Pacific & Western Bank & PWC Capital announce strategic reviews; Pacific & Western Bank announces $5 million equity financing

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[{"type":"text","content":"\n\n\n\nPacific & Western Bank & PWC Capital announce strategic reviews; Pacific & Western Bank announces $5 million equity financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nPacific & Western Bank & PWC Capital announce strategic reviews; Pacific & Western Bank announces $5 million equity financing\nCanada NewsWire\nLONDON, March 7, 2016\n\n\n\nLONDON, March 7, 2016 /CNW/ - Pacific & Western Bank of Canada (TSX: PWB) (\"PWB\") and PWC Capital Inc. (TSX: PWC) (\"PWC\") today jointly announced that PWB and PWC are initiating processes to review their strategic alternatives.\n\nPWC, which owns approximately 65% of PWB's outstanding common shares, has advised PWB that it is considering its strategic alternatives with respect to its controlling interest in PWB. PWB and PWC have each formed independent special committees to advise their respective boards of directors. PWB's special committee has engaged RBC Capital Markets as its financial advisor in connection with its strategic review process.\n\nThe strategic review processes are expected to take place over the next several months. During this period it is expected that each of PWB and PWC will continue to operate in the ordinary course. In this respect, PWB today announced that it has reached an agreement with 340268 Ontario Limited (\"340268\") pursuant to which 340268 will subscribe for $5 million of PWB common shares, on a private placement basis at a price equal to the greater of $7.60 per share and today's volume weighted average trading price of the PWB common shares on the TSX. The proceeds from the private placement will be used to fund on-going growth and lending activity by PWB as well as for general corporate purposes. Completion of the private placement is subject to the final approval of the TSX and any other required regulatory approvals.\n\n340268, together with its affiliates and associates, is currently deemed to own or exercise control or direction over approximately 25% of the currently issued and outstanding PWB common shares. Immediately following the private placeme...

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