Business
Westaim commences mailing of management information circular and announces new director
Westaim commences mailing of management information circular and announces new director
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\nTORONTO, Mar. 1, 2010 (Canada NewsWire Group) -- /CNW/ -- The Westaim Corporation (Westaim or the Company) (TSX: \"WED\") announces that it has distributed proxy materials to its transfer agent and intermediaries for mailing to registered and beneficial shareholders in connection with a special meeting of shareholders to be held on March 25, 2010 for the purpose of approving the issuance of up to 550 million common shares of the Corporation issuable upon the conversion of (i) 254 million class A subscription receipts and (ii) 296 million class B subscription receipts (together the Subscription Receipts). The proxy materials consist of a form of proxy and a management information circular dated as of February 26, 2010 (the Circular). The Circular contains details of, among other things, the sale of the Subscription Receipts undertaken by Westaim in order to finance the purchase price in respect of its previously announced acquisition (the Acquisition) of JEVCO Insurance Company (JEVCO), the terms of the Acquisition, the business of JEVCO and certain historical and pro forma financial information relating to JEVCO and Westaim. The form of proxy and Circular (including certain financial information and related MD&A relating to JEVCO) will be available on SEDAR (www.sedar.com) and the Corporation's web page (www.westaim.com).Westaim also announces the appointment of Mr. Brian Gibson as a director of the Corporation. Mr. Gibson is Senior Vice President, Public Equities of the Alberta Investment Management Corporation (AIMCo). AIMCo is an Alberta crown corporation which is responsible for managing and investing funds on behalf of certain Alberta public sector pension plans, endowments and government funds. It is expected that AIMCo will identify a second nominee prior to or shortly after the completion of the Acquisition.\"We welcome Brian to the Westaim Board and look forward to working with him to complete the Acquisition and integration of JEVCO's business,\" said Cameron MacDonald, Westaim's President and Chief Executive Officer. \"AIMCo has been instrumental in enabling Westaim to pursue the Acquisition and we expect the knowledge and experience of Mr. Gibson to be an important asset for Westaim's Board going forward.\"About WestaimWestaim invests, directly and indirectly, through acquisitions, joint ventures and other ar...