Business
Westaim Announces Recommendation from RiskMetrics Group
Westaim Announces Recommendation from RiskMetrics Group
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\nTORONTO, Mar. 15, 2010 (Canada NewsWire Group) -- /CNW/ -- The Westaim Corporation (Westaim or the Company) (TSX: \"WED\") announces that RiskMetrics Group (formerly Institutional Shareholder Services or \"ISS\") is recommending that its clients vote in favour of approving the financing resolution to be submitted to shareholders of Westaim at a special meeting of shareholders scheduled for March 25, 2010 (the Financing Resolution). The Financing Resolution relates to the issuance of up to 550 million common shares of Westaim, issuable on the conversion of an equal number of subscription receipts, recently sold by way of private placement. The subscription receipts were sold to finance the previously announced acquisition of JEVCO Insurance Company (JEVCO) from Kingsway Financial Services Inc.RiskMetrics is widely recognized as one of the leading independent proxy voting and corporate governance advisory firms. Their analyses and recommendations are relied upon by many major institutional investment firms, mutual funds and fiduciaries throughout North America.In its report issued on March 11, 2010 recommending that its clients vote to approve the Financing Resolution, RiskMetrics stated*:\"WED has been searching for a new strategic investment opportunity.(Her Majesty the Queen in Right of the Province of Alberta) isexpected to be a strong financial partner and the proposedtransformational transaction provides WED with a new focus.\"\"Management believes the acquisition will help create long termvalue...Market reaction has been positive and the stock is trading atits 52-week high.\"\"We are pleased that RiskMetrics supports our view that Westaim shareholders should vote FOR the Financing Resolution,\" said Cameron MacDonald, Westaim's President and Chief Executive Officer. \"We urge shareholders not to delay voting their proxy, in order to ensure it is received in time to be counted at the Special Meeting.\"A Management Information Circular, dated February 26, 2010 has been mailed to shareholders and filed on SEDAR (www.sedar.com) and Westaim's web page (www.westaim.com). The Circular contains, among other items, details regarding the Financing Resolution, the sale of the subscription receipts, the terms of the acquisition, the business of JEVCO and certain historical and pro forma financial information relating to JEVCO a...