West Street Announces Brookfield Offer for Common Shares
TORONTO, ONTARIO -- (Marketwired) -- 04/22/13 -- West Street Capital
Corporation (TSX VENTURE:WSC)(TSX VENTURE:WSC.PR.A) ("West Street" or
the "company") announced today that its major shareholder, Brookfield
Asset Management Inc. ("Brookfield"), intends to make a formal offer
to purchase all of the common shares of the company (the "Common
Shares") that Brookfield does not currently own at a price of $0.21
for each Common Share.
Brookfield currently owns, directly or indirectly, 55.2% of the
company's Common Shares and 100% of the company's Class A Preferred
Shares, Series 1 and 2. There are approximately 4,897,157 Common
Shares issued by the company that are not directly or indirectly held
by Brookfield, representing an aggregate value of the offer of
approximately $1.0 million.
The company's board of directors established a special committee of
Independent Directors to review the offer. Prior to the establishment
of the special committee, Bruce M. McKay, a former Partner at Fraser
Milner Casgrain LLP, was appointed to the company's board of
directors as an Independent Director, and the size of the board was
increased to 6 members.
The offer will include an independent valuation of the Common Shares
which will be mailed to the holders of Common Shares following the
completion of the independent valuation and review of the Independent
West Street Capital Corporation
Mabel W.H. Wong
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