BluMont Capital Inc. announced on Thursday that William A. Train resigned as a director of BluMont on Wednesday.

Prior to his resignation, Train was a member of the independent committee of the board of directors of BluMont established to review and consider BluMont’s principal shareholder’s (Integrated Asset Management Corp.) exchange offer.
Despite Train’s resignation, the independent committee — now comprised of Thomas H. Simpson — will continue its deliberations concerning the IAM offer and deliver its report to BluMont’s board of directors, following which the BluMont board will, in accordance with applicable securities laws, either make a recommendation for or against the IAM offer, or make no recommendation. BluMont will mail its directors’ circular to shareholders on or before Oct. 6 in accordance with applicable securities laws.

Train has not provided BluMont or the independent committee with reasons for his resignation.