Business
Westaim HIIG Limited Partnership receives remaining regulatory approvals for proposed acquisition
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVIC...
About this update from Westaim Corporation
[{"type":"text","content":"\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/\n\n\n\nTORONTO, July 28, 2014 /CNW/ - Further to its press releases of March 12, 2014 and May 14, 2014 relating to the proposed acquisition (the \"Acquisition\") by Westaim HIIG Limited Partnership (the \"Partnership\") of a significant interest in Houston International Insurance Group, Ltd. (\"HIIG\"), an international specialty insurance company headquartered in Houston, The Westaim Corporation (\"Westaim\" or the \"Company\") (TSXV: \"WED\") is pleased to announce that the Partnership has received approval for the Acquisition from the Texas Department of Insurance and the Oklahoma Insurance Department. This follows receipt by the Partnership of certain other requisite regulatory approvals for the Acquisition, including notice of early termination of the waiting period under the United States Hart-Scott-Rodino Act and conditional approval from the TSX Venture Exchange. \n\nWith all applicable regulatory approvals for the Acquisition having now been obtained, the closing of the Acquisition is currently expected to take place on or about July 31, 2014. \n\nUpdate Regarding Proposed HIIG Directors and Officers\n\nWestaim also wishes to provide an update with respect to the proposed directors and officers of HIIG following completion of the Acquisition. \n\nThe board of directors of HIIG (the \"HIIG Board\") is expected to be comprised of six directors who shall be elected by a majority vote of all stockholders of HIIG (with the Partnership expected to own approximately 70.8% of the issued and outstanding shares of common stock of HIIG).\n\nIt is anticipated that upon completion of the Acquisition, the HIIG Board will be comprised of the following individuals: Stephen L. Way (Chairman), William R. Andrus, Robert E. Creager, Ian W. Delaney, Robert T. Kittel and J. Cameron MacDonald. \n\nThe senior management team of HIIG is expected to be comprised of the following individuals upon the completion of the Acquisition: Stephen L. Way (Chairman and Chief Executive Officer), Peter W. Presperin (Executive Vice President, Chief Financial Officer and Secretary), Edward H. Ellis (Executive Vice President), Rhonda N. Kemp (Assistant Secretary), Ahmad O. Mian (Senior Vice President, Operations and Chief Information Officer) and Cynthia L. ...