TORONTO, ONTARIO--(Marketwired - Oct. 8, 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") has requested that it convene a shareholders' meeting of West Street (the "Meeting") as soon as practicable to approve an amalgamation with a subsidiary of Brookfield (the "Amalgamation"). The Amalgamation will enable Brookfield to acquire all of the remaining West Street common shares not acquired by Brookfield in its August 12, 2013 offer (the "Offer") to acquire all of the common shares of West Street not owned by Brookfield (the "Minority Shares"). The Meeting will be held on November 20, 2013 at 2:00 p.m. The record date for shareholders entitled to vote at the Meeting is October 21, 2013.
The approval of the Amalgamation requires an affirmative vote of two-thirds of the votes cast by all holders of preferred shares in West Street, two-thirds of the votes cast by all holders of common shares in West Street and a simple majority of the votes cast by holders of Minority Shares, which for this purpose includes all shares acquired by Brookfield pursuant to the Offer. Since Brookfield beneficially owns all of the preferred shares, 83% of all common shares and 57% of the Minority Shares, Brookfield possesses all necessary votes to approve the Amalgamation.
Once the Amalgamation is completed, West Street's common shares will be de-listed from the TSX Venture Exchange.