West Street Announces BAM Offer for Preferred Shares
16 5월 2009 - 6:19AM
Marketwired
West Street Capital Corporation ("West Street" or the "company")
(TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) announces that its major
shareholder, Brookfield Asset Management Inc., intends to make a
formal offer to purchase any Class E Preferred Shares, Series 1 of
the company (the "Preferred Shares") that Brookfield does not
currently own at a price of $35.00 for each Preferred Share.
The offer price represents a substantial premium to recent
trading prices of the Preferred Shares. Brookfield currently owns,
directly or indirectly, 49% of the company's Common Shares and 93%
of the company's Preferred Shares. There are approximately 118,000
Preferred Shares issued by the company that are not directly or
indirectly held by Brookfield, representing an aggregate value of
the Offer of approximately $4 million.
The company's board of directors has established a committee of
Independent Directors to review the offer. The Offer will include
an independent valuation of the Preferred Shares and is expected to
be mailed to the holders of Preferred Shares following the
completion of the independent valuation and review of the
Independent Directors, prior to the annual general meeting of
shareholders which has been scheduled for June 24, 2009.
Contacts: West Street Capital Corporation Brian D. Lawson
President (416) 359-8625
West Street Capital Corp. (TSXV:WSC)
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