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

West Street Capital Corporation

April 22, 2013 18:28 ET

West Street Announces Brookfield Offer for Common Shares

TORONTO, ONTARIO--(Marketwired - April 22, 2013) - 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 Directors.

Contact Information

  • West Street Capital Corporation
    Mabel W.H. Wong
    Vice-President Finance
    (416) 363-9491