Western Financial Group Inc. Completes Redemption of all Outstanding First Preferred Shares, Srs. 2
Lévis (Qc), High River (Alta), June 30, 2011 – Western Financial Group Inc. ("Western") announced today that it has completed the previously announced redemption of all of its outstanding First Preferred Shares, Series 2 (the “Series 2 Shares”) for a redemption price of $100 per Series 2 Share (the “Redemption Amount”).
As per the terms of the Series 2 Shares, Western will satisfy the Redemption Amount by issuing fully paid and non-assessable Common Shares from its share capital. Holders of Series 2 Shares will receive, for each Series 2 Share held, that number of Common Shares obtained by dividing (i) the Redemption Amount, by (ii) 95% of the Current Market Price of the Common Shares. For the purpose of such calculation, the “Current Market Price”, being the weighted average of the closing trading price per Common Share for the 20 consecutive days on which at least one board lot of Common Shares is traded on the Toronto Stock Exchange immediately prior to the redemption, is $4.1403.
The aggregate redemption amount will be satisfied by the issuance of approximately 137,923 Common Shares.
About Western Financial Group
Western Financial Group provides property, liability and life insurance as well as banking and investment services for more than 550,000 customers in Western Canada. Our business units include:
The Network is the largest property and casualty brokerage in Western Canada, providing auto, home, farm and business insurance to residents of 96 communities. In most locations we also offer life insurance products, travel insurance, some investment services, and deposit and loan services such as the purchase of GICs, as well as personal and commercial mortgages and loans.
Bank West is a virtual bank accessible through brokers and customer service agents, focused on commercial, agricultural, recreational vehicle and several types of personal lending, and GICs.
Western Life partners with others who have a customer relationship in place with a product line including Individual Life, Disability and Critical Illness products, Group Health for small employer groups, A&S products designed for niche contexts and many variations of Creditor Insurance products.
Western Financial Insurance is Canada’s oldest and largest pet insurance provider under the brand name PetSecure, leading the market place since 1989 in providing Canadian pet parents with innovative coverage to meet the diverse needs of their pets.
For more information on Western visit www.westernfg.ca.
For further information, please contact:
Arlene Beggs, Executive Assistant to the CEO
Western Financial Group