Key Developments: Western Wind Energy Corp (WNDEF.PK)
2.51USD
17 May 2013
$-0.03 (-1.31%)
$2.54
$2.51
$2.51
$2.51
100
10,052
$2.90
$1.13
Latest Key Developments (Source: Significant Developments)
Brookfield Renewable Energy Partners LP Acquires Over 90% Of Western Wind Energy Corp Shares
Brookfield Renewable Energy Partners LP and WWE Equity Holdings Inc. (the Offeror) announced that the Offeror has taken up an additional 21,174,384 common shares of Western Wind Energy Corp pursuant to its all-cash offer to acquire the common shares of Western Wind for $2.60 per share (the Offer). Brookfield Renewable will now own 67,941,756 common shares of Western Wind representing approximately 93% of the issued and outstanding common shares. As the Offeror has acquired more than 90% of the outstanding common shares of Western Wind subject to the Offer, it intends to use the compulsory acquisition provisions under British Columbia corporate law to acquire the remaining common shares of Western Wind. The Offeror expects to mail a notice of compulsory acquisition to all remaining shareholders shortly. The Offeror further intends to cause the common shares of Western Wind to be delisted from the TSX Venture Exchange and to cause Western Wind to cease to be a reporting issuer under applicable securities laws as soon as possible. Full Article
Western Wind Energy Corp Announces Resignation Of Chief Executive Officer And Chief Financial Officer
Western Wind Energy Corp announced a change in Board of Directors and Senior Management, following the take up by Brookfield Renewable Energy Partners (Brookfield Renewable) representing 59% of the shares held by shareholders independent of Brookfield Renewable pursuant to all-cash offer to acquire all of the common shares of Western Wind. As the controlling shareholder of Western Wind, Brookfield Renewable has agreed with the Board of Directors to an orderly transition to a new slate of Directors and changes in Senior Management. Therefore, each member of the board of directors of the Company has resigned and the following nominees have been appointed. Effective immediately the board of directors of Western Wind is composed of the following individuals Edward C. Kress as Chairman, O. Allan Kupcis, Harry Goldgut, Jeff Rosenthal and Saul Shulman. The newly appointed Board of Directors of Western Wind has replaced the existing management of Western Wind- Jeff Rosenthal as Chief Executive Officer, Lee Butler as Chief Financial Officer. Full Article
Western Wind Energy Corp Responds To Brookfield Renewable Energy Partners LP's WWE Equity Holdings Inc Latest Offer
Western Wind Energy Corp responded to an amendment to the unsolicited offer (as amended, the Offer) by WWE Equity Holdings Inc, an indirect subsidiary of Brookfield Renewable Energy Partners L.P. (together, Brookfield) to acquire all of the issued and outstanding common shares (the Shares or the Western Wind Shares) of Western Wind. On January 28, 2013, Brookfield announced that it had amended and supplemented the Offer in order to increase the price payable under the Offer to $2.60 in cash for each Western Wind Share and extend the expiry of the Offer from 5:00 p.m. (Toronto time) on January 28, 2013 to 5:00 p.m. (Toronto time) on February 11, 2013 (a statutory holiday in British Columbia), unless the Offer is further extended or withdrawn (the Amended Offer). After careful consideration, including a thorough review of the Amended Offer, as well as other factors, on February 3, 2013, the Special Committee and the Board of Directors both determined that they recommend that shareholders REJECT the Amended Offer. While the auction process remains open, no binding offer has been made as of the date of this news release. Brookfield acquired interest in the Company after the announcement of the sale process. The Board of Directors is of the view that this was done to influence the sale process. To date, the presence of the Offer in addition to Brookfield's position as a significant shareholder of the Company has had a chilling effect on the sale process. Full Article
Western Wind Energy Corp Closes USD25,000,000 Term Loan Facility
Western Wind Energy Corp announced that it has closed a term loan facility with an institutional lender (the Lender) to borrow, through its wholly-owned subsidiary Western Wind Energy US Corporation (Western Wind US), the aggregate sum of US$25,000,000. The term loan is structured in two parts, with the first draw of $15,000,000 being available immediately for repayment of the Company's existing corporate bridge financing, transaction costs, arranging and lending fees, reserve accounts, and is secured by future Windstar cash distributions. The second commitment of $10,000,000 would be available to fund the Company's Yabucoa equity contribution and or the repayment of the REC promissory note to the Yabucoa solar project and to facilitate financial close of project financing, and will be secured by future Yabucoa cash distributions. The term of the loan will be for five (5) years and will bear interest at a base rate of 10.5% per annum plus a variable London Interbank Market rate, which taken altogether including an interest rate hedge, will not exceed a total of 11.5% for the term of the loan. The Yabucoa commitment under the corporate loan agreement expires May 16, 2013 and a commitment interest rate of 4% is charged on the undrawn amount. The loan can be repaid at anytime. As consideration for advancing the loan, the Company will issue to the Lender an aggregate of 400,000 share purchase warrants (the Lender's Warrants). Full Article
