Navigation Links
The Westaim Corporation requisitions meeting of shareholders of NUCRYST Pharmaceuticals to return capital to NUCRYST shareholders
Date:12/1/2008

CALGARY, Dec. 1 /PRNewswire-FirstCall/ - The Westaim Corporation today announced it has requisitioned a special meeting of shareholders of NUCRYST Pharmaceuticals Corp. to consider a return of capital to NUCRYST shareholders of approximately US$15 million or US$0.80 per share. Westaim will continue to review alternatives to maximize the value of its 74.5 per cent stake in NUCRYST. Under the Alberta Business Corporations Act, NUCRYST's Board of Directors has 20 days to call a meeting of shareholders when requisitioned.

In addition to its 74.5 percent stake in NUCRYST, Westaim has net assets of approximately $15 million including cash of approximately $20 million; third-party asset backed commercial paper with a book value of $5 million and liabilities of approximately $11 million. In addition, Westaim has approximately $100 million in tax pools available for use against future income.

Westaim's cash position will be strengthened by approximately $13 million pending the return of capital to be considered at the meeting of NUCRYST shareholders.

"Westaim's Board of Directors has considered all strategic alternatives to maximize the value of its assets," said Drew Fitch, President & CEO, The Westaim Corporation. "Given the current liquidity and credit crisis and the related scarcity of available new debt and equity capital, we believe our cash resources position us well to pursue new investment opportunities to grow the value of the company and realize maximum returns for our shareholders."

The Westaim Corporation's common shares are listed on The Toronto Stock Exchange under the trading symbol WED. Westaim holds a 74.5 percent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX: NCS).

This news release contains forward-looking statements. These statements are based on current expectations that are subject to risks and uncertainties, and Westaim can give no assurance that these expectations are correct. Various factors could cause actual results to differ materially from those projected in such statements, including but not limited to statements regarding Westaim's intention to review its alternatives for maximizing the value of its stake in Nucryst, the expected strengthening of Westaim's cash position on a return of capital by Nucryst, and pursuit of new investment opportunities to grow the value of the company and to realize maximum returns for shareholders. Westaim disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise. Accordingly, readers are advised not to place undue reliance on forward-looking statements, and should not rely on this information at any date other than the date of this news release. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.


'/>"/>
SOURCE Westaim Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Westaim announces 2008 third quarter results
2. Webcast Advisory - The Westaim Corporation Webcast of Conference Call to Discuss 2008 Third Quarter Results
3. Westaim terminates reorganization agreement and cancels shareholders meeting
4. Westaim to deregister its common stock in the United States
5. Westaim announces sale of iFire Technology Ltd. assets
6. Westaim announces 2008 second quarter results
7. Webcast Advisory - The Westaim Corporation Webcast of Conference Call to Discuss 2008 Second Quarter Results
8. Westaim announces 2008 first quarter results
9. Webcast Advisory - The Westaim Corporation Webcast of Annual Meeting of Shareholders
10. Westaim announces 2007 year-end results
11. Webcast Advisory - The Westaim Corporation Webcast of Conference Call to Discuss 2007 Fourth Quarter Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/26/2016)... ... June 26, 2016 , ... Pixel Film Studios Released ProSlice Levels, ... editors can give their videos a whole new perspective by using the title ... Pixel Film Studios. , ProSlice Levels contains over 30 Different presets to choose ...
(Date:6/25/2016)... ... June 25, 2016 , ... Experts from the ... AcademyHealth’s Annual Research Meeting June 26-28, 2016, at the Hynes Convention Center in ... topics including advance care planning, healthcare costs and patient and family engagement. , ...
(Date:6/25/2016)... ... ... First Choice Emergency Room , the largest network of independent freestanding emergency ... its new Mesquite-Samuell Farm facility. , “We are pleased to announce Dr. Ogunleye ... M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. , Dr. Ogunleye ...
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... Conventional wisdom ... of success. In terms of the latter, setting the bar too high can result ... more than just slow progress toward their goal. , Research from PsychTests.com ...
(Date:6/24/2016)... ... June 24, 2016 , ... Marcy was in a crisis. Her son James, eight, was out ... family verbally and physically. , “When something upset him, he couldn’t control his emotions,” remembers ... would throw rocks at my other children and say he was going to kill them. ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... , June 24, 2016 Dehaier Medical ... the "Company"), which develops, markets and sells medical devices ... , signed a strategic cooperation agreement with Hongyuan ... "Hongyuan Supply Chain") on June 20, 2016, to develop ... the strategic cooperation agreement, Dehaier will leverage Hongyuan Supply ...
(Date:6/24/2016)... , June 24, 2016 According ... by Type (Standard Pen Needles, Safety Pen Needles), Needle ... GLP-1, Growth Hormone), Mode of Purchase (Retail, Non-Retail) - ... This report studies the market for the forecast period ... reach USD 2.81 Billion by 2021 from USD 1.65 ...
(Date:6/24/2016)... Tenn. , June 24, 2016  Arkis ... providing less invasive and more durable cerebrospinal fluid ... in funding.  The Series-A funding is led by ... Lighthouse Fund, and other private investors.  Arkis, new ... neurosurgical instrumentation and the market release of its ...
Breaking Medicine Technology: