Westaim Announces Shareholder Approval of Sale of JEVCO Insurance Company to Intact Financial Corporation
TORONTO, June 28, 2012 /CNW/ - The Westaim Corporation ("Westaim" or the "Company") is pleased to announce that the previously announced proposed sale of all of the shares of JEVCO Insurance Company by Westaim to 8181047 Canada Inc. (the "Buyer"), a wholly-owned subsidiary of Intact Financial Corporation ("Intact"), for a cash purchase price of $530 million (the "Transaction") pursuant to a share purchase agreement dated May 1, 2012 among Westaim, the Buyer and Intact was approved by 99.98% of the votes cast in person or by proxy at the special meeting of the Company's shareholders held earlier today. The related resolutions in respect of Westaim's stated capital reduction and amendments to the terms of the non-voting shares were also overwhelmingly approved at the meeting.
The Transaction, which is expected to close during the fall, remains conditional upon, among other things, the receipt of all required regulatory approvals.
About The Westaim Corporation
Westaim is a financial holding company focused on the property and casualty insurance industry. Westaim's Common Shares are listed on The Toronto Stock Exchange under the trading symbol WED. Further information can be found in the disclosure documents filed by the Company with the securities regulatory authorities, available at www.sedar.com.
Certain portions of this press release as well as other public statements by Westaim contain forward-looking statements. Such forward-looking statements include but are not limited to statements concerning the proposed Transaction, Jevco's business and the industry in which it operates; investment strategies and expected rates of return; and strategic alternatives to maximize value for shareholder. These statements are based on current expectations that are subject to risks, uncertainties and assumptions and Westaim can give no assurance that these expectations are correct. Westaim's actual results could differ materially from those anticipated by forward-looking statements for various reasons generally beyond our control, including but not limited to: (i) the inability on the part of Westaim to complete the Transaction, Cash Distribution, Stated Capital Reduction or Non-Voting Share Amendment on the terms contemplated or at all, (ii) changes in market conditions or deterioration in underlying investments; (iii) general economic, market, financing, regulatory and industry developments and conditions; (iv) the risks relating to Jevco's business; and (iv) other risk factors set forth in Westaim's Annual Report, Quarterly Reports or Annual Information Form. Westaim disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise except as required by law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
SOURCE Westaim Corporation