Western Wind Energy Corp Updates On Sales Process
Western Wind Energy Corp announced an update on the ongoing process to sell the Company and assets. The Sale Process is progressing as planned, with a limited number of bidders having now been invited to proceed to conduct second round due diligence. There is still a potential for a small number of additional qualified parties to move into the second round. The Company will only be providing further updates on the Sale Process as necessary or appropriate. Full Article
Brookfield Renewable Energy Partners LP Acquires Common Shares of Western Wind Energy Corp
Brookfield Renewable Energy Partners LP announced that it has acquired an aggregate of 10,727,506 common shares and 319,741 warrants of Western Wind Energy Corp (Western Wind), pursuant to securities purchase agreements with a third-party institutional investor (the Vendor) dated August 28, 2012. The securities were acquired for cash consideration of $2.25 per common share and $1.00 per warrant. As a result of the acquisition of securities, Brookfield Renewable now owns and controls 10,727,506 common shares of Western Wind, representing approximately 16.2% of the issued and outstanding common shares, and 319,741 warrants that, if exercised, would represent approximately an additional 0.5% of the presently issued and outstanding common shares. In connection with the transaction, the Vendor has granted Brookfield Renewable an irrevocable proxy to vote the common shares, including at the Western Wind annual shareholder meeting currently scheduled for September 25, 2012. The Vendor also provided Brookfield Renewable with the right, for a period of one month, to purchase an additional 277,103 common shares of Western Wind held by the Vendors on the same terms and conditions as the purchase of the common shares, which would increase Brookfield Renewable's ownership and control to approximately 16.7% of the issued and outstanding common shares. Full Article
Western Wind Energy Corp Announces Appointment Of Chief Financial Officer
Western Wind Energy Corp announced that effective August 1, 2012 , Chris Thompson, has been reappointed Chief Financial Officer and Kevin Craig, has been appointed Director of Finance. Full Article
Western Wind Energy Corp. To Sell Entire Company And Assets
Western Wind Energy Corp. announced that a decision has been made by the Board of Directors, in consultation with the CEO, that effective immediately, the entire Company and all of its assets will be made available for sale. The Company has had discussions and will receive proposals over the next 14 days from industry leading M & A advisory firms and upon receipt of such proposals, choose, within 10 days, two final M & A advisors, who will manage and administer the sale process. They will also be engaged to provide the necessary fairness opinions required for regulatory, shareholder and judicial approval. The compromise which favours all of the shareholders, is to conduct an immediate and thorough sales process that will include the closing of the following milestones: Financial completion and start of major construction on the 30-MW Yabucoa Project, Puerto Rico. Negotiating the balance of the cash grant proceeds from treasury; Completion of the mezzanine loan facility from our senior lender in the amount of $25 million, which can repay the high cost corporate notes; To complete the above, allows Western Wind, in the opinion of the Board, to be sold, subject to market conditions and shareholder approval, at a level between the October, 2011 Algonquin bear hug bid and the published DAI valuation. The sales process will take several months to complete. During the sale process, the two (2) selected independent M & A advisory firms will solicit all qualified parties. Full Article
Western Wind Energy Corp. Closes $3.1 Million Private Placement
Western Wind Energy Corp. announced that, further to its news release dated January 11, 2012, it has closed a non-brokered private placement of 1,550,000 Units at a price of $2.00 per Unit for gross proceeds of $3,100,000. Each Unit is comprised of one common share of the Company and one half of one share purchase warrant. One whole warrant entitles the holder to purchase one additional share of the Company at a price of $2.00 per share until January 20, 2014. The securities are subject to a hold period which expires on May 21, 2012. The Company will use the net proceeds to continue development on its Yabucoa Project located in Puerto Rico, for potential future acquisitions and for general working capital. Full Article
Western Wind Energy Corp. Arranges $3.1 Million Private Placement
Western Wind Energy Corp. announced that it has arranged a $3.1 million non-brokered private placement of 1.55 million units at CDN2.00 per unit. Each unit consists of one (1) common share and one-half (1/2) of a share purchase warrant. Each full warrant can be exercised at $2.00 for the purchase of an additional common share, for a period of two (2) years. The use of proceeds will be for the Yabucoa Project, Puerto Rico, future acquisitions and working capital. Full Article
BRIEF-Western Wind Energy responds to Brookfield offer
Nov 25 - Western Wind Energy Corp : * In the process of considering and evaluating the announcement by
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