West Street Announces First Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/27/13 -- West Street Capital Corporation ("West Street" or the "company") (TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) reported net income for the quarter ended March 31, 2013 of $1.1 million compared to $1.5 million in the comparative quarter in 2012. After providing for unpaid preferred share dividend obligations of $0.7 million (2012 - $0.7 million) that accumulated during the quarter, net income per common share was $0.03 for the three months ended March 31, 2013 compared to a net income of $0.07 per common share during the quarter ended March 31, 2012.
Comprehensive income, which includes both net income and other comprehensive income, for the three months ended March 31, 2013 totalled $3.3 million compared to $7.1 million in the comparative period in 2012, which reduced the common share deficit to $14.3 million. The company recorded a pre-tax unrealized gain of $2.5 million (2012 - $6.4 million) in other comprehensive income during the quarter as a result of increases in the fair value of the securities portfolio.
On April 30, 2013, the company's major shareholder, Brookfield Asset Management Inc. ("Brookfield") offered to purchase any common shares of the company that Brookfield does not currently own at a price of $0.21 per share ("The Offer"). The Offer will be open for acceptance until 5:00 p.m. (Eastern) on June 4, 2013 (the "Expiry Time") unless extended or withdrawn. Brookfield has advised the company that it intends to proceed with a second-stage transaction to acquire any Common Shares not tendered under the Offer. Full details of the Offer are contained in the take-over bid circular of Brookfield and the company's directors' circular, copies of which are available under the company's profile at .
Contacts:
West Street Capital Corporation
Mabel W.H. Wong
Vice-President
(416) 363-9491
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Datum: 27.05.2013 - 15:00 Uhr
Sprache: Deutsch
News-ID 1230881
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