The Share Purchase will increase Western’s ownership in Fortress from 28.45% to 42.67% upon closing of the Transaction. The vendor’s details are confidential and the vendor is not a related party to Western or
"Acquiring additional shares in Fortress is an essential part of transforming Western into an insurance and investment holding company," said
Acquisition of Additional Fortress Shares
In connection with Western acquiring additional shares of Fortress, Western plans to offer the existing Fortress shareholders the option of receiving cash or the current common shares of Western ("Single Voting Shares") at a price of
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About the Transaction
The Transaction, previously announced on
- Grow the Fortress platform to
$100 million per annum in written premiums by 2028 through a combination of prudent organic growth and accretive acquisitions; and - Continue managing Western’s non-insurance holdings as long-term investments.
Completion of the Transaction (including any rights offering) is subject to the approval of the
The previously announced investor relations service agreement with Market Climber remains subject to TSXV approval.
About The
Western is a unique publicly traded, private equity company founded by a group of successful Western Canadian businesspeople, and dedicated to building and maintaining ownership in successful Western Canadian companies, and helping them to grow. Western's shares are traded on the
For more information on Western, please visit its website at www.winv.ca.
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CONTACT INFORMATION - The
Advisories
Completion of the Transaction and the Share Purchase is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities Western should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
This document contains forward-looking statements. More particularly, this document contains statements concerning: the completion of the transactions contemplated by the Definitive Agreement, including the completion of the Transaction and the Share Purchase, and the appointment of the new CEO and additional directors; the use of proceeds from the Transaction; the future strategy and focus for Western; and future acquisitions and growth opportunities. Readers are cautioned that the foregoing list of factors should not be construed as exhaustive.
The forward-looking statements are based on certain key expectations and assumptions made by Western, including expectations and assumptions concerning the ability of Western to successfully implement its strategic plans and initiatives, the timing of receipt of required shareholder and regulatory approvals (including TSXV approval) and third party consents and the satisfaction of other conditions to the completion of the Transactions.
Although Western believes that the expectations and assumptions on which the forward-looking statements made by Western are based are reasonable, undue reliance should not be placed on the forward-looking statements because no assurance can be provided that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks that required shareholder, TSXV, regulatory and third party approvals and consents are not obtained on terms satisfactory to the parties within the timelines provided for in the Definitive Agreement and Share Purchase, or at all, and risks that other conditions to the completion of the Transactions are not satisfied on the timelines set forth in the Definitive Agreement and Share Purchase or at all, the ability of management to execute its business strategy, and the impact of general economic conditions in
The forward-looking statements contained in this news release are made as of the date hereof and Western undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
This news release also contains financial outlook information ("FOFI") about prospective results of operations and book value, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made as of the date of this news release to provide information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for any other purpose. Western disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, except as required by applicable law.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in
"Neither the
Source: The
2024 GlobeNewswire, Inc., source