Westlake acquires common shares of Axis Auto Finance
by CM Staff
Westlake now owns and controls an aggregate of 30,000,000 common shares, representing approximately 23 per cent of the issued and outstanding common shares.
MISSISSAUGA— Westlake Services LLC, a wholly-owned subsidiary of Nowlake Technology LLC, announced on November 12, 2021 that it has acquired an aggregate of 30,000,000 common shares at $0.50 per common share of Axis Auto Finance Inc. representing approximately 23 per cent of the issued and outstanding common shares.
Prior to the acquisition, Westlake and its affiliates did not own or control any common shares.
Westlake and an affiliate of Westlake, Nowcom Corporation, are holders of convertible debentures of Axis. If the debentures were converted in full, Westlake—together with its affiliates—would own and control an additional 1,888,000 common shares, representing approximately 1 per cent of the issued and outstanding common shares.
When aggregated with the 23 per cent acquired by Westlake pursuant to the acquisition, and upon conversion in full of the debentures, Westlake together with its affiliates would own and control 31,188,000 common shares, representing approximately 24 per cent of the issued and outstanding common shares based on the number of shares issued and outstanding on the date hereof.
Ian Anderson currently serves as president of Westlake. It is expected that Anderson will be nominated by management of Axis to serve on its board of directors at Axis’ next annual meeting of shareholders.