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Western Financial Group Announces Perpetual Convertible Preferred Equity Financing

(TSX - WES) Western Financial Group Inc. (the “Company”) announced today that it has retained a syndicate of agents co-led by CIBC World Markets Inc., Desjardins Securities Inc. and Jennings Capital Inc. and including Acumen Capital Finance Partners Limited, to offer on a best efforts private placement basis, between $15-25 million of cumulative perpetual convertible preferred shares (the “Preferred Shares”) at a price of $100.00 per Preferred Share. The proceeds from the financing will be used to repay indebtedness and for general corporate purposes.

The Preferred Shares will pay a cumulative dividend of 6.75% per annum during the period commencing the date of issue and ending August 1, 2012, payable semi-annually if, as and when declared by the Board of Directors. The Preferred Shares will be convertible into the Company’s common shares at any time at the holder’s option at a price to be determined. The Preferred Shares will be redeemable by the Company at their option only after August 1, 2010. Redemption from August 1, 2010 and prior to August 1, 2012 will be at a redemption price equal to par plus accrued and unpaid interest, provided that the common shares of the Company are trading at a price in excess of 135% of the conversion price. After August 1, 2012, the Preferred Shares will be redeemable at the option of the Company at any time at a redemption price equal to par plus accrued and unpaid interest, If not redeemed, commencing August 1, 2012, the Preferred Shares will pay semi-annually a cumulative dividend if, as and when declared by the Board of Directors, at a rate per annum calculated as at August 1, 2012 and reset on each anniversary of such date in an amount equal to 3.5% above the five year Canadian bond rate as quoted seven days before the anniversary date.

Western Financial Group is a leader in providing insurance, financial services and banking services in over 80 communities, to more than 400,000 individuals and businesses in Western Canada through its WFG Agency Network locations, its affiliated insurance brokers, Western Life Assurance Company and Bank West.

The common shares of Western Financial Group are traded on the Toronto Stock Exchange under the symbol “WES”.

For further information:
Arlene Beggs, Assistant to the President
Western Financial Group
(403) 652-2663

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Western Financial Group acknowledges that its Head Office is situated on the sacred gathering ground of the buffalo and the healing place of the Medicine Tree. We honor the Blackfoot Nations, including the Siksika, Piikani, and Kainai, as well as the Tsuut’ina and Stoney Nakoda First Nations, the Métis Nation (Region 3), and all who make their homes in the Treaty 7 region of Southern Alberta. As a company with team members and operations across Canada, we also recognize and honour the diverse Indigenous Peoples from coast to coast — including First Nations, Inuit, and Métis — who have stewarded these lands since time immemorial, and we reaffirm our commitment to working together as a community, laying the foundation for reconciliation through education and mutual respect.