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The Offer will be open for acceptance until 5:00 p.m. (Eastern) on June 4, 2013 (the “Expiry Time”) unless extended or withdrawn.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