Business
Westaim Announces Closing of Sale of JEVCO
TORONTO, Sept. 5, 2012 /CNW/ - The Westaim Corporation ("Westaim" or the "Company") is plea...
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Sept. 5, 2012 /CNW/ - The Westaim Corporation (\"Westaim\" or the\n \"Company\") is pleased to announce that, further to the announcement of\n May 2, 2012, it has completed the sale of all of the outstanding shares\n of JEVCO Insurance Company to a wholly-owned subsidiary of Intact\n Financial Corporation (the \"Jevco Transaction\") for cash consideration\n of $530 million.\n\n\nAs previously disclosed, Westaim is proposing to distribute\n substantially all of the net proceeds received from the Jevco\n Transaction by way of a return of capital (the \"Cash Distribution\") on\n the common shares of the Company (\"Common Shares\"). The Westaim Board\n of Directors (the \"Board\") will determine the amount and timing of the\n Cash Distribution taking into account the present and contingent\n liabilities of Westaim as well as its future business objectives.\n Currently, it is expected that the Cash Distribution will be\n approximately $0.75 and will be declared by the Board later this\n month.  Details of the Cash Distribution, once determined, will be set\n out in a separate press release.\n\n\nIn addition, as disclosed in Westaim's management information circular\n dated May 25, 2012 in respect of the Jevco Transaction (the\n \"Circular\"), Westaim has terminated the amended and restated management\n services agreement dated as of May 11, 2011 (the \"MSA\") between Westaim\n and Goodwood Management Inc. on terms consistent with those disclosed\n in the Circular.\n\n\nGMP Securities LP acted as financial advisor to Westaim in connection\n with the Jevco Transaction.\n\n\nAbout The Westaim Corporation \n\n\nWestaim is a financial holding company focused on the property and\n casualty insurance industry. Westaim's Common Shares are listed on The\n Toronto Stock Exchange under the trading symbol WED.  Further\n information can be found in the disclosure documents filed by the\n Company with the securities regulatory authorities, available at www.sedar.com.\n\n\nCertain portions of this press release as well as other public\n statements by Westaim contain forward-looking statements. Such\n forward-looking statements include but are not limited to statements\n concerning investment strategies and expected rates of return; and\n strategic alternatives to maximize value for shareholder. These\n statements are...