Western Wind inks non-disclosure deals with 14 potential buyers

Sep 20, 2012 - Canada-based Western Wind Energy Corp (CVE:WND) said today it had signed non-disclosure agreements regarding its planned sale with 14 of the interested acquirers, while talks are in progress with five more.

The company also said that the process letter that describes the timetable and requirements for the submission of expressions of interest had been sent to the 14 parties. These potential acquirers have already received access to the data room and are conducting due diligence.

Western Wind last month chose global financial group Rothschild as the lead financial adviser for the sale, which was approved by the board at the end of July. The adviser has provided summary marketing materials to total of 56 potential acquirers in North America and overseas.

After the process is completed, Western Wind will seek shareholder approval for the highest bid.

In mid-August the company said it had turned to a net profit of USD 2.4 million (EUR 1.85m) in the second quarter of 2012 from a net loss of USD 1.2 million a year earlier. April-June revenue rose to USD 14.4 million from USD 1.05 million after power generation increased to 131,998 MWh from 22,452 MWh.

(USD 1 = EUR 0.770)

Choose your newsletter by Renewables Now. Join for free!