West Street Capital Corporation
TSX VENTURE : WSC
TSX VENTURE : WSC.PR.A

West Street Capital Corporation

May 15, 2009 17:19 ET

West Street Announces BAM Offer for Preferred Shares

TORONTO, ONTARIO--(Marketwire - May 15, 2009) - 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.

Contact Information

  • West Street Capital Corporation
    Brian D. Lawson
    President
    (416) 359-8625