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:10/13/2017)... Abilene, Texas (PRWEB) , ... October 13, 2017 , ... ... publication this week that explains one of the most popular and least understood books ... seems like cryptic and puzzling descriptions that have baffled scholars for centuries. Many have ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... healthcare compliance program management, will showcase a range of technology and learning solutions ... Living (NCAL) Convention and Expo to be held October 14–18, 2017 at the ...
(Date:10/12/2017)... ... , ... The American College of Medical Informatics (ACMI) will present the 2017 ... Session of AMIA’s Annual Symposium in Washington, D.C. AMIA’s Annual Symposium is ... pioneer in the field of medical informatics, this prestigious award is presented to an ...
(Date:10/12/2017)... ... 2017 , ... Leading pediatric oncology experts at Children’s National Health System ... Congress of the International Society of Paediatric Oncology (SIOP) Oct. 12-15. Chaired by ... and Blood Disorders at Children’s National, and Stephen P. Hunger, M.D., Chief of ...
(Date:10/12/2017)... ... 2017 , ... Vohra Chief Medical Officer Dr. Shark Bird, ... nursing facility medical directors and other clinicians at various events in October. His ... many of these conferences we get to educate other physicians, facility nurses, corporate ...
Breaking Medicine News(10 mins):
(Date:10/11/2017)... 2017  Hill-Rom Holdings, Inc. ("Hill-Rom") (NYSE: HRC), today ... Las Piedras, Puerto Rico , where ... Following a comprehensive ... minor structural damage, temporary loss of power and minimal ... completed, manufacturing operations have resumed, and the company expects ...
(Date:10/10/2017)... EXTON, Pa. , Oct. 10, 2017   ... leader in innovative solutions for injectable drug administration, today ... of West,s ID Adapter for improving the intradermal administration ... the Fourth Skin Vaccination Summit in May 2017 by ... Team Lead, Polio Department, World Health Organization (WHO), and ...
(Date:10/5/2017)... 2017  In response to the nationwide opioid ... Surgeons (AAOMS) released prescribing recommendations that urge ibuprofen ... as a first-line therapy to manage a patient,s ... Recognizing the value and importance of ... Prescribing: Acute and Postoperative Pain Management" stresses that ...
Breaking Medicine Technology: