Brookfield Renewable Energy Acquires 10.7M Shares Of Western Wind Energy
| in News Departments > FYI |
| Brookfield Renewable Energy Partners LP says it has acquired an aggregate of 10,727,506 common shares and 319,741 warrants of Western Wind Energy Corp., pursuant to securities purchase agreements with a third-party institutional investor. The securities were acquired for cash consideration of C$2.25 per common share and C$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 light of the announcement by Western Wind that it has commenced a process to sell the company or its assets, Brookfield Renewable and the institutional investor have agreed that if any party acquires Western Wind at a higher price by Aug. 28, 2013, Brookfield Renewable would pay the investor an additional amount. In connection with the transaction, the investor has granted Brookfield Renewable an irrevocable proxy to vote the common shares, including at the Western Wind annual shareholder meeting currently scheduled for Sept. 25. The investor 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 investors on the same terms and conditions as the purchase of the common shares, which Brookfield says would increase its ownership and control to approximately 16.7% of the issued and outstanding common shares. The common shares and warrants of Western Wind were acquired for investment purposes, Brookfield notes. Depending upon future market and economic conditions, as well as developments affecting Western Wind, its business or its securities, Brookfield may decide to purchase additional securities of Western Wind or to sell all or part of its investment, the company notes. |
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