Westaim closes redemption of preferred securities
On July 17, 2023, The Westaim Corporation (“Westaim”) announced the redemption of all of the 5,000,000 5% subordinate preferred securities of Westaim held by certain affiliates of Fairfax Financial Holdings Limited (collectively, “Fairfax”) pursuant to the terms of an indenture dated June 2, 2017 among, inter alia, Westaim and Computershare Trust Company of Canada.
Concurrent with the redemption, as announced June 12, 2023:
- Westaim and Fairfax entered into a termination agreement terminating a governance agreement dated June 2, 2017;
- Fairfax surrendered and disposed of, without any further consideration, all of the warrants to purchase common shares of Westaim held by Fairfax, which were immediately thereafter cancelled; and
- Westaim paid a work fee to Fairfax.
Further information can be found on Business Wire’s website.
Westaim is a Canadian investment company specializing in providing long-term capital to businesses operating primarily within the global financial services industry.
Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.