Business
Westaim enters into Management Services Agreement
CALGARY, April 3 /CNW/ - The Westaim Corporation today announced that it plans to pursue strategi...
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\nCALGARY, April 3 /CNW/ - The Westaim Corporation today announced that it\nplans to pursue strategic investment opportunities designed to maximize the\nvalue of the Company's strong balance sheet and non-cash resources. To\nimplement this strategy, Westaim has entered into a management services\nagreement (the "MSA") with Goodwood Management Inc. ("Goodwood"), an affiliate\nof Goodwood Inc., to manage the day-to-day affairs of the Company and to\npresent strategic investment opportunities for the Board of Directors to\nconsider.\n\n\nIn addition, the Company announced that Cameron MacDonald has been\nappointed President and CEO of Westaim. He replaces Drew Fitch, who will\ncontinue to advise the Company during the transition phase.\n\n\n"On behalf of the Board, I want to thank Drew Fitch for his many years of\nservice and more recently for his work monetizing the Company's non-core\nassets that have brought us to this exciting new phase for Westaim," said Ian\nW. Delaney, Chairman of Westaim. "This new agreement with Goodwood is expected\nto present many new opportunities for the Company to consider in order to best\nutilize the assets and resources of Westaim."\n\n\n"Our strategy will be to fully leverage both our investment resources and\nour significant experience and expertise to increase shareholder value," said\nMr. MacDonald. "We look forward to working with the Board as we actively\npursue new investment opportunities for Westaim."\n\n\nGoodwood Inc., as portfolio manager to certain investment funds,\nexercises control or direction over an aggregate of 18,747,000 common shares\nof the Company ("Westaim Shares"), which represents approximately 19.9 per\ncent of the issued and outstanding Westaim Shares. Accordingly, the execution\nof the MSA constituted a related party transaction for the Company for the\npurposes of Multilateral Instrument 61-101 - Protection of Minority\nShareholders in Special Transactions ("MI 61-101"). The decision to enter into\nthe MSA was made by the independent directors of the Company who also\ndetermined that the transaction was exempt from the valuation and minority\napproval requirements of MI 61-101.\n\n\nAbout Westaim\n\n\nThe Westaim Corporation invests, directly and indirectly, through\nacquisitions, jo...