commission ("OSC") has dismissed the application of Western Wind Energy Corp. ("Western Wind" or the "Company") and agreed with Brookfield Renewable that a formal valuation of the Western Wind common shares is not required.
Brookfield Renewable's all-cash offer (the "Offer") to acquire the common shares of Western Wind for $2.60 per share is therefore proceeding, and Brookfield Renewable is not prevented from taking up shares tendered to the Offer. Brookfield Renewable wishes to make the following points to shareholders regarding the Offer.
-- No Further Price Increase. This is Brookfield Renewable's best and final
offer. Shareholders are reminded that the closing price of the Western
Wind common shares before Brookfield Renewable's initial investment in
Western Wind was $2.09 per share, and this was in the early days of the
sale process when shareholders expected a sale transaction. Shareholders
are reminded further that the closing price of the Western Wind common
shares before there was a sale process was $1.19 per share. Given the
failure of the sale process, shareholders should carefully consider the
risk in continuing to hold their shares of Western Wind.
-- No Alternative Proposal. Over six months have elapsed since the
announcement of Western Wind's sale process and well over two months
have elapsed since the announcement of the Offer and no alternative
proposal has been presented to shareholders. If a potential buyer were
interested in buying the Company, it would have submitted an alternative
proposal by now.
-- Time is Running Out. The Offer expires on February 11, 2013 at 5:00 pm.
How to Tender Shares to the Offer
Western Wind shareholders are urged to tender their shares to the offer before it expires at 5:00 p.m. (EST) on February 11, 2013 by following the instructions provided in the Offeror's take-over bid circular dated November 26, 2012, which has been filed on SEDAR.
For further information on the Offer, please contact CST Phoenix Advisors, Brookfield Renewable's information agent for the Offer, by toll free phone at 1-800-336-5159 or by email at firstname.lastname@example.org.
Brookfield Renewable Energy Partners (TSX:BEP.UN) operates one of the largest publicly-traded, pure-play renewable power platforms globally. Its portfolio is primarily hydroelectric and totals approximately 5,300 megawatts of installed capacity. Diversified across 69 river systems and 11 power markets in the United States, Canada and Brazil, the portfolio generates enough electricity from renewable resources to power more than two million homes on average each year. With a virtually fully-contracted portfolio of high-quality assets and strong growth prospects, the business is positioned to generate stable, long-term cash flows supporting regular and growing cash distributions to shareholders. For more information, please visit www.brookfieldrenewable.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Brookfield Renewable Energy Partners L.P.
Zev Korman, Director, Investor Relations
Media Contact: Brookfield Renewable Energy Partners L.P. Andrew Willis, SVP, Communications and Media (416) 369-8236 email@example.com www.brookfieldrenewable.com
SOURCE: Brookfield Renewable Energy Partners L.P.
